MGMT 320 EXAM2 CH 5 question bank

MC Qu. 77 Which of the following is an example of a mission statement?

"to offer the lowest prices on new home appliances, anywhere in the world"

MC Qu. 67 The planning steps of the planning/control cycle are

(1) make the plan and (2) carry out the plan.

MC Qu. 78 A short-term goal usually spans ________ while a long-term goal typically spans ________.

12 months; 1 to 5 years

MC Qu. 60 Kumail initiated MBO in his company 12 months ago. Now, Kumail about to conduct his first-ever performance appraisals with his employees. Which of the following statements would you offer to Kumail as advice?

Be sure to reward employees who meet their objectives.

MC Qu. 89 Which of the following is a tactical goal?

By the end of this fiscal year, we will achieve a 10 percent cost reduction in our office expenses.

MC Qu. 73 Keiko wants to develop her proactive learning skills in order to increase her career readiness. What would you advise her to do?

Contribute to a LinkedIn conversation about trends in her industry.

MC Qu. 94 In the Management in Action case, assume Amtrak's CEO makes changes to the company's operations and then reviews the resulting revenue. What step in the planning/control cycle would this represent?

Control the direction by comparing results with the plan.

MC Qu. 37 Omar runs a popular sports bar and grill that is soon to implement a new point-of-sale software. Which of these represents a learning objective that Omar might set?

Ensure all employees complete a virtual training on the new software.

MC Qu. 52 Kane, a manager for a large trucking company, knows that the company struggles to recruit enough CDL-certified drivers to keep the business functioning. Kane devises a new plan to identify potential drivers and pay for them to become CDL-certified. Further, Kane believes the potential drivers should be more diverse than the usual pool of applicants, so he intends to focus on recruiting women, military veterans, couples, and immigrants. If you were Kane's manager, how would you instruct him to apply the planning/control cycle?

Have Kane make the change, compare recruitment metrics after a period of time, and see if corrective action is necessary.

MC Qu. 50 Which of these is an example of a means-end chain?

Implementing a cleaning schedule to ensure all parts of the restaurant are deep cleaned each month is a means to earning the highest cleanliness rating during the next health inspection.

MC Qu. 55 Which of the following satisfies the SMART goals criteria?

In the next quarter, our Tucson sales agent will increase sales by 10 percent.

MC Qu. 12 When planning for starting your career, what can you do to stay resilient?

Know that it takes time to find a job.

MC Qu. 25 Which of these represents the company's mission statement?

LinkedIn: To connect the world's professionals to make the more productive and successful.

MC Qu. 65 In which of these examples is the competency of networking supporting planning?

Naheem's company is establishing a new contract with a vendor that Naheem met during a trade show.Correct

MC Qu. 82 Emma, a nurse at a long-term care facility, recently submitted her goals to the director of nursing. One of Emma's goals is "to improve resident satisfaction by responding to every resident's call, page, or request within 3 minutes." Is this a SMART goal?

No, SMART goals must be attainable.

MC Qu. 56 Tomio has been working as an assistant database analyst for three months. During a recent conversation with his supervisor, Tomio explained his goal "to improve his computing skills by the end of the year." Is this a SMART goal?

No, SMART goals must be specific and measurable.

MC Qu. 54 Constanza, who owns and operates a daycare, is meeting with all of her employees to set goals. One employee, Carlos, sets a goal of teaching 90% of the 4-year old students in his class to tie their shoes. Is this a SMART goal?

No, SMART goals should specify a target date.

MC Qu. 51 Mark Zuckerberg stated that Facebook's early idea was to "Move fast and break things." He set that as his strategy for the company. Was he using the concept of strategy correctly?

No, because a strategy sets a long-term goal and direction for an organization.

MC Qu. 42 ________ can be another term used for a goal.

Objective

MC Qu. 88 Jin manages a team of sales agents who are tasked with selling high-end vacuum cleaners in an assigned territory. One of the agents, Isaac, set a goal of increasing sales in his territory by 10% this year. However, when preparing for their quarterly review meeting, Jin realizes that Isaac's sales when down by 2%. At their meeting, Isaac explains that a large factory in his territory was closed and now there are over 4,000 households who have lost income due to layoffs. As a result, the economy in Isaac's territory has become quite depressed, and the residents are living off their savings. Taking the steps of the planning/control cycle into account, what is Jin's best course of action with Isaac?

