MGT 210 Chp 5

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 service, thereby earning a fair profit for our stakeholders."

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

true

A goal is

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

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?

show your emotions and challenge task

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

false

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

action plan

A business plan is a tool used by the federal government to determine how to strengthen the business sector through macroeconomics and microeconomics.

false

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

false

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)

operational goal

________ is setting goals and deciding how to achieve them

planning

A(n) ________ is a standing plan that outlines the general response to a designated problem or situation.

policy

An organization should adopt planning and strategic management to

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

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

Chelsea, a middle manager for a large clothing chain, received an e-mail 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

In the office of every general manager of Sleep Tight Motels 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 Sleep Tight Motels.

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

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

true

Taylor, a district manager for a retail pharmaceutical store, asked his store 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

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

true

A(n) ________ is the declaration that expresses what the organization should become and where it wants to go strategically.

vision statement