Chapter 5 & 6

Once implemented, managers need ________ to keep strategic plans on track.

control systems

Mitski supervises the returns desk in a department store. Mitski has set a goal for the rest of the year of finishing her daily office work quicker so she can assist at the returns desk earlier in the morning. She knows this will improve customer service and also help decrease theft which will assist the company in achieving its goal of decreasing costs. Finishing her office work quicker represents a(n) ________ for Mitski.

operational goal

________ refer(s) to the arrangement that ensures strategic goals align downward with more specific short-term goals.

Cascading goals

After the manager and employee work together to set the employee's objectives, what is the next step of MBO?

The manager should compare the employee's results with objectives.

Fine Cuts has been manufacturing excellent cutlery for over 50 years. Management wants to hang a banner in the production facility with their mission statement. Which of the following statements would be on that banner?

"We will always provide the highest-quality cutlery at the lowest cost to our customers and always give honest, winning customer service, thereby earning a fair profit for our stakeholders."

The logistics manager for a trucking company told her employees that "85% of deliveries should arrive within 45 minutes of their scheduled arrival times." This is an example of a

SMART goal.

Once her team's goals were set, Alyssa asked each team member to come up with a(n) ________ to reach the goals.

action plan

As the CEO of a mid-size airline, Karyn knows that most commercial airplanes are manufactured by either Airbus or Boeing. To mitigate the ________ of the airline industry, Karyn explores options for her company to manufacture its own airplanes.

bargaining power of suppliers

Crystal Coast is an all-inclusive beachside resort. It offers lodging, six restaurants, dancing, snorkeling, parasailing, and spa treatments. On the resort grounds, Crystal Coast also has a dive center, jet skis, and a water park. All of these amenities are only available to customers staying at Crystal Coast. Crystal Coast's strategic position emerges from

broad needs, few customers.

Which of the following lists represents the order of levels of strategy from the top of the organization downward?

corporate, business, functional

When Henry Ford implemented the assembly-line process to dramatically decrease the time and resources needed to make automobiles, he was pursuing a ________ strategy.

cost-leadership

A real estate development company is considering a deal to develop 1,000 condominium units. This deal largely rests on a hat the city's population will grow by 23% over the next decade.

forecast

Snowcap Ice Cream produces over a dozen delicious ice cream flavors and a number of individually packaged frozen treats. Which of these strategies would represent vertical integration for Snowcap?

purchasing Mountain Dairy milk farm

A ________ expresses what the organization should become and where it wants to go strategically.

vision statement

A ________ is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success, and a ________ outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses.

business plan; business model

Strategic planning is critical, but without ________ it will be worthless.

implementation

During a situational analysis of the ________ of her dog training service, Jaela determined that one of her strengths was that trained dogs retained their skills for at least three months after training, and that one of her weaknesses was that very few clients brought another dog to her for training.

internal environment

For a manufacturing company that set a strategic goal to reduce waste by 15%, each division in the organization can use the ________ to identify tactical goals that support waste reduction.

means-end chain

According to the BCG matrix, stars are

organizations with high growth and high market share which are definite keepers.

Cornelius owns Grand Games, a high-end store that retails games and toys that are handcrafted and carefully selected. Cornelius targets customers who value artisanal work, such as backgammon sets made from reclaimed lumber by local crafters. There are several stores in the area that sell mass-made toys and games that are much cheaper. To compete, Cornelius offers "game nights" where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10% discount on their next purchase. Cornelius also takes custom orders for game pieces that his customers want, such as 12-sided dice or newly invented games. All of Cornelius's activities are aimed at giving Grand Games a sustainable competitive advantage through

strategic positioning.