Ch. 5 - Smartbook

Place the steps of the planning/control cycle in the correct order, with step one listed first (at the top) and step four listed last (at the bottom)

1 Make the plan 2 Carry out the plan 3 Control the direction by comparing results with the plan 4 Control the direction by correcting deviations and/or improving future plans

A business plan is a document that outlines

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

In the strategic management process, the organization's strategies and strategic goals are formulated and implemented using

managers from all parts of the organization

A company's values statement expresses which of the following things? (select all that apply)

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

What are two advantages for a company that establishes deadlines?

Deadlines aid in making quicker decisions Deadlines motivate employees to focus on the goal

First-line managers are typically responsible for performing ______ planning within the organization.

operational

What is the first step in management by objectives?

Managers and employees jointly set objectives for the employee.

Who is responsible for tactical planning?

Middle management

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

Operational

A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.

SMART

In which phase of the planning/control cycle does a company have the opportunity to get a project back on track if it is failing to meet assigned objectives?

Step 4 - Control the direction by taking corrective action Rationale: Step 4 controls the direction by correcting deviations in the plan or by improving future plans

What is the second step in management by objectives?

The employee develops an action plan.

What are three things that should be included in a firm's business model? (Select all that apply.)

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

The vision statement should answer which of these questions?

What do we want to become?

Operating plans (select all that apply)

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

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 _______.

business plan

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

goal

A means-end chain is used in planning to show _____.

how goals are connected across an organization

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

innovation

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______.

means-end plan

A company's _____ is the purpose of the organization.

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.

model

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

operating plan

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

plan

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

plan

The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.

planning

A(n) _____ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development.

proactive

An organization has a sustainable competitive advantage when it can, for an extended period of time,

produce goods and services more effectively than its competitors do.

The "measurable" aspect of a SMART goal refers to its ability to be _____.

quantified

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

Strategic planning (select all that apply)

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

A _____ plan directs activity, such as a project, that is unlikely to be repeated.

single-use

Long-term goals (select all that apply)

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

A(n) ________ provides a guide for a company's long-term goals.

strategic plan

A company's values statement expresses which of the following things? (select all that apply)

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

The company's mission statement tells us

the company's reason for being.

An organization's vision represents

the values the organization wants to emphasize.

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

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

values

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

vision

The ______ statement expresses the purpose of an organization.

vision Rationale: A vision statement outlines a long-term goal describing what the company wants to become.

What are the two control steps in the planning/control cycle?

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

SMART goals (select all that apply).

are results-oriented are specific have target dates are attainable are measurable

The two planning steps in the planning/control cycle involve _____.

carrying out the plan making the plan

The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as _____ goals.

cascading

An organization's ability to produce goods or services more effectively than its competitors is referred to as its

competitive advantage.

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 helps drive employee creativity and innovation

Strategic ______ is a process that involves managers from all levels of the organization in the formulation and the implementation of strategies and strategic goals.

management

The purpose of management by objectives (MBO) is to ______ subordinates.

motivate

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.

objectives

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

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

A _____ plan is developed for activities that occur repeatedly over time.

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.

strategic

A _______ sets the long-term goals and direction for an organization.

strategy

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.

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.

tactical

Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities.

whatever is in front of them