BA316 UO Exam1 Chapters 1,5,6

Fine Cuts has been manufacturing excellent cutlery for over 50 years. Management wants to hang a banner in the production facility with their mission statement. Which of the following statements would be on that banner?

"We will always provide the highest-quality cutlery at the lowest cost to our customers and always give honest, winning customer service, thereby earning a fair profit for our stakeholders."

Goals should challenge us but should also be doable. Bethany tries to motivate her personal training clients by telling them she wants them to increase the weight they are lifting by 500%!

Attainable

________ refer(s) to the arrangement that ensures strategic goals align downward with more specific short-term goals

Cascading goals

Goals should be quantifiable in some way. Tiana tells her auto salespeople that she expects them to close at least three new car sales per month.

Measurable

Articulates the geographical locations where the company competes

Mission Statement

Describes the image the organization wants to project

Mission Statement

Illuminates the organization's attitude toward its employees

Mission Statement

Outlines the organization's customer base

Mission Statement

This plan gives a general idea of how to respond to a designated situation.

Policy

This plan outlines a set response to particular problems or circumstances.

Procedure

This plan encompasses a wide range of activities or projects.

Program

This plan designates a specific required action.

Rule

The logistics manager for a trucking company told her employees that "85% of deliveries should arrive within 45 minutes of their scheduled arrival times." This is an example of a

SMART goal

This plan is used for activities that are not likely to be repeated again.

Single-use

Goals should be unambiguous and not vague. Dylan tells his interns that he would like for them complete their data entry work more efficiently.

Specific

This plan is best for activities that occur over and over again.

Standing

________ designates how work units are going to optimize resources and make contributions over the next two years

Tactical planning

Samir owns a dental practice, but business has slowed down significantly over the last six months. Which analysis would you recommend to Samir to help him determine whether his dental practice has competitive potential?

VRIO framework

Expresses the company's worldview

Values Statement

Is intended to guide all of the actions in the organization

Values Statement

Limits itself to a small number that employees can recall when making decisions

Values Statement

Unchanging; As applicable in 100 years as it is today

Values Statement

Inspires enthusiasm and encourages commitment

Vision Statement

Is appropriate for the times and for the organization

Vision Statement

Is easily understood and well-articulated

Vision Statement

Reflects high ideals

Vision Statement

At Kaira's Cuisine, Kaira improves focuses on efficiency by

advertising specials to use up food inventory that is nearing its expiration date

After establishing the mission, vision, and values, what is the next step in strategic management?

assessing the current reality

As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.

bargaining power of suppliers

By understanding the competency gaps that are generally perceived by employers, you should

be motivated to learn

Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from

broad needs, few customers

A ________ is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses

business plan; business model

Once implemented, managers need ________ to keep strategic plans on track.

control systems

When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy.

cost-leadership

When managing her oil and lube service, Sabrina engages in the controlling function when she

develops a loyalty reward program because the number of repeat customers has been declining

Ravi, a supervisor, is known by his managers to be sharp in his decisions and has a good track record of meeting his goals. Ravi is a(n) _____ manager

effective

A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a hat the city's population will grow by 23% over the next decade.

forecast

Some examples of ______ are companies selling products, operating factories, and collaborating with partners in other countries

globalization

Strategic planning is critical, but without ________ it will be worthless

implementation

When Ramiro inspires his employees to do their best to help the organization meet its goals, he is

leading

For a manufacturing company that set a strategic goal to reduce waste by 15%, each division in the organization can use the ________ to identify tactical goals that support waste reduction

means-end chain

According to the BCG matrix, stars are

organizations with high growth and high market share which are definite keepers.

The key reasons that an organization should adopt planning and strategic management are to

provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage

Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through

strategic positioning.

When building a new hospital, the developer did not remove any trees, based on the belief that doing so could compromise the ability of future generations to meet their own needs. This is an example of managing for

sustainable development

For almost 20 years, Hank has been the top sales professional for Strickland Propane. He credits his success to following the first law of business, which is to

take care of the customer

Understanding how artificial intelligence, big data, and collaborative computing will impact your organization is the challenge of managing for

technological advances

In the third step of the strategic management process, managers should

translate the broad mission and vision into a corporate strategy.

Efficiency is _____, while effectiveness is _____

using resources wisely; achieving results

A ________ expresses what the organization should become and where it wants to go strategically.

vision statement

Steps in the planning and strategic management process

1. Establish the mission and vision 2. Assess the current reality 3. Formulate the grand strategy & strategic, tactical & operational plans 4. Implement the strategy 5. Maintain strategic control

Goals should include a clear time frame for completion. In early September, Lars tells his team they have until December 1st to devise a new cost reduction plan.

Target Dates

After the manager and employee work together to set the employee's objectives, what is the next step of MBO?

The employee should develop an action plan for meeting the objectives.

This type of plan is smaller in scope and less complex.

Project

Goals should somehow be linked to the organization's mission. Quinn's company is very customer-focused. She wants her customer service staff to decrease the time it takes to resolve a customer complaint by 10%.

Results Oriented