MBA 706 Test 2 Exam Questions and Answers Strategic Planning - Correct Answers ✅a long-term process that helps an organization allocate its resources to take advantage of diff opportunities. (uses situation analysis) Strategic Business Unit (SBU) - Correct Answers ✅separate company/division/product line within an org with its own competitors, customers, and profit center accounting purposes. (Uses situation analysis) Levels of Business - Correct Answers ✅Corporate(LLC, entitiy)/Firms (provide services like law, accounting, design) (Large Organization- top executives) -> SBU (separate company division) -> Functional (accounting, finance, marketing) A situation analysis is - Correct Answers ✅critical to the development of business-level goals, objectives, and strategy.Vision - Correct Answers ✅aspirational statement made by an org to articulate what they hope to become in the future Mission (or Purpose) - Correct Answers ✅Short statement of why org exists and what the overall goal is (what kind of service or products it provides). Captures key elements of the orgs past and present in a clearly phased sentence or paragraph. 1 / 3
MBA 706 Test 2 Exam Questions and Answers What business are we in and what needs do we satisfy?Who our customers?What are our values, beliefs, ethics, and operating philosophy?What are our competitive advantage(s) or core competencies?What are our human, environmental, and financial resource stewardship responsibilities?Values - Correct Answers ✅inform executives, workers, investors, and the general public of the core values or philosophy of the firm that influences strategic planning, operations, and employee actions on a day to day basis.Corporate Goals/Objectives - Correct Answers ✅long term outcome you want to achieve also what the company wants to be in the future Corporate Strategies - Correct Answers ✅provides direction for the strategic planning efforts of SBU's and their functional areas Core Competency - Correct Answers ✅is a unique ability that a company acquires from its founders or developers that cannot be easily imitated. 2 / 3
MBA 706 Test 2 Exam Questions and Answers SMART - Correct Answers ✅Specific. Measurable.Achievable. Realistic. Time-bound Objectives (functional level) - Correct Answers ✅are what orgs want to accomplish for given strategic planning, which is typically a year.Situational Analysis (Strategic Planning) - Correct Answers ✅As part of the strategic planning process, the situation analysis occurs before a company decides on any specific marketing actions Competitive intelligence - Correct Answers ✅involves identifying current and future competitors that collectively with another and the firm by providing similar goods services, or goods and services that might otherwise compete with the firm.
Internal Analysis: - Correct Answers ✅1- Review of current
marketing objectives, strategy, and performance 2- Review of current and anticipated organizational resources 3- Review of current and anticipated cultural and structural issues
Customer Analysis: - Correct Answers ✅1- Who are our
current and potential customers?
- / 3