BUSI 1301 - DSM CH 7

How does a firm's vision statement differ from its mission statement?

The vision statement sets the long-term objective of a company and tells where the company is headed, whereas the mission statement is a more current description of an organization's purpose, basic goals, and philosophies.

Which of the following statements best describes network organizations?

They are collections of independent, mostly single-function firms that collaborate on a product or a service.

How are strategic plans and tactical plans different?

Strategic plans have a long-term focus. Tactical plans are made with a 1-3-year horizon in mind.

The acronym SWOT stands for _________, _________, _________, and _________.

Strengths, Weaknesses, Opportunities, and Threats

Which of the following best describes goals?

Accomplishments an organization wants to achieve within a certain time frame—in most companies, usually about 5 years

Publicize, Inc. is a publishing house known for its promptness and quality. Which of the following goals devised by Publicize is specific and measurable?

All employees must edit a minimum of 5,000 words in an 8-hour day.

Which of the following best describes a matrix organization?

It is a type of management system in which people are pooled into groups by skills and then assigned to projects as needed.

Which of the following best describes a vertical organization?

They are those where the power belongs to a few, and most people are in positions where they obey a supervisor.

Which of the following best describes tactical plans?

They determine the resources and the actions required to implement particular aspects of a strategic plan.

__________ is the process by which managers measure performance and make sure the company's plans and strategies are being or have been properly carried out.

controlling

"Senior Living is a company that owns and runs a chain of retirement homes across the country. Prospective clients are often on the waiting list for as long as 2 years because of the company's good reputation. All employees genuinely reflect the owner's philosophy, which says, 'It is the goal of Senior Living to become family to the people who live here. We endeavor to cherish each person in the facility. Our goal is to help all men and women feel like they belong and that they are safe and protected on a daily basis.'" This is an example of a(n) __________.

mission statement

First-line managers are responsible for __________.

operational planning

Market More is a department store located in many states across the country. Its CEO and CFO are satisfied with the profits it has made consistently over the past few years. They recognize the possibility of expanding their chain to other countries as well. The possibility of the company's international expansion reflects the __________ component of SWOT analysis.

opportunities

The main course of action created by top-level managers that sets the approach for achieving the long-term goals and objectives of an organization is known as a __________.

strategic plan

Freeman Surgical is a company that makes robots that help doctors perform surgeries less invasively. A few competitors have developed similar robots, but Freeman Surgical was the first to do so and is considered the trusted leader in the robotical surgery field. If Freeman Surgical were conducting a SWOT analysis, its robotic technology and trusted leader status would typically be listed under the __________ component.

strengths

Electrik, Inc. is a consumer electronics retail company. This year, the company's goal is to start selling its products internationally. To do this, the management team must identify how it will advertise the expansion of Electrik's products. The team begins by setting a budget for the advertising campaign. In this scenario, the setting of the budget is an example of a __________.

tactical plan

Middle managers are responsible for __________.

tactical planning

__________ determine the resources and the actions required to implement particular aspects of a strategic plan.

tactical plans

TalkitOver, an Internet service provider, is conducting a SWOT analysis. Data shows that one of its competitors is attracting more customers than TalkitOver because of the value for money they are offering. Based on its analysis of the data, TalkitOver has recognized the need to spruce up its image and offer better rates and services to its customers. This scenario represents the __________ component of SWOT analysis.

threats

Strategic planning is best described as the process by which ________.

top-level managers set the approach for achieving the long-term goals and objectives of an organization

In __________, employees are grouped together based on their functions—all accountants are in one department, all engineers in another, and so on.

vertical organizations