MGT 301 Chapter 5 Questions

Select all that apply Which of the following verbs would be appropriate for a results-oriented goal? (Choose every correct answer.) develop complete acquire decrease implement

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.

educated guess

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

mission

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

planning

The company's vision statement tells us ______.

what the company wants to become

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 emerging opportunities for expansion overall company strategy competitors' movements

whatever is in front of them

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

where the organization wants to go

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

Deadlines

Select all that apply What are steps anyone can take to become a more proactive learner? (Choose every correct answer.) Focus on solutions rather than problems. Participate in professional conversations. Set realistic goals. Engage in groupthink. Judge others carefully and thoughtfully. Take initiative and rely on yourself. Follow along with group decisions.

Focus on solutions rather than problems. Participate in professional conversations. Set realistic goals. Take initiative and rely on yourself.

What is the second step in management by objectives?

The manager develops an action plan.

Cascading goals is the process of ______. gaining strong top and middle management commitment to the goal setting process implementing the management by objectives program organization-wide motivating employees by properly appraising goal-directed performance ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization

ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization

The fourth and final step in management by objectives involves:

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.

third

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

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?

Attainable

Operating plans accomplish which of the following? Consolidate short-term goals into a long-term vision Break long-term output into short-term targets or goals Turn strategic plans into actionable long-term goals

Break long-term output into short-term targets or goals

Select all that apply Which of these represent measurable goals? Customer service agents should improve customer relations by making 10 follow-up calls each week. 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.

Select all that apply What are advantages for a company that establishes deadlines? (Choose every correct answer.) Deadlines create competition among the staff. Deadlines motivate employees to focus on the goal. Deadlines aid in making quicker decisions. Deadlines ensure excellent quality work.

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

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

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

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

It helps drive employee creativity and innovation. It helps employees refine and enhance their skills sets throughout their careers.

Select all that apply Which of the following statements about strategic planning are true? (Choose every correct answer.) It focuses primarily on the organization's short-term goals. It should communicate general goals and ways to achieve them. It should be done approximately every ten years. It requires visionary and directional thinking.

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

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) Make the plan Control the direction by correcting deviations and/or improving future plans Control the direction by comparing results with the plan Carry out the plan

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

What is the first step in management by objectives?

Managers and employees jointly set objectives for the employee.

Select all that apply. What are characteristics of SMART goals? (Choose every correct answer.) Measurable Have sustainability Are impossible to complete Specific Have target dates Results-oriented Attainable

Measurable Specific Have target dates Results-oriented Attainable

Who is responsible for tactical planning?

Middle management

Select all that apply Which of the following are career readiness competencies? (Choose every correct answer.) Networking Understanding a business Being reactive instead of proactive Being opinionated

Networking Understanding a business

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

SMART

What are the types of goals in business? (There are 2)

Short-term Long-term

What behavior would a proactive learner most likely exhibit? Over-promising Avoiding personal conversations Taking initiative Waiting patiently for the outcome of a situation

Taking initiative

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

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

Select all that apply Which of the following are true about long-term goals? (Choose every correct answer.) They show how goals are linked across an organization. They span one to five years. They focus on achieving strategies in the company's strategic plan. They are also referred to as strategic goals. They are also referred to as tactical goals.

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

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

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

What do we want to become?

The company's values statement tells us ______.

Which values the company want to emphasize

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

You and your manager meet to review progress.

A business plan is a document that outlines ______. 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 firm's resources or capabilities along with their competitive strategic potential a proposed firm's goals, strategy for achieving them, and standards for measuring success

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

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

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

In terms of SMART goals, an "attainable" goal is ______.

challenging but achievable

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

operating plan

Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.

first

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.

fourth

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 chain

The ______ statement expresses the purpose of an 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

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

plan

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

proactive

To be an effective planner, you should be a(n) ____________ learner in areas beyond the technicalities of your profession.

proactive

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

Managers preparing action plans represents the ______ step in management by objectives.

second

The letter S in the acronym SMART goal stands for what aspect of a good goal?

specific

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

strategic plan

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

The company's mission statement tells us ______.

the company's reason for being