Chapter 5

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 _______. Multiple choice question. mission statement SMART goal vision statement business plan

business plan

The ______ statement expresses the purpose of an organization. Multiple choice question. vision values operational mission

mission

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

specific

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. Multiple choice question. sustainable advantage strategy innovation operational planning common ground

strategy innovation

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

means-end chain

A company's _____ is the purpose of the organization. Multiple choice question. vision plan strategy mission

mission

The "measurable" aspect of a SMART goal refers to its ability to be ______. Multiple choice question. quantified specific attained achieved

quantified

The "measurable" aspect of a SMART goal refers to its ability to be ______. Multiple choice question. specific quantified attained achieved

quantified

Employees preparing action plans represents the ______ step in management by objectives. Multiple choice question. third fourth second first

second

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

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

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? Multiple choice question. Targeted Measurable Attainable Simplified

Attainable

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

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

______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters. Multiple choice question. Cascades Deadlines Employees Managers

Deadlines

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

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? Multiple select question. How the firm will market to customers The firm's strategy for achieving its goals A description of the industry the firm is entering The firm's expected revenues and expenses The firm's standards for measuring success

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

Managers must have the tools and resources necessary to "steer" the organization through future unknown conditions and often through "uncharted waters." Having a well-thought-out plan with a subsequent strategy provides the manager with some direction in these uncertain conditions. This activity is important because the planning and strategic management processes are critical to an organization's survival and success. The goal of this activity is to challenge your knowledge of the strategic planning process. Place each of the steps in the planning and strategic management process below in the correct order. Rank the options below. Implement the strategyImplement the strategy open choices for ranking No answer Maintain strategic controlMaintain strategic control open choices for ranking No answer Formulate the grand strategy & strategic, tactical & operational plansFormulate the grand strategy & strate

Rank the options below. Implement the strategyImplement the strategy4Choice 4 Maintain strategic controlMaintain strategic control5Choice Formulate the grand strategy & strategic, tactical & operational plansFormulate the grand strategy & strategic, tactical & operational plans3Choice 3 Assess the current realityAssess the current reality2Choice 2 Establish the mission and vision 1st

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

SMART

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

Taking initiative

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 false question.TrueFalse

True

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

Understanding a business Networking

One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Match each goal below to indicate whether it is vague or specific. Instructions Vague Specific

Vague As many planes as possible should arrive on time. Specific Ninety % of planes should arrive within 15 minutes of their scheduled arrival time.

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

What do we want to become?

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

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

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

You and your manager meet to review progress.

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. Multiple choice question. SMART organization-wide cascading divisional

cascading

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

challenging but achievable

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. Multiple choice question. placeholder educated guess shot in the dark after thought

educated guess

Cascading goals is the process of ______. Multiple choice question. motivating employees by properly appraising goal-directed performance implementing the management by objectives program organization-wide gaining strong top and middle management commitment to the goal setting process 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

Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives. Multiple choice question. fourth third second first

first

Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives. Multiple choice question. third first second fourth

first

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

fourth

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. Multiple choice question. model statement strategy plan

model

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. Multiple choice question. statement model plan strategy

model

The purpose of management by objectives (MBO) is to ______ subordinates. Multiple choice question. scrutinize organize motivate control

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. Multiple choice question. mission objectives means goals

objectives

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

operating plan

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

plan

The document that details how a company's goals are to be met is called a(n) ______. Multiple choice question. plan investment vision mission

plan

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results. Multiple choice question. strategy assessment planning management

planning

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. Multiple choice question. tactical operational mission strategic

tactical

The company's mission statement tells us ______. Multiple choice question. the company's reason for being where the company wants to go strategically what the company wants to become what the company cares most about

the company's reason for being

The company's mission statement tells us ______. Multiple choice question. what the company cares most about what the company wants to become the company's reason for being where the company wants to go strategically

the company's reason for being

The fourth and final step in management by objectives involves: Multiple choice question. the manager and employee jointly setting objectives for the employee. 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 employee developing an action plan.

the manager making a performance appraisal and rewarding the employee according to the results.

Strategic planning is done by ______ managers. Multiple choice question. top operations first-line middle

top

A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world. Multiple choice question. mission strategic vision values

values

A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world. Multiple choice question. values mission vision strategic

values

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

whatever is in front of them

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

Attainable Results-oriented Specific Measurable Have target dates

Applying the Four Key Skills of Being Open-Minded This activity is important because keeping an open mind is essential for developing a more proactive learning orientation. A proactive learning orientation increases your ability to think critically, and critical thinking helps you to plan more effectively. People who are open-minded have the ability to do four key things: (1) question their beliefs, (2) pause and seek feedback, (3) watch for communication blocks, and (4) check the accuracy of their past judgments and predictions. The goal of this activity is to enhance your ability to apply the four key skills of being open-minded by helping you to recognize examples of people practicing these skills, and failing to practice them, in action. Read the short scenario below. Then, read the statements related to the scenario and select the key skill of being open-minded to which it best applies. Remember that some of

