MGT 300 CH 5

What is the usual span of time for a tactical goal? 8 years 5 years 2 years 12 months

12 months

A business plan is a document that outlines the organization's long-term goals and direction. a firm's resources or capabilities along with their competitive strategic potential. the need the firm will fill, the operations of the business, and its expected revenues and expenses . 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

What are three things that should be included in a firm's business model? (Select all that apply.) A. A description of the industry the firm is entering B. The firm's strategy for achieving its goals C. The firm's expected revenues and expenses D. The firm's standards for measuring success E. How the firm will market to customers

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

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 _______. A. Business Plan B. Mission Statement C. Vision Statement D. SMART goal

A. Business Plan

Strategic ______ is a process that involves managers from all levels of the organization in the formulation and the implementation of strategies and strategic goals. A. Management B. governance C. analysis D. evaluation

A. Management

The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them. A. Planning B. Organization C. Leading D. Controlling

A. Planning

A business plan is a document that outlines A. a firm's resources or capabilities along with their competitive strategic potential. B. a proposed firm's goals, strategy for achieving them, and standards for measuring success. C. the need the firm will fill, the operations of the business, and its expected revenues and expenses. D. the organization's long-term goals and direction.

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

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. A. after thought B. shot in the dark C. educated guess D. placeholder

C. Educated Guess

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. A. strategy B. plan C. model D. statement

C. Model

In terms of SMART goals, an "attainable" goal is _____. one that meets cost guidelines challenging but achievable easily achieved by employees impossible to meet

Challenging but achievable

An organization's ability to produce goods or services more effectively than its competitors is referred to as its strategy innovation. mission statement. strategic plan. competitive advantage.

Competitive advantage

Which of these represent measurable goals? (select all that apply) Measures should be taken to drastically improve customer service. 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.

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

Long-term goals (select all that apply) are also referred to as tactical goals focus on achieving strategies in the company's strategic plan span one to five years show how goals are linked across an organization are also referred to as strategic goals

Focus on achieving stats in the company's strat plan span one to five years are also referred to as strategic goals

For goal setting to be successful, what must occur? (Check all that apply) Divisional goals should supersede strategic goals The goal setting program should be limited to small subsets of workers Goals must be applied organization wide Top management must be highly committed Goals must cascade through the organization

Goals must cascade through the org Top management must be highly committed Goals must be applied org wide

A means-end chain is used in planning to show _____. how product will be delivered to the end consumer how goals are connected across an organization the level of competition within an industry the measurable result of a decision

How goals are connected across an organiztion

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

Innovation

What are three specific reasons why organizations should adopt planning and strategic management? It helps the firm develop a sustainable competitive advantage. It encourages new ideas. It creates a permanent advantage. It enables the firm to avoid the expense of retaining new talent. It provides direction and momentum.

It helps the firm develop a sustainable competitive advantage It encourages new ideas It provides direction and momentum

What is the first step in management by objectives? Managers make a performance appraisal and reward the employee according to the results. Managers and employees periodically review the employee's performance. Employees propose action plans. Managers and employees jointly set objectives for the employee.

Managers and employees jointly set objectives for the employees

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______. means-end chain objective commitment operational plan tactical link

Means-end chain

Who is responsible for tactical planning? Middle management Top management First-line management

Middle Management

The question "what is our reason for being?" should be answered by the organization's _______ statement. operational values vision mission

Mission

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

Operating plan

First-line managers are typically responsible for performing ______ planning within the organization. long-term strategic operational tactical

Operational

_________ planning is used to determine how to accomplish specific tasks with available resources within the next 1 -- 52 weeks Long-range Strategic Tactical Operational

Operational

An action plan is a specific commitment to achieve a measurable result in a stated time period. outlines the tactics that will be used to achieve a goal. shows how goals are linked across the organization. is also referred to as an objective goal.

