MGMT Ch. 5 Assessment

Which of the following is an example of a mission statement?

-"to offer the lowest prices on new home appliances, anywhere in the world"

The planning steps of the planning/control cycle are

-(1) make the plan and (2) carry out the plan.

A short-term goal usually spans ________ while a long-term goal typically spans ________.

-12 months; 1 to 5 years

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

-Create your action plan.**

Omar runs a popular sports bar and grill that is soon to implement a new point-of-sale software. Which of these represents a learning objective that Omar might set?

-Ensure all employees complete a virtual training on the new software.

Kane, a manager for a large trucking company, knows that the company struggles to recruit enough CDL-certified drivers to keep the business functioning. Kane devises a new plan to identify potential drivers and pay for them to become CDL-certified. Further, Kane believes the potential drivers should be more diverse than the usual pool of applicants, so he intends to focus on recruiting women, military veterans, couples, and immigrants. If you were Kane's manager, how would you instruct him to apply the planning/control cycle?

-Have Kane create a business model on how the potential drivers will stop being recruited.

Which of these represents the company's mission statement?

-LinkedIn: To connect the world's professionals to make the more productive and successful.**

In which of these examples is the competency of networking supporting planning?

-Naheem's company is establishing a new contract with a vendor that Naheem met during a trade show.

Mark Zuckerberg stated that Facebook's early idea was to "Move fast and break things." He set that as his strategy for the company. Was he using the concept of strategy correctly?

-No, because a strategy sets a long-term goal and direction for an organization.

Tomio has been working as an assistant database analyst for three months. During a recent conversation with his supervisor, Tomio explained his goal "to improve his computing skills by the end of the year." Is this a SMART goal?

-SMART goals must be specific and measurable.**

For the Management in Action case, which of the following would be a SMART goal for Amtrak?

-To better the quality of service in the next three years.

Which of these managers is engaged in tactical planning?

-Vilma determines how to entice customers to buy higher margin items to increase her division's profitability. **Azumi reviews inventory logs to determine which colors of her company's product need to be produced this week.

To be profitable and to grow, firms need a competitive advantage that is based on products or services that are valuable, rare, and difficult to imitate. Which of these examples is mostly likely to have a competitive advantage?

-a portrait-painting service by a very talented artist who is known for her ability to make all men look handsome and all women look beautiful

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

-business model

To prepare for an upcoming interview, Loic has reviewed his résumé, prepared his questions, and thought through answers for the most common interview questions. He feels well prepared. At the interview, Loic is asked to respond to a scenario question in which a problem is presented. If the interviewer prioritizes critical thinking, she is probably trying to determine if Loic

-can consider alternative solutions and remain open-minded.

Which important aspect of goal setting helps you keep an eye on the big picture and is useful for giving yourself feedback?

-deadlines

16/20

80%

In the Management in Action case, if Congress forces Amtrak to become a nonprofit, the organization will have to go back to which step in planning process?

-execution

Prior to Apple's debut of the iPhone, Microsoft was also working on a revolutionary smart phone. Microsoft was already one of the world's leading technology companies with thousands of engineers and designers with hundreds of millions of dollars for their R&D budget. Despite having a solid strategy and adequate resources, Microsoft derailed cross-departmental cooperation, perpetuated unhealthy competition among its employees, and ultimately

-failed to implement its strategy.

The third step of MBO reminds us that

-feedback is essential.**

In the Management in Action case, once Amtrak decided to change its dining cart service, what category of individuals needed to plan its operational execution?

-first-line managers and team leaders

Bahir's ________ is to sell 80% of his old merchandise prior to ordering more inventory from the wholesaler.

-goal

When managers apply the continuous feedback loop known as the planning/control cycle, which management functions are implied?

-leading and organizing

The process for motivating employee performance in which the manager and employee jointly set objectives for the employee, the manager develops action plans, the manager and employee periodically review the employee's performance, and the manager makes a performance appraisal and rewards the employee according to the results achieved is known as

-management by objectives.

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

-operational goals; tactical goals**

Knowing the future is uncertain, Sofia should engage in ________ so her family's business will have a set of goals and tasks that should lead to desired outcomes.

-planning

Which career readiness competency represents a desire to learn and improve and is desired by employers because it drive creativity and innovation?

-proactive learning orientation

Managers can use an operating plan to

-segment strategic goals into short-term targets.

You are the sales manager for a multinational solar energy company. Recently, your company distributed its ________ that outlines its long-term goals and directions, including "Reduce energy consumption in our offices by 20 percent," "Grow our market share in China from 3 percent to 10 percent," "Enter a strategic alliance with a partner in New Zealand," and "Equip all sales representatives with an app that allows them to provide an immediate quote when meeting with customers."

-strategic plan

After establishing values statement, what is the next step in planning?

-strategic planning**

When the university's provost sets a major student retention goal, the cascading-goals process would occur if the

-student government association elected a new president.

Aliya is a line supervisor in a denim apparel factory. Aliya has set a(n) ________ to reduce the time she spends training new workers.

-supervisory objective**

The Publix chain of supermarkets has stated, "We will not knowingly disappoint you. If for any reason your purchase does not give you satisfaction, the full purchase price will be cheerfully refunded immediately upon request." This proclamation is Publix's

-values statement.

In its ________, Caterpillar, a Fortune 100 construction equipment manufacturer, specifies that it wants "a world in which all people's basic needs—such as shelter, clean water, sanitation, food, and reliable power—are fulfilled in an environmentally sustainable way and a company that improves the quality of the environment and the communities where we live and work."

-vision statement

Which of the following satisfies the SMART goals criteria?

In the next quarter, our Tucson sales agent will increase sales by 10 percent.