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Texas State - MGT 3303 - Mgmt Exam 2 Study Guide - Study Guide

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Texas State - MGT 3303 - Mgmt Exam 2 Study Guide - Study Guide

School: Texas State University
Department: Business Management
Course: MGT of Organization
Term: Spring 2015
Tags: Management
Name: Mgmt Exam 2 Study Guide
Description: This study guide covers the next exam.
Uploaded: 02/24/2018
This preview shows pages 1 - 2 of a 6 page document. to view the rest of the content
background image Exam 2 Study Guide   Chapter 5 Planning and Decision Making  - The strategic management process has six steps: (1) establishment of mission, 
vision, and goals; (2) analysis of external opportunities and threats; (3) analysis of 
internal strengths and weaknesses; (4) SWOT analysis and strategy formulation; (5) 
strategy implementation; and (6) strategic control.
- A strategy is a pattern of actions and resource allocations designed to achieve the 
organization’s goals.
- A competitive advantage typically results from business strategies based on either 
keeping costs low (low-cost strategy) or offering products that are unique and highly 
valued (differentiation strategy).
- There are four categories of businesses in the BCG matrix: question marks, stars, 
cash cows, and dogs. Cash cows are low-growth businesses with a strong 
competitive position that generate revenues in excess of their investment needs, so 
they fund other businesses.
- Satisficing is choosing the first option that is minimally acceptable or adequate; the 
choice appears to meet a targeted goal or criterion. 
- Vertical integration refers to the acquisition of development of new businesses that 
produce parts or components of the organization’s product. 
- Discounting the future refers to a bias weighing short-term costs and benefits more 
heavily than longer-term costs and benefits. 
- Illusion of control is a belief that one can influence events even when one has no 
control over what will happen. Such overconfidence can lead to failure because 
decision makers ignore risks and fail to evaluate the odds of success objectively. 
- Contingency plans specify actions to take when a company’s initial plans fail or 
events in the external environment create sudden change. 
- To assess and improve performance, some companies use benchmarking, the 
process of assessing how well one company basic functions and skills compare with 
those of another company or set of companies. 
1
background image - Group discussion typically leads to a higher level of commitment to the decision. 
Buying into the proposed solution translates into high motivation to ensure that it is 
executed well. 
- Resources are inputs to production (recall systems theory) that can be accumulated 
over time to enhance the performance of a firm. 
- A strategic control system is designed to support managers in evaluating the 
organization’s process with its strategy and, when discrepancies exist, taking 
corrective action 
- In the context of decision making, a devil’s advocate is a person who has the job of 
criticizing ideas to ensure that their downsides are fully explored. 
- Planning gives individuals and work units a clear map to follow in their future 
activities yet is flexible enough to allow for unique circumstances and changing 
conditions. 
Chapter 6 Entrepreneurship 
-
Entrepreneurial orientation is the tendency of an organization to engage in activities 
designed to identify and capitalize successfully on opportunities to launch new 
ventures by entering new or existing goods or services.
- Independent entrepreneurs are individuals who establish a new organization without 
the benefit of corporate support. Intrapreneurs are new venture creators working 
inside big companies; they are corporate entrepreneurs, using their company’s 
resources to build a profitable line of business based on fresh new idea.
- Entrepreneurs spot, create, and exploit opportunities in a variety of ways. To spot 
opportunities, think carefully about events and trends as they unfold.
- Franchising is an entrepreneurial alliance between a franchisor (an innovator who has 
created at least one successful store and wants to grow) and a franchisee (a partner 
who manages a new store of the same type in a new location)  
- Entrepreneurship occurs when an enterprising individual pursues a lucrative 
opportunity under conditions of uncertainty. To be an entrepreneur is to initiate and 
build an organization, rather than being only a passive part of one. 
- Entering international markets should help a firm grow, but going global creates 
challenges that can make survival more difficult, especially when the company is 
young. 
2

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Join more than 18,000+ college students at Texas State University who use StudySoup to get ahead
School: Texas State University
Department: Business Management
Course: MGT of Organization
Term: Spring 2015
Tags: Management
Name: Mgmt Exam 2 Study Guide
Description: This study guide covers the next exam.
Uploaded: 02/24/2018
6 Pages 65 Views 52 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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