Chapter 2: The Core Values of an Organization

When was the concept of core values first coined

1984

SMART model Measurable

All business objectives must have a method for assessing performance and determining when the goal is achieved

Which book did core values come from?

Built to Last

A _________________ should meet the purpose of the organization established in the strategic planning process.

Business Plan

Once identified, the SMART model should be compiled in a strategic document called a _____________________

Business Plan

Use of technology in operations, manufacturing processes, the organization's culture, product characteristics, management of customer relationships, and knowledge management are examples of _____________________

Core Competencies

What are an organization's strengths that separate it apart from the rest of its core values (mission, vision, and values)

Core Competencies

_________________ help organizations focus on expanding their revenue through various methods.

Core Competencies

What are teamwork, excellence, integrity, mutual respect, and customer service an example of?

Core Values

What are the guiding principles that represent an organization's beliefs, priorities, and driving forces?

Core Values

____________________ communicate the standard to which business will be conducted in an organization. The executive team communicates these within the organization, setting the foundation based on which the employees make decisions, interact in a professional capacity and plan strategies.

Core Values

What defines how the organization will achieve all that is stated in the strategic planning process over a long period of time?

Corporate Goals

SMART model Specific

Goals should be concise and detailed enough to help department managers to develop strategies to accomplish them

Which two individual's first coined in the concept of core values?

Jim Collins and Jerry Porras

A ________________ describes the company's motivation and purpose. It states the contribution an organization aims to make in society and what differentiates it from competitors within the same industry.

Mission Statement

The ________________ directs the message toward the organization's workforce, informing them about the company's goals and direction. Strategic plans and objectives are based on this.

Mission Statement

What does the SMART model stand for?

Specific Measurable Action Realistic Time-based

SMART model Realistic

The business objective should challenge the abilities and capacity of the workforce but not be unachievable

SMART model Action

The business objective should define the appropriate course of action needed to be taken in order to achieve the goal

SMART model Time-based

The objective must have a deadline for completion

What is the SMART model used for?

To develop effective corporate goals

An organization's ______________ informs shareholders, partners and customers about the organization's driving force and the best practices to accomplish it. It should communicate what the organization wants to become and its long-term goals.

Vision Statement

What make up the foundation of a strategic plan process in an organization?

mission, vision, and values