1. Everett pauses to reflect on the data Taye presented and on whether his disagreement with her view is valid. Pause and Seek Feedback Correct 2. Taye calls Everett's point "stupid" during their discussion. Watch for Communication Blocks Correct 3. Taye presents specific data from the small business development association's research that strongly favor stationary food trucks. Question Your Beliefs Correct 4. Everett remembers that even with her years of experience, her intuition hasn't always led her in the right direction. Check Accuracy of Past Judgements and Predictions Correct 5. Cameron really wants to win this argument and prove Taye wrong. Pause and Seek Feedback Correct 6. Everett holds strongly to her argument because of her personal experience with stationary and roaming food trucks. Question Your Beliefs Correct 7. Cameron doesn't mention that his friend hasn't had financial success with her own roaming food truck. Check Accuracy of Past Judgements and Predictions Correct 8. Cameron reminds himself to speak calmly and use relaxed body language. Watch for Communication Blocks

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

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

Select all that apply What are the types of goals in business? (Choose every correct answer.) Multiple select question. Noncommittal Long-term Short-term Nonspecific

Long-term Short-term

Who is responsible for tactical planning? Multiple choice question. First-line management Top management Middle management

Middle management

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

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

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

The manager develops an action plan

A business plan is a document that outlines ______. Multiple choice question. the organization's long-term goals and direction 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 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

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

innovation

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

third

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

vision

Domino's New Products Organizational planning is a broad subject that involves all parts of the organization and covers a wide variety of time horizons. The goal of this video case is to apply your knowledge of planning to Domino's Pizza. From long-term strategic planning down through day-to-day operational planning, organizations must work very diligently to ensure that they know how to cope with uncertainty. In the case of Domino's Pizza, you will see that careful planning and control of results to ensure alignment with the plan is critical to organizational success. Which of the following would be an effective SMART goal for Domino's wedding registry? Domino's locations will cater weddings this year. Each Domino's location will cater at least six weddings by the end of next year. Domino's locations will cater at least ten weddings. Domino's locations will cater as many weddings as they can by

Each Domino's location will cater at least six weddings by the end of next year.Correct

Click and drag on elements in order 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) Instructions Choice 1 of 4. Make the plan toggle button Make the plan Choice 2 of 4. Carry out the plan toggle button Carry out the plan Choice 3 of 4. Control the direction by comparing results with the plan toggle button Control the direction by comparing results with the plan Choice 4 of 4. Control the direction by correcting deviations and/or improving future plans toggle button Control the direction by correcting deviations and/or improving future plans

Make the plan Carry out the pan 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? Multiple choice question. Managers and employees periodically review the employee's performance. Managers make a performance appraisal and reward the employee according to the results. Employees propose action plans. Managers and employees jointly set objectives for the employee.

Managers and employees jointly set objectives for the employee.

Types of Plans Planning enables organizations to set goals and to formulate operational plans to achieve those goals. This activity is important because as a manager, you will spend a great deal of time planning. The goal of this activity is to challenge your knowledge of the various types of plans. Read each description and match it to the type of plan it describes. Single-use Policy Program Project Procedure Rule Match each of the options above to the items below.This plan encompasses a wide range of activities or projects. No answer 1 2 3 4 5 6 This plan outlines a set response to particular problems or circumstances. No answer 1 2 3 4 5 6 This type of plan is smaller in scope and less complex. No answer 1 2 3 4 5 6 This plan designates a specific required action. No answer 1 2 3 4 5 6 This plan gives a general idea of how to respond to a designated situation. No answer 1 2 3 4 5 6 This plan is used for acti

Match each of the options above to the items below. This plan encompasses a wide range of activities or projects.3Choice 3 of 6 , ProgramCorrect combobox unavailableCorrect This plan outlines a set response to particular problems or circumstances.5Choice 5 of 6 , ProcedureCorrect combobox unavailableCorrect This type of plan is smaller in scope and less complex.4Choice 4 of 6 , ProjectCorrect combobox unavailableCorrect This plan designates a specific required action.6Choice 6 of 6 , RuleCorrect combobox unavailableCorrect This plan gives a general idea of how to respond to a designated situation.2Choice 2 of 6 , PolicyCorrect combobox unavailableCorrect This plan is used for activities that are not likely to be repeated again.

An organization's vision represents ______. Multiple choice question. 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 organization wants to go

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

where the organization wants to go

Select all that apply Which of these represent measurable goals? Multiple select question. 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. 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.

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

goal

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

how goals are connected across an organization

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. Multiple choice question. SMART planning/control goal-setting compare/contrast

planning/control

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

proactive