Recognize the economic reality of Isaac's territory and change his goals to make them achievable.Correct

MC Qu. 36 Which of these managers is engaged in operational planning?

Renata is assigning employees to workstations and applying protocols to resolve customer complaints.

MC Qu. 93 For the Management in Action case, which of the following would be a SMART goal for Amtrak?

To grow revenue by 5% in the next year.

MC Qu. 44 Which of the following could be Google's vision statement?

To provide access to the world's information in one click.

MC Qu. 34 Which of these managers is engaged in tactical planning?

Vilma determines how to entice customers to buy higher margin items to increase her division's profitability.

MC Qu. 22 Which of these questions should be answered by your company's mission statement?

What are our major strengths and competitive advantages?

MC Qu. 74 You have an idea for a company that sources fruits from local farms to make fresh juices that will be sold on a subscription-based service to households within a 100-mile radius. How will you know if your company has a sustainable advantage?

You will produce and deliver juice more effectively than competitors.

MC Qu. 69 Cooper has created and carried out a plan for his business. For Cooper, the benefit of enacting the control steps will be

a continuous feedback loop that ensures plans stay headed in the right direction.

MC 75. To be profitable and to grow, firms need a competitive advantage that is based on products or services that are valuable, rare, and difficult to imitate. Which of these examples is mostly likely to have a competitive advantage?

a portrait-painting service by a very talented artist who is known for her ability to make all men look handsome and all women look beautiful

MC Qu. 79 You receive a memo that reads as follows: "In recent months, our customer evaluations have dropped, and our sales have decreased by 10 percent. To restore our business, we will do the following: (1) We will contact all of our customers and offer a 10 percent discount on their next purchase. (2) For the customers who spend more than $1,000 per year, we will invite them to join our Insiders' Club, which gives them discounted tickets to concerts and sporting events. (3) Effective immediately, we will begin staffing our call center 24 hours a day, 7 days a week. (4) Customer-service personnel will be given more discretion in helping customers resolve problems, with minimal interference from supervisors." This memo is a(n)

action plan.

MC Qu. 63 For organizational goal setting to be effective, goals must

be applied organizationwide.

MC Qu. 81 Dimitri wants all the parking attendants, ticket agents, groundskeepers, and ride attendants at his theme park to greet each customer by welcoming each visitor to the park with a smile, a kind word, and an offer of assistance." Dimitri has established a ________ objective.

behavioral

MC Qu. 17 An organization's ________ expresses the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

business model

MC Qu. 18 Prior to opening his new salon, Symon is deciding what types of services to offer, the anticipated profits and expenses, the tasks of various employees, and how those jobs will be handled. Symon is creating a

business model.

MC Qu. 80 To prepare for an upcoming interview, Loic has reviewed his résumé, prepared his questions, and thought through answers for the most common interview questions. He feels well prepared. At the interview, Loic is asked to respond to a scenario question in which a problem is presented. If the interviewer prioritizes critical thinking, she is probably trying to determine if Loic

can consider alternative solutions and remain open-minded.

MC Qu. 64 MBO works by objectives moving through the organization; that is, top managers set general organizational objectives, which are translated into divisional objectives, which are translated into departmental objectives. The hierarchy ends in individual objectives set by each employee. This is an example of MBO ________ through the organization.

cascading down

MC Qu. 68 Lorah, a district manager for a commercial food distributor, is in charge of implementing the company's plan to reduce cost of goods sold by 12%. Lorah is reviewing quarterly expense reports to determine how each section of her district is progressing toward the COGS reduction, thus Lorah is controlling the direction by

comparing results with the plan.

MC Qu. 70 After reviewing her department's results, Laurel decided that she needed to cut more costs for the department to meet its profitability goal for the year. Eliminating the unplanned advertising expenses is one way to

correct deviations in the plan being carried out.