Outlines the tactics that will be used to achieve a goal

Which of these are types of objectives used in management by objectives (MBO)? (Select all that apply) performance learning behavioral SMART measurable

Performance Learning Behavioral

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

Plan

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results. A. Strat B. Planning C. Assessment D. Management

Planning

Three benefits of ___________ are that they can provide a company with direction and momentum, encourage new ideas, and help the company develop a sustainable competitive advantage. operations and tactics mission and values statements long and short-term goals planning and strategic management

Planning and strategic management

An organization has a sustainable competitive advantage when it can, for an extended period of time, block out peripheral vision and reduce creative thinking. produce goods and services more effectively than its competitors do. unleash the spirit of strategy innovation. set itself on a predetermined course in unknown waters.

Produce goods and services more effectively than its competitors do

A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates. SMART good challenging long-term

SMART

Strategic planning (select all that apply) should be done approximately every ten years should communicate general goals and ways to achieve them focuses primarily on the organization's short-term goals requires visionary and directional thinking

Should communicate general goals and ways to achieve them Requires visionary and directional thinking

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

Specific

A _____ plan is developed for activities that occur repeatedly over time. standing single-use tactical process

Standing

Select the three types of planning involved in the strategic management process. financial operational strategic tactical sustainable

Strategic Tactical Operational

A(n) ________ provides a guide for a company's long-term goals. vision statement mission statement strategic plan operations plan

Strategic plan

A _______ sets the long-term goals and direction for an organization. policy mission model strategy

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. common ground sustainable advantage strategy innovation operational planning

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. strategic operational tactical mission

Tactical

What is the second step in management by objectives? The employee develops an action plan. The manager and employee jointly set objectives for the employee. The manager makes a performance appraisal and rewards the employee according to the results. The manager and employee periodically review the employee's performance.

The employee develops and action plan

Strategic planning is done by _____ managers. middle operations top first-line

Top

What three groups should be involved in the strategic management process? distributors top managers middle managers shareholders suppliers first-line managers

Top managers Middle managers First-line managers

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 mission statement addresses which question? Which industry are we in? What is our reason for being? How should we operate our company? What do we want to become?

What is our reason for being

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

What the company stands for Its core priorities the vales its employees embody What its products contribute to the world

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

Where the org wants to go

A(n) ______ plan defines the course of action a company should follow to achieve the stated goal. operating mission action vision

action

What are the two control steps in the planning/control cycle? Make the plan. Control the direction by comparing results with the plan. Control the direction by taking corrective actions. Carry out the plan.

controls

Which of the following verbs would be appropriate for a results-oriented goal? (select all that apply) decrease complete implement develop acquire

decrease complete acquire

Cascading goals is the process of ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization 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 the strategic goals at the top align with short-term goals set at lower levels in the org

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. first second fourth third

fourth

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

goal

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

goal

In the strategic management process, the organization's strategies and strategic goals are formulated and implemented using managers from all parts of the organization mostly first-line managers a few key organizational players top-level executives only

managers from all parts of the organization

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______. objective commitment tactical link operational plan means-end chain

means-end chain

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. goals objectives means mission

objectives

An action plan is also referred to as an objective goal. is a specific commitment to achieve a measurable result in a stated time period. outlines the tactics that will be used to achieve a goal. shows how goals are linked across the organization.

outlines the tactics that will be used to achieve a goal

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. SMART goal-setting compare/contrast planning/control

planning/control

A _____ plan outlines the general response to a designated problem or situation. rule program policy project

policy

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. specific results-oriented attainable time-oriented

results orientated

Tactical goals are considered _____-term goals. long short

short

What are the two types of goals in business? noncommittal nonspecific short-term long-term

shot and long term

The fourth and final step in management by objectives involves _____. the employee developing an action plan the manager making a performance appraisal and rewarding the employee according to the results the manager and employee periodically reviewing the employee's performance the manager and employee jointly setting objectives for the employee

the manage making a performance appraisal and rewarding the employee according to the result

The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives. first second third fourth

third

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

vision

Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities. overall company strategy emerging opportunities for expansion whatever is in front of them competitors' movements

whatever is in front of them

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

you are your manager meet to review progress