Management 515 Quiz 2

Management 515

Quiz 2

Bolun Ma

This quiz is worth 50 points (5% of your final grade).  The value of each question is indicated.

Remember that the materials presented in this course are sufficient to craft cogent responses to these questions.  If you chose to use external references, e.g., the Internet, remember that these responses will receive greater scrutiny and any hint of plagiarism will result in a grade of zero.

If your response is based solely on the course content, you may use “Course content” as your citation.

1. (20 Points).  Complete each of these sentences by filling in the word leaders or managers.

        a. ___Leaders_______ are transformational; __Managers________ are transactional.

        b. __Managers________ are concerned with process; ___Leaders_______ are concerned with the environment.

        c. ___Leaders        _______ are concerned with effectiveness; ___Managers_______are concerned with efficiency.

        d. ____Leaders______ innovate; ____Managers______ administer.

        e. ___Managers_______ relies on control; ____Leaders______ inspire trust.

2. (10 Points).  Define a business strategy.

Response:

Business strategy is a group of decisions to that people made in order to achieve goals. Those decisions include what kind of goals to set, what types of action to take, and how to utilize the resources for certain purpose.

Developing a business strategy has several steps.

• Define the business
• Establish major goals
• Analyze current situation
• Come up a strategy
• Allocate resources
• Define responsibilities
• Evaluate results

Citation: Planner and Strategist (August 25, 2016)

3.  (10 Points).  Why is a business strategy important?

Response:

Strategy is essential for the success of business for the following reasons.

First, the resources are usually limited, which makes business strategy necessary to fully utilizing limited capacity to its maximization to achieve goals.

Second, business strategy can give business a chance to take a look at their current performance and capabilities.

Third, business strategies can provide a direction and a dynamic plan for the growth of business.

Citation: Planner and Strategist (August 25, 2016)

4.  (10 Points).  Name and describe three characteristics of a strategic leader.

1. Perceptive.

Strategic leaders need to be inspiring and discerning. They should have the ability to influence the directions towards goals, sell new ideas, and create a relaxing environment to improve the efficiency of the team.