Fundamentals of Management - Chapter 5 "Planning: The Foundation of Successful Management"

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. SMART goal business plan mission statement vision statement

business plan

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

challenging but achievable

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

competitive advantage

Management by ______ is a four-step process in which 1. managers and employees jointly set objectives 2. develop action plans 3. review performance 4. appraise and reward employees. Multiple choice question. goals objectives means mission

objectives

A company's values statement expresses which of the following things? (Choose every correct answer.) Multiple select question. - What its products contribute to the world - The values its employees embody - The company's core priorities - What the company stands for - The company's purpose - What the company wants to become

(1) The values its employees embody (2) What the company stands for (3) What its products contribute to the world (4) The company's core priorities

One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Which goal is specific? (a) As many plans as possible should arrive on time (b) 90% of planes should arrive within 15 minutes of their scheduled arrival time

90% of planes should arrive within 15 minutes of their scheduled arrival time

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. Simplified Measurable Targeted Attainable

Attainable

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

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

What are characteristics of effective vision statements? (Choose every correct answer.) Multiple select question. Future focus Clarity Idealism Concreteness

Future focus Clarity Idealism

Which of the following are reasons that employers value a proactive learning orientation? (Choose every correct answer.) Multiple select question. - It helps drive employee creativity and innovation. - It reduces the amount of time employers spend developing learning objectives. - It helps employees refine and enhance their skills sets throughout their careers.

It helps drive employee creativity and innovation. It helps employees refine and enhance their skills sets throughout their careers.

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

Managers and employees jointly set objectives for the employee.

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

Middle management

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

Operational

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

Short term, long term

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

Specific, Measurable, Attainable, Results-oriented, have target dates

Which should be included in a firm's business model? (Choose every correct answer.) Multiple select question. - The firm's strategy for achieving its goals - The firm's standards for measuring success - The firm's expected revenues and expenses - A description of the industry the firm is entering - How the firm will market to customers

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

To be effective, a company's vision statement should describe which of the following? Multiple choice question. The future as being highly desirable The future in practical terms The current state of the company The future condition as being easy to achieve

The future as being highly desirable

What is the second step in management by objectives? Multiple choice question. The manager and employee periodically review the employee's performance. 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 develops an action plan.

The manager develops an action plan.

Which of the following are true about long-term goals? (Choose every correct answer.) Multiple select question. - They are also referred to as tactical goals. - They focus on achieving strategies in the company's strategic plan. - They span one to five years. - They show how goals are linked across an organization. - They are also referred to as strategic goals.

They focus on achieving strategies in the company's strategic plan, They span one to five years, They are also referred to as strategic goals

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

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

What do we want to become?

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

You and your manager meet to review progress.

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

Which of these represent measurable goals? (Choose every correct answer.) Multiple select question. (a) Customer service agents should improve customer relations by making 10 follow-up calls each week. (b) Measures should be taken to drastically improve customer service. (c) No more than 50% of cars should be sold below MSRP.

a, c

Which of the following verbs would be appropriate for a results-oriented goal? (Choose every correct answer. Hint: action verbs, not activities ) Multiple select question. acquire decrease implement develop complete

acquire, decrease, complete

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

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

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

first

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

fourth

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

goal

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

how goals are connected across an organization

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

means-end chain

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

mission

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

mission

A firm's business _______ should include a description of - the need the firm will fill - the operations of the business - its components and functions - the expected revenues and expenses. Multiple choice question. model strategy plan statement

model

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

motivate

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. mission statement operating plan tactical plan vision statement

operating plan

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

operational

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

plan

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

planning

A(n) ______ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development. Multiple choice question. perceptive proactive objective reactive

proactive

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

produce goods and services more effectively than its competitors do

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

quantified

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. Multiple choice question. specific attainable time-oriented results-oriented

results-oriented

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

second

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

specific

Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available. Multiple choice question. informal tactical strategic operational

strategic

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

strategic plan

A ______ sets the long-term goals and direction for an organization. Multiple choice question. mission model strategy policy

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. Multiple choice question. common ground strategy innovation sustainable advantage 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 mission operational tactical

tactical

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

the company's reason for being

The fourth and final step in management by objectives involves ______. Multiple choice question. the manager making a performance appraisal and rewarding the employee according to the results the manager and employee jointly setting objectives for the employee 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

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

third

Strategic planning is done by ______ managers. Multiple choice question. operations top first-line middleThe "measurable" aspect of a SMART goal refers to its ability to be ______. Multiple choice question. attained specific quantified achieved

top

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

values

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

values

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

values

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

vision

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 competitors' movements whatever is in front of them emerging opportunities for expansion

whatever is in front of them

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

where the organization wants to go