CHP 2

Question 1

Organization

Answer 1

-Legal entity that consists of people who share a common mission
-3 types

Question 2

For Profit Org

Answer 2

-Business firm, privately owned
-Serves its customer to earn a profit so that it can survive
Ex. Target, Nike

Question 3

Nonprofit

Answer 3

-Serves its customers but does not a profit as an organizational goal
-Goals may be operational efficiency or client satisfaction

Question 4

Gov’t agencies

Answer 4

-Federal, state, county, or city unit that provides a specific service to its constituents

Question 5

Strategy

Answer 5

-Choosing what to focus on and what not to focus on in order to deliver value to your consumers and stakeholders

Question 6

Levels

Answer 6

-Board of Directors
-Corporate Level
-SBU
-Functional Level

Question 7

Corporate Level

Answer 7

-Where top management directs overall strategy for the entire organization

Question 8

Functional Level

Answer 8

-Each strategic business unit has one
-Groups of specialists actually create value for the organization

Question 8

Strategic Business Unit Level

Answer 8

-Subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined target market
-Managers set a more specific strategic direction for their businesses to exploit value-creating opportunities

Question 9

Cross Functional Teams

Answer 9

-Small number of people from different departments who are mutually accountable to accomplish a task or a common set of performance goals