ch5 smartbook

_________ planning is used to determine how to accomplish specific tasks with available resources within the next 1 -- 52 weeks. Strategic Operational Long-range Tactical

Operational

What is the second step in management by objectives? The manager and employee periodically review the employee's performance. The manager makes a performance appraisal and rewards the employee according to the results. The employee develops an action plan. The manager and employee jointly set objectives for the employee.

The employee develops an action plan.

Operating plans (select all that apply) are also referred to as means-end chains break long-term output into short-term targets or goals turn strategic plans into actionable short-term goals

break long-term output into short-term targets or goals turn strategic plans into actionable short-term goals

The purpose of management by objectives (MBO) is to ______ subordinates. control scrutinize organize motivate

motivate

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? Measurable Simplified Attainable Targeted

Attainable

What are the two control steps in the planning/control cycle? Carry out the plan. Make the plan. Control the direction by comparing results with the plan. Control the direction by taking corrective actions.

Control the direction by comparing results with the plan. Control the direction by taking corrective actions.

_____ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters. Managers Employees Deadlines Cascades

Deadlines

What are three things that should be included in a firm's business model? (Select all that apply.) How the firm will market to customers The firm's expected revenues and expenses The firm's strategy for achieving its goals A description of the industry the firm is entering The firm's standards for measuring success

How the firm will market to customers The firm's expected revenues and expenses A description of the industry the firm is entering

What is the first step in management by objectives? Managers make a performance appraisal and reward the employee according to the results. Managers and employees periodically review the employee's performance. Managers and employees jointly set objectives for the employee. Employees propose action plans.

Managers and employees jointly set objectives for the employee.

Who is responsible for tactical planning? Middle management Top management First-line management

Middle management

Which of these represent measurable goals? (select all that apply) Measures should be taken to drastically improve customer service. No more than 50% of cars should be sold below MSRP. Customer service agents should improve customer relations by making 10 follow-up calls each week.

No more than 50% of cars should be sold below MSRP. Customer service agents should improve customer relations by making 10 follow-up calls each week.

True or false: One reason a company might create a bad strategic plan is because they make incorrect assumptions about what will happen in the market going forward. True False

True

The vision statement should answer which of these questions? What is our reason for being? How much profit do we want to make? What do we want to become? How many people should we hire?

What do we want to become?

What would occur in the third step of management by objectives? You prepare action plans. You and your manager jointly set objectives. You and your manager meet to review progress. You are compensated for your work achievements.

You and your manager meet to review progress.

A business plan is a document that outlines a proposed firm's goals, strategy for achieving them, and standards for measuring success. a firm's resources or capabilities along with their competitive strategic potential. the need the firm will fill, the operations of the business, and its expected revenues and expenses. the organization's long-term goals and direction.

a proposed firm's goals, strategy for achieving them, and standards for measuring success.

Long-term goals (select all that apply) are also referred to as tactical goals focus on achieving strategies in the company's strategic plan show how goals are linked across an organization span one to five years are also referred to as strategic goals

are also referred to as strategic goals span one to five years focus on achieving strategies in the company's strategic plan

A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______. SMART goal mission statement business plan vision statement

business plan

Which of the following verbs would be appropriate for a results-oriented goal? (select all that apply) complete develop implement decrease acquire

complete acquire decrease

A company's strategy can best be described as a(n) _______ about what long-term goals or direction to pursue for the survival or prosperity of the organization. shot in the dark educated guess placeholder after thought

educated guess

Which of the following are reasons that employers value a proactive learning orientation? (Select all that apply) employees need to refine and enhance their skills sets throughout their careers it reduces the amount of time employers spend developing learning objectives it helps drive employee creativity and innovation

employees need to refine and enhance their skills sets throughout their careers it helps drive employee creativity and innovation

Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives. second third first fourth

first

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. fourth first second third

fourth

In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____. tactic plan strategy goal

goal

A means-end chain is used in planning to show _____. the measurable result of a decision how product will be delivered to the end consumer the level of competition within an industry how goals are connected across an organization

how goals are connected across an organization

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success. rigidity innovation blinders competition

innovation

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______. objective commitment tactical link operational plan means-end chain

means-end chain

A company's _____ is the purpose of the organization. plan strategy vision mission

mission

The ______ statement expresses the purpose of an organization. vision values mission operational

mission

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses. statement model strategy plan

model

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. goals means objectives mission

objectives

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. mission statement tactical plan vision statement operating plan

operating plan

First-line managers are typically responsible for performing ______ planning within the organization. strategic tactical operational long-term

operational

A business strategy, also known as a strategic _______, sets the long-term goals and direction for an organization. plan goal mission model

plan

The document that details how a company's goals are to be met is called a(n)_____. mission plan vision investment

plan

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results. planning assessment management strategy

planning

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. planning/control compare/contrast SMART goal-setting

planning/control

The "measurable" aspect of a SMART goal refers to its ability to be _____. quantified specific attained achieved

quantified

Strategic planning (select all that apply) should be done approximately every ten years focuses primarily on the organization's short-term goals requires visionary and directional thinking should communicate general goals and ways to achieve them

requires visionary and directional thinking should communicate general goals and ways to achieve them

When stating a goal, it is a good idea to start with the word "To" and follow with an action-oriented verb such as "increase" or "acquire." This describes the _____ aspect of SMART goals. results-oriented attainable time-oriented specific

results-oriented

Employees preparing action plans represents the _____ step in management by objectives. third second first fourth

second

What are the two types of goals in business? short-term nonspecific long-term noncommittal

short-term long-term

A _____ plan directs activity, such as a project, that is unlikely to be repeated. tactical single-use rocket standing

single-use

A _____ plan is developed for activities that occur repeatedly over time. process single-use tactical standing

standing

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. tactical strategic operational informal

strategic

A(n) ________ provides a guide for a company's long-term goals. vision statement operations plan mission statement strategic plan

strategic plan

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. operational planning sustainable advantage strategy innovation common ground

strategy innovation

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. mission operational tactical strategic

tactical

The company's mission statement tells us the company's reason for being. what the company cares most about. what the company wants to become. where the company wants to go strategically.

the company's reason for being.

The fourth and final step in management by objectives involves _____. the employee developing an action plan the manager making a performance appraisal and rewarding the employee according to the results the manager and employee periodically reviewing the employee's performance the manager and employee jointly setting objectives for the employee

the manager making a performance appraisal and rewarding the employee according to the results

The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives. fourth third first second

third

Strategic planning is done by _____ managers. operations top first-line middle

top

A _____ statement expresses what the company stands for, its core priorities and what its products contribute to the world. vision values strategic mission

values

A company's ______ statement should provide a clear sense of the future and the actions needed to get there. vision values operational mission

vision

A company's values statement expresses which of the following things? (select all that apply) what the company stands for what the company wants to become the values its employees embody the company's core priorities what its products contribute to the world the company's purpose

what the company stands for the values its employees embody the company's core priorities what its products contribute to the world

Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities. competitors' movements overall company strategy whatever is in front of them emerging opportunities for expansion

whatever is in front of them

An organization's vision represents the values the organization wants to emphasize. the organization's purpose. what the organization cares most about. where the organization wants to go.

where the organization wants to go.