MC Qu. 83 Which important aspect of goal setting helps you keep an eye on the big picture and is useful for giving yourself feedback?

deadlines

MC Qu. 29 At the strategic level of planning, managers must pay attention to the environment outside the organization, be future oriented, and

deal with uncertain and competitive conditions.

MC Qu. 86 When the university's provost sets a major student retention goal, the cascading-goals process would occur if the

deans set retention objectives for their colleges and schools.

MC Qu. 59 Terin, the chief human resources officer for a major financial services company, has met with each of her employees to set their objectives. Now, Terin expects the employees to

develop action plans.

MC Qu. 91 In the Management in Action case, if Congress forces Amtrak to become a nonprofit, the organization will have to go back to which step in planning process?

developing a mission statement

MC Qu. 33 The top managers of One World Enterprises are meeting for the week to look at the long-term company goals and overall direction of the organization. The CEO has expressed his concern over the economy and has told his managers to look closely at the environment outside the organization before making decisions and to be future oriented. In this meeting, top managers of One World are

doing strategic planning.

MC Qu. 30 How often should a company revise its strategic plan?

every 1 to 2 years

MC Qu. 49 Prior to Apple's debut of the iPhone, Microsoft was also working on a revolutionary smart phone. Microsoft was already one of the world's leading technology companies with thousands of engineers and designers with hundreds of millions of dollars for their R&D budget. Despite having a solid strategy and adequate resources, Microsoft derailed cross-departmental cooperation, perpetuated unhealthy competition among its employees, and ultimately

failed to implement its strategy.

MC Qu. 84 The third step of MBO reminds us that

feedback is essential.

MC Qu. 92 In the Management in Action case, once Amtrak decided to change its dining cart service, what category of individuals needed to plan its operational execution?

first-line managers and team leaders

MC Qu. 32 Operational planning should be completed by ________, and tactical planning is done by ________.

first-line managers; middle managers

MC Qu. 71 Recently, Splendor Stay, a large hotel chain, acquired Opulent Inn, a hotel chain with 27 locations. Senior-level managers have set the strategy for rebranding the Opulent Inn locations and marketing Splendor Stay's expanded footprint. Which managers will be responsible for making tactical decisions to support this rebranding?

functional

MC Qu. 27 Effective vision statements are characterized by clarity and

future focus.

MC Qu. 41 Bahir's ________ is to sell 80% of his old merchandise prior to ordering more inventory from the wholesaler

goal

MC Qu. 20 An entrepreneur would create a business plan to outline which of the following?

goals and strategies with success measures

MC Qu. 62 Research on MBO shows that participative goal setting is

just as effective as when managers set the goals.

MC Qu. 53 When managers apply the continuous feedback loop known as the planning/control cycle, which management functions are implied?

leading and organizing

MC Qu. 58 The process for motivating employee performance in which the manager and employee jointly set objectives for the employee, the manager develops action plans, the manager and employee periodically review the employee's performance, and the manager makes a performance appraisal and rewards the employee according to the results achieved is known as

management by objectives.

MC Qu. 46 A(n) ________ links low-level goals, such as providing free estimates within 24 hours, to higher-level goals, such as decreasing the cost of customer acquisition.

means-end chain

MC Qu. 24 Kickstarter, a global crowdfunding platform, states that its purpose as an organization is "to help bring creative projects to life." This is the company's

mission statement.

MC Qu. 61 Cyril, who manages an ATV dealership, is determined to implement management by objectives to help

motivate his employees.

MC Qu. 45 The managers of Kai's Catering want to increase the number of events booked by 20%. To accomplish this, a(n) ________ was established to include clear weekly targets for number of deposits received.

operating plan

MC Qu. 43 Aliya is a line supervisor in a denim apparel factory. Aliya has set a(n) ________ to reduce the time she spends training new workers.

operational goal

MC Qu. 40 Goals that generally span 12 months and are connected to long-term goals are known as ________ or ________.

operational goals; tactical goals

MC Qu. 35 Those who manage the work on the front lines are most involved with what component of the planning process?

operational planning

MC Qu. 11 Jacinta is a supervisor at a customer service call center. She set a ________ objective for her subordinates to decrease their average call times by 12%.

