Chapter 5 REVIEW QUESTIONS 1-4 (1) - Analyzing the...

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Chapter 5: Business Management REVIEW QUESTIONS 1-4 Page 134 1. Relate the five basic management skills (technical, human relations, conceptual, decision-making and time management) to the four activities in the management process (planning, organizing, leading and controlling). For example, which skills are most important in leading? Leading is being able to guide and motivate employees to meet the objectives of the organization this skill would be useful in Human Relations and Conceptual. Planning and Organizing would be good for decision-making and time management Controlling would be a good skill in technical 2. What are the four main purposes of setting goals in an organization? Provide direction and guidance for managers of all levels To help firms allocate resources Help define corporate culture To help managers assess performance 3. Identify and explain the three basic steps in strategy formulation: Setting strategic goals: derived directly from a firm’s mission statement
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Unformatted text preview: Analyzing the organiza±on and the environment: SWOT analysis got into ac±on meaning iden±Fca±on and analysis of organiza±onal strengths and weaknesses and environmental opportuni±es and threats as part of strategy forma±on Matching the organiza±on and its environment: Fnal step is matching environmental threats and opportuni±es against corporate strengths and weaknesses 4. What is corporate culture? How is it Formed? How is it sustained? Corporate culture is the shared experiences, stories, beliefs and norms that characterize an organiza±on. It comes from the days of an organiza±on’s founder. In other cases, an organiza±on’s culture is copied over a long period of ±me by a constant and focused business strategy. It is sustained by rewarding and promo±ng those who understand it and work towards maintaining it....
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