MGMT 320 Chapter 5 Quiz

An organization's ______ expresses the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expense.

Business Model

Prior to opening his salon, Symon is deciding what types of services to offer, the anticipated profits and expense, the tasks of various employees, and how these jobs will be handled. Simon is creating a

Business Model

Which of the following is a tactical goal?

By the end of this fiscal year, we will achieve a 10 percent cost reduction in our office expenses

At the strategic level of planning, managers must pay attention to the environment outside the organization, be future oriented, and

Deal with uncertain and competitive conditions

The top managers of One World Enterprises are meeting for the week to look at a long-term company goals and overall direction of the organization. The CEO has expressed his concern over the economy and has told his managers to look closer at the environment outside the organization before making decision and to be further oriented. In this meeting, top managers of One World are

Doing strategic planning

Excellent strategic planning is enough to achieve a competitive advantage.

False

Malik is looking to successfully implement MBO in his organization. To this end, he is focusing on three out of five divisions:accounting, sales and distribution. He is going to start with these three divisions and then implement MBO in operations and Human Resources if everything goes smoothly. Based on this information, Malik will have an effective MBO program.

False

Romina, the director of marketing for a global company, is planning the contributions she and her department will make to the organization over the next 24 months. This type of planning is called operational planning.

False

An entrepreneur would create a business plan to outline which of the following?

Goals and strategies with success measures

When planning to start your career, what can you do to stay resilient?

Know that it takes time to find a job

Emma, a nurse at a long-term care facility, recently submitted her goals to the director of nursing. One of Emma's goals is "to improve resident satisfaction by responding to every resident's call, page, or request within 3 minutes." Is this a SMART goal

No, SMART must be attainable

Which of these managers is engaged in operational planning?

Renata is assigning employees to workstations and applying protocols to resolve customer complaints

"Increase market share by 4% of each of the next five years" is an example of a strategic goal.

True

When Zappos.com says it aims "to simulation sly deliver happiness to customers, employees, vendors, shareholders, and the community", it is stating its codes of ethics

True

Which of these managers is engaged in tactical planning?

Vilma determines how to entice customers to buy higher margin items to increase her divisions profitability

In its ____, Caterpillar, a Fortune 100 contraction equipment manufacture, specifies that it wants "a world in which all peoples basic needs-such as shelter, clean water, sanitation, food, and reliable power- are fulfilled in an environmentally sustainible way and a company that improves the quality of the environment and the communities where which we live and work."

Vison statement

Which of these questions should be answered by your company's mission statement?

What are our major strengths and competitive advantages?

Research on MBO shows that partcipitate goal setting is

just as effective as when managers set their goals

A(n) ____ links low-level goals, such as providing free estimates within 24 hours, to higher-level goals, such as decreasing the cost of customer acquisition

means-end chain

Goals that are generally span 12 months and connected to long-term goals are known as _____ or _____

operational goals; tactical goals