Functions and Activities of Management Review Answer Key Part 5

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success. Multiple choice question. rigidity competition innovation blinders Which three things should be included in a firm's business model? (Select all that apply.) Multiple select question. The firm's expected revenues and expenses A description of the industry the firm is entering The firm's strategy for achieving its goals The firm's standards for measuring success The firm's marketing strategy A business strategy, also known as a strategic _____, sets the long-term goals and direction for an organization. Multiple choice question. goal mission plan model A company's _____ is the purpose of the organization. Multiple choice question. plan vision mission strategy Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities. Multiple choice question. whatever is in front of them overall company strategy competitors' movements emerging opportunities for expansion According to management scholar Gary Hamel, companies like Apple have succeeded because their spirit of _____ has allowed them to reinvent the basis of competition within an existing industry. Multiple choice question. operational planning sustainable advantage strategy innovation common ground A _____ sets the long-term goals and direction for an organization. Multiple choice question. model mission strategy policy The company's mission statement tells us Multiple choice question. the company's reason for being. where the company wants to go strategically. what the company cares most about. what the company wants to become. An organization's vision represents Multiple choice question. the profits the organization wants to earn. where the organization wants to go. the organization's purpose. what the organization cares most about. A company's _____ statement should provide a clear sense of the future and the actions needed to get there. Multiple choice question. vision values operational mission The _____ statement expresses the purpose of an organization. Multiple choice question. mission values operational vision Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available. Multiple choice question. tactical informal strategic operational Who is responsible for tactical planning? Multiple choice question. Top management First-line management Middle management What are the two types of goals in business? Multiple select question. Nonspecific Noncommittal Short-term Long-term The vision statement should answer which of these questions? Multiple choice question. What is our reason for being? How many people should we hire? What do we want to become? How much profit do we want to make? A means-end chain is used in planning to show _____. Multiple choice question. how product will be delivered to the end consumer how goals are connected across an organization the level of competition within an industry the measurable result of a decision Strategic planning: Multiple select question. requires visionary and directional thinking should be done approximately every ten years focuses primarily on the organization's short-term goals should communicate general goals and ways to achieve them Organizations use _____ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months. Multiple choice question. mission operational tactical strategic In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____. Multiple choice question. plan goal tactic strategy It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. tactical plan vision statement operating plan mission statement Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______. Multiple choice question. tactical link means-end chain objective commitment operational plan A _____ plan directs activity, such as a project, that is unlikely to be repeated. Multiple choice question. tactical rocket single-use standing Operating plans: Multiple select question. break long-term output into short-term targets or goals. turn strategic plans into actionable short-term goals. are also referred to as means-end chains. A _____ plan is developed for activities that occur repeatedly over time. Multiple choice question. single-use standing process tactical Strategic planning is done by _____ managers. Multiple choice question. top middle first-line operations SMART goals: Multiple select question. are results-oriented have sustainability are attainable are specific have target dates are impossible are measurable The letter S in the acronym SMART goal stands for what aspect of a good goal? Multiple choice question. specific specialized standard statistical Which of these represent measurable goals? (select all that apply) Multiple select question. Customer service agents should improve customer relations by making 10 followup calls each week. Measures should be taken to drastically improve customer service. No more than 50% of cars should be sold below MSRP. Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria? Multiple choice question. Simplified Measurable Targeted Attainable A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates. Multiple choice question. SMART long-term challenging good The purpose of management by objectives (MBO) is to ______ subordinates. Multiple choice question. organize control motivate scrutinize Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives. Multiple choice question. fourth first second third The "measurable" aspect of a SMART goal refers to its ability to be _____. Multiple choice question. specific achieved quantified attained In terms of SMART goals, an "attainable" goal is _____. Multiple choice question. one that meets cost guidelines easily achieved by employees challenging but achievable impossible to meet Employees preparing action plans represents the _____ step in management by objectives. Multiple choice question. fourth third first second Management by ______ is a four-step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees. Multiple choice question. means mission goals objectives What is the first step in management by objectives? Multiple choice question. Employees propose action plans. Managers make a performance appraisal and reward the employee according to the results. Managers and employees jointly set objectives for the employee. Managers and employees periodically review the employee's performance. Which of these represent measurable goals? (select all that apply) Multiple select question. Measures should be taken to drastically improve customer service. Customer service agents should improve customer relations by making 10 followup calls each week. No more than 50% of cars should be sold below MSRP. What is the second step in management by objectives? Multiple choice question. Employees are encouraged to develop an action plan. The manager and the employee periodically review the employee's performance. The manager and employees jointly set objectives for the employees. The manager makes a performance appraisal and rewards employees according to the results. Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives. Multiple choice question. third second first fourth The "measurable" aspect of a SMART goal refers to its ability to be _____. Multiple choice question. quantified specific achieved attained The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives. Multiple choice question. fourth third first second The fourth and final step in management by objectives involves _____. Multiple choice question. the employee developing an action plan the manager and employee periodically reviewing the employee's performance the manager making a performance appraisal and rewarding the employee according to the results the manager and employee jointly setting objectives for the employee Which of these represent measurable goals? (select all that apply) Multiple select question. Measures should be taken to drastically improve customer service. Customer service agents should improve customer relations by making 10 followup calls each week. No more than 50% of cars should be sold below MSRP. You can use the continuous feedback loop known as the _____ cycle to ensure you're headed in the right direction once you've made plans. Multiple choice question. SMART planning/control compare/contrast goal-setting What would occur in the third step of management by objectives? Multiple choice question. You are compensated for your work achievements. You and your manager meet to review progress. You prepare action plans. You and your manager jointly set objectives. Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. Multiple choice question. third fourth second first ‫وفيق‬.F‫با‬ ،، ‫جميع‬FF ‫ي‬.‫منيا‬. yabisco