MGMT EXAM 2 PT 1 CH 5 6. n

Which is the following is a tactical goal?

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

As explained by Welch, what should managers do to determine what their own organizations have been up to?

Look for potential changes in competitive advantage

Snow Assist sells emergency safety and rescue products to ski patrols and rescue workers at prices that are below those of its competitors, which offer a larger line of more expensive products and focus on broader markets. Snow Assist is pursuing a ________ strategy.

cost-focus

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

deadlines

Research on MBO shows that participative goal setting is

just as effective as when managers set the goals

Which aspect of the VRIO framework examines whether a firm has the control systems, policies, and financing needed to compete?

organization

Managers can use an operating plan to

segment strategic goals into short-term targets

With the holiday season approaching, Denelle reviews holiday sales from the last five years to determine how much inventory to purchase and how many employees to schedule during peak sales times. Denelle is conducting a

trend analysis

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 the planning process?

Developing a mission statement.

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 make the change, compare recruitment metrics after a period of time, and see if corrective action is necessary.

Which of the following satisfies the SMART goals criteria?

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

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

Know that it takes time to find a job

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

In the second core process, managers should address questions such as "Who is the competition?" and "Are the short term and long term balanced?" to better understand

The "how" of execution

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

Value statement

Executives, often referred to as the "C-Suite," should focus their decision making on which of the following?

What products and services shall we offer?

You receive a memo that reads as follows: "In recent months, our customer evaluations have dropped, and our sales have decreased by 10 percent. To restore our business, we will do the following: (1) We will contact all of our customers and offer a 10 percent discount on their next purchase. (2) For the customers who spend more than $1,000 per year, we will invite them to join our Insiders' Club, which gives them discounted tickets to concerts and sporting events. (3) Effective immediately, we will begin staffing our call center 24 hours a day, 7 days a week. (4) Customer-service personnel will be given more discretion in helping customers resolve problems, with minimal interference from supervisors." This memo is a(n)

action plan

Zene is a chef and owner of a popular restaurant. Zene frequently visits competing restaurants to observe how they are doing things. He told one of his managers, "I eat dinner at a lot of restaurants because I want to know what is going on. I am always concerned that one of our competitors will surprise us with a new service or menu item, like ours but better." In which activity is Zene engaging?

assessing current reality

Cooper Technologies is a technology company that offers many IT services in Chicago. The company's services and products include computer training, support, monitoring, repair, network design, virus removal, and software upgrades. It even sells refurbished computers. The source of Cooper Technologies' strategic position is

broad needs and many customers

After reviewing her department's results, Laurel decided that she needed to cut more costs for the department to meet its profitability goal for the year. Eliminating the unplanning advertising expenses is one way to

correct deviations in the plan being carried out

Based on what you read in the Management in Action case, assume that La Croix tries to reduce its prices below competitors like PepsiCo and Coca-Cola, but targets a narrow market. What type of strategy would this be?

cost-focused

To maximize profitability and competitiveness, firms must

create alignment across all levels of strategy.

A local gymnastics studio offers dance, tumbling, trampolines, and competitive cheer training for kids of all ages. To recruit students for these lessons, the studio also hosts birthday parties, afterschool care, and swim lessons. These offerings interact to

create fit among the activities

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 the 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 closely at the environment outside the organization before making decisions and to be future oriented. In this meeting, top managers of One World are

doing strategic planning

Farrah's Furniture sells modern desks, chairs, and other office furniture mainly to businesses and institutions. An example of Farrah's pursuing a growth strategy would be

expanding to sell home furnishings

Recently, Splendor Stay, a large hotel chain, acquired Opulent Inn, a hotel chain with 27 locations. Senior-level managers have set the strategy for rebranding the Opulent Inn locations and marketing Splendor Stay's expanded footprint. Which managers will be responsible for making tactical decisions to support this rebranding?

functional

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

leading and organizing

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

means-end chain

Cyril, who manages an ATV dealership, is determined to implement management by objectives to help

motivate his employees

When consuming the cheese curd bacon burger with fries served up at Buffalo Wild Wings, you would consume almost 2,000 calories. Offering this dish and similar others probably means the restaurant chain has to trade-off

positioning itself as a healthy food outlet

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

proactive learning orientation

Which managers would be at Level 2: Business-level strategy

retail unit managers

Bella Blooms is a successful business that sells a liquid spray fertilizer to farmers. The fertilizer consists of rich, organic, composted material. Recently, Natural Supply, another established fertilizer manufacturer, dramatically increased its marketing to farmers in the region that Bella Blooms views at its target market. When analyzing its industry, Bella Blooms should be concerned about the threat of

rivalry among competitors

In a SWOT analysis, organizational strengths are

skills and capabilities that give a company advantages in executing its strategies

All That Enterprises has a reputation for reliability and customer service, qualities that helped to build this highly respected name brand over the last 15 years. Speaking at a recent business conference, Kenan, the CEO of All That, told his audience, "We have built our reputation by changing little over the last several years, but consistently helping customers with great, caring service and a reliable product." Which type of strategy does All That Enterprises use?

stability

Aanu owns several computer repair shops across northeastern Wisconsin, and she has set a goal for her company of increasing market share in all locations over the next three years. Aanu has set a

strategic goal

The move by Philip Morris International (PMI), the industry-leading tobacco company, to invest billions in creating a smoke-free future is an example of

strategy innovation

Managers who ask "does this resource allow our firm to exploit an opportunity or neutralize a threat?" are considering the resource's

value

ProFast Technologies makes and sells only one product, a high-quality server for secure cloud storage. ProFast was recently approached by Digital Territory, a large data warehouse that rents server space to commercial customers, about purchasing their company. Digital Territory is engaging in

vertical integration