Chapter 5 Quiz: Planning

A goal is... -A specific commitment to achieve a measurable result within a stated period of time -a type of mission statement -the purpose of the organization -a type of plan

A specific commitment to achieve a measurable result within a stated period of time

A(n)_____ is the declaration that expresses what the organization should become and where it wants to go strategically. -Vision Statement -Mission Statement -Code of Ethics -Objectives Statement

Vision Statement

Mr. Gonzalez, the sales manager, told his sales team that he wanted them to write down their work goals for the year. To help his team achieve their stated goals, the next thing that he should ask for are each team member's... -business plan -action plan -personal vision -values

action plan

Samantha is the return desk coordinator in a department store, and she has set a goal this month of finishing her daily office work quicker so she can assist at the Return Desk earlier in the morning. She knows this will also help decrease theft, which will assist the company in achieving its goal of decreasing costs. Samantha's goal of finishing her office work quicker is a(n)... -strategic goal -tactical plan -operating plan -operational goal

operational goal

_____ is setting goals and deciding how to achieve them. -regulating -controlling -planning -focusing -organizing

planning

A(n)_____ is a standing plan that outlines the general response to a designated problem or situation. -policy -order -standing rule -ethical value

policy

An organization should adopt planning and strategic management to... -develop MBO, encourage new ideas, and increase profits -provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage -decrease costs and increase synergy -keep employees happy, encourage new ideas, and decrease costs

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

Stark Knives has been manufacturing excellent cutlery for over 50 years. Management wants to hang a banner in the employee break room 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 advice, thereby earning a fair profit for our stakeholders." -"We want to be the number one knife seller that all customers turn to when they think of buying a knife." -"We hope to be the best by being the best."

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

A business plan is a tool used by the government to determine how to strengthen the business sector through macro and microeconomics. True or False

False

Critical thinkers make quick or rash decisions during the planning process. True or False

False

The planning/control cycle is an order planning system in which employees work with customers to plan orders and discuss delivery times. True or False

False

Pietro, the county sheriff, told his deputies to "Think big and endeavor to be more detailed and caring while at work and in setting goals. Therefore, when you give me your goals, I want them to be specific, measurable, attainable, results-oriented, and have target dates." Pietro was asking for his deputies'... -SMART goals -strategic goals -synergy objectives -policies

SMART goals

It is important to keep an open mind and suspend judgement when developing a proactive learning orientation. Which of the following is NOT a key skill that would demonstrate your open-mindedness? -Question your beliefs -Watch for communication blocks -Check the accuracy of your past judgement and predictions -Show your emotions and challenge tasks

Show your emotions and challenge tasks

A goal is a specific commitment to achieve a measurable result within a stated period of time. True or False

True

Chelsea, a middle manager for a large clothing chain, received an email from the CEO outlining the new goal of decreasing company costs over the next three years. This is an example of a strategic goal. True or False

True

In the office of every general manager of Relaxing Hotel there is a small poster that reads, "We want to become the only place our customers want to stay for the night while traveling." This is the vision statement for Relaxing Hotels. True or False

True

Prior to opening his business, Francois, the owner of the Crepe Factory, is writing a document that explains the reason for his business. This statement would be a part of his mission statement. True or False

True

Strategic management is a process in the formulation, implementation, and execution of strategies and strategic goals to advance the purposes of the organization. True or False

True

Taylor, a district manager for a retail pharmaceutical store, asked his managers for their store goals next year. Zoe, one of the store managers, said, "I am going to increase my market share significantly next year by visiting doctors' offices." Taylor then responded to Zoe with "Precisely how much are you going to increase your market share and by what date?" Taylor is asking Zoe to formulate a SMART goal. True or False

True

To start work every day, Tran sits down and sets his goals for the day and then he decides how to achieve them, by formulating future courses of action to achieve the specified results. This is the definition of planning. True or False

True