performance

MC Qu. 14 After closing town hall for several weeks due to the COVID-19 pandemic, the mayor of a small town created a ________ to outline how the city employees would meet their job performance goals while limiting risk of spreading the virus.

plan

MC Qu. 13 As factory supervisor, Miguel wants all 150 workers to complete a required training before the end of the fiscal year which is one month away. He sets a goal of training 15 workers each day. What is Miguel doing?

planning

MC Qu. 28 The three levels of ________ are strategic, tactical, and operational.

planning

MC Qu. 66 To ensure that his plans are moving his company in the right direction, Joaquin can apply a

planning/control cycle.

MC Qu. 15 CorrectTalk is a company that provides security and communications technology to jails and prisons. Over the last several months, CorrectTalk's profits have dropped and the company seems to be moving in the wrong direction. The owner recognizes that he wrongly assumed that his clients would need more technology and that his installation teams frequently have internal conflict. These issues are a result of

poor planning.

MC Qu. 85 Which career readiness competency represents a desire to learn and improve and is desired by employers because it drive creativity and innovation?

proactive learning orientation

MC Qu. 19 Nyah knows that planning and strategic management can help focus on the most critical problems, choices, and opportunities by

providing direction and momentum.

MC Qu. 47 Managers can use an operating plan to

segment strategic goals into short-term targets.

MC Qu. 48 Managers can use an action plan to

specify the steps that will be used to reach a goal.

MC Qu. 39 Aanu owns several computer repair shops across northeastern Wisconsin, and she has set a goal for her company of increasing market share in all locations over the next three years. Aanu has set a

strategic goal.

MC Qu. 87 Which sequence of goals is consistent with "cascading" goals that begin at the top of the organization?

strategic goals > divisional goals > department goals > individual goals

MC Qu. 72 You are the sales manager for a multinational solar energy company. Recently, your company distributed its ________ that outlines its long-term goals and directions, including "Reduce energy consumption in our offices by 20 percent," "Grow our market share in China from 3 percent to 10 percent," "Enter a strategic alliance with a partner in New Zealand," and "Equip all sales representatives with an app that allows them to provide an immediate quote when meeting with customers."

strategic plan

MC Qu. 21 After establishing values statement, what is the next step in planning?

strategic planning

MC Qu. 90 The move by Philip Morris International (PMI), the industry-leading tobacco company, to invest billions in creating a smoke-free future is an example of

strategy innovation.

MC Qu. 57 Kohana manages the underwriting division of a large financial services provider. For her work unit, Kohana selected five key goals that she identified as being results-oriented and

supporting the organization's vision

MC Qu. 31 Executives of a national insurance underwriting firm has informed its district managers of a new goal to improve customer retention. The district managers will set goals to be achieved over the next 6 to 24 months as part of ________ planning.

tactical

MC Qu. 38 Picnix, a meal-kit company, has set a strategic goal of decreasing corporate costs by 12% over the next 4 years. Joseph manages one of Picnix's distribution centers. Installing a just-in-time inventory system and partnering with a new produce wholesaler are ________ that Joseph can implement over the next 12 months to contribute to the strategic goal.

tactical goals

MC Qu. 76 The Publix chain of supermarkets has stated, "We will not knowingly disappoint you. If for any reason your purchase does not give you satisfaction, the full purchase price will be cheerfully refunded immediately upon request." This proclamation is Publix's

values statement.

MC Qu. 26 In its ________, Caterpillar, a Fortune 100 construction equipment manufacturer, specifies that it wants "a world in which all people's basic needs—such as shelter, clean water, sanitation, food, and reliable power—are fulfilled in an environmentally sustainable way and a company that improves the quality of the environment and the communities where we live and work."

vision statement

MC Qu. 23 A mission statement expresses ________, and a vision statement expresses ________.

why the organization exists; what the organization wants to become

MC Qu. 16 Liam is starting a company that leases offices, conference rooms, and shared workspaces. Liam has approached a local investor that assists small-business owners in setting up their companies. The investor will probably advise Liam to

write a business plan.