BA 316 Exam 1

Fine Cuts has been manufacturing excellent cutlery for over 50 years. Management wants to hang a banner in the production facility 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."

________ refer(s) to the arrangement that ensures strategic goals align downward with more specific short-term goals.

Cascading goals

After the manager and employee work together to set the employee's objectives, what is the next step of MBO?

The employee should develop an action plan for meeting the objectives.

When you encounter negative thoughts or sense that others are trying to elicit an emotional response from you, which key skill of being open-minded should you enact?

Watch for communication blocks

Once her team's goals were set, Alyssa asked each team member to come up with a(n) ________ to reach the goals.

action plan

At Kaira's Caribbean Cuisine, Kaira improves focuses on efficiency by

advertising specials to use up food inventory that is nearing its expiration date

After establishing the mission, vision, and values, what is the next step in strategic management?

assessing the current reality

Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from

broad needs, few customers

Which level of strategy is concerned with how much to spend on marketing or whether to expand facilities?

business

A ________ is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses.

business plan; business model

Once implemented, managers need ________ to keep strategic plans on track.

control systems

Which of the following lists represents the order of levels of strategy from the top of the organization downward?

corporate, business, functional

When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy.

cost-leadership

When managing her oil and lube service, Sabrina engages in the controlling function when she

develops a loyalty reward program because the number of repeat customers has been declining

Ravi, a supervisor, is known by his managers to be sharp in his decisions and has a good track record of meeting his goals. Ravi is a(n) ________ manager.

effective

Some examples of ________ are companies selling products, operating factories, and collaborating with partners in other countries.

globalization

Strategic planning is critical, but without ________ it will be worthless.

implementation

In their ________ roles, managers interact with people inside their work units; while solving problems is part of their ________ roles.

interpersonal; decisional

For a manufacturing company that set a strategic goal to reduce waste by 15%, each division in the organization can use the ________ to identify tactical goals that support waste reduction.

means-end chain

According to the BCG matrix, stars are

organizations with high growth and high market share which are definite keepers.

Even though Sanjay faced multiple career setbacks, he now has earned his college degree and launched three successful businesses. Sanjay has demonstrated

resilience

Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through

strategic positioning

When building a new hospital, the developer did not remove any trees, based on the belief that doing so could compromise the ability of future generations to meet their own needs. This is an example of managing for

sustainable development

For almost 20 years, Hank has been the top sales professional for Strickland Propane. He credits his success to following the first law of business, which is to

take care of the customer

Understanding how artificial intelligence, big data, and collaborative computing will impact your organization is the challenge of managing for

technological advances

In the third step of the strategic management process, managers should

translate the broad mission and vision into a corporate strategy.

Efficiency is ________, while effectiveness is ________.

using resources wisely; achieving results

A ________ expresses what the organization should become and where it wants to go strategically.

vision statement

________ designates how work units are going to optimize resources and make contributions over the next two years.

Tactical planning

Samir owns a dental practice, but business has slowed down significantly over the last six months. Which analysis would you recommend to Samir to help him determine whether his dental practice has competitive potential?

VRIO framework