Management: Chapter 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."
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.
The McCloskeys developed an ultra-filtration process for a new milk drink. Based on the case and VRIO framework, which of the following is surely true?
The McCloskeys have at least a temporary competitive advantage.
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
Assume Uber planned to cut losses by 40 percent by withdrawing from countries like China and Singapore. A year has now passed since they have withdrawn, and the company determines that losses have actually increased. Which step in the planning/control cycle does Uber need to now execute?
control the direction
Former-CEO Kalanick's question of "What kind of brand do we want to be?" represents which stage of the strategic management process?
establish the mission and vision and values
Critical thinkers make quick or rash decisions during the planning process.
false
The planning/control cycle is an order planning system in which employees work with customers to plan orders and discuss delivery times.
false
Based on the case, which of the following has not resulted from the McCloskeys's planning and strategic management processes?
higher employee satisfaction
The 21-day process used to break down the manure into "compost-like material while releasing biogas, which is captured in pipes" is part of a(n)
operating plan
A(n) ________ is a standing plan that outlines the general response to a designated problem or situation.
policy
Uber's expansion on the innovation front depends on its self-driving cars plan. The implementation of this plan would be the responsibility of which of the following managers?
product-line
Based on what you know about the types of plans, self-driving cars would be an example of which of the following?
program
An organization should adopt planning and strategic management to
provide direction and momentum, encourage new ideas, and develop a sustainable competitive advantage.
CEO Khosrowshahi's strategic goal is for Uber to raise funds via an Initial Public Offering (IPO) in 2019. Which of the following would be an example of an operational goal in support of this?
settling a self-driving car trade secrets lawsuit with Waymo
The McCloskeys started Fair Oaks with a plan to see how the farm could convert 430,000 gallons of daily manure into a sustainable asset. This is known as
strategic planning
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
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