Management: Chapter 05: Planning and Goal Setting

I'll train the dogs myself. That way, I can have them ready for placement more quickly.

Plan

Considering all of the factors listed in the preceding SWOT analysis question, which of the following strategies would make the most sense for the Cubs in the upcoming season?

Sign a free-agent outfielder to bolster the current roster and sign the current pitchers to long-term contracts.

Strategic Goals Tactical Goals Operational Goals

Strategic Goals -- President CEO Tactical Goals -- VP Operational Goals -- Manager

Making decisions and taking actions to achieve a superior fit between the organization and its environment is

Strategic Management

To energize employees and inspire excellence, an organization may set ___ , which are reasonable yet highly ambitious.

Stretch Goals

Through BullseyeUniversity.com, Target Corporation uses a reality show-style marketing campaign to build relationships with college students, an ideal market for its affordable dorm room supplies.

Target Customers

Snapchat markets itself to women below the age of 25 (18-24), most of which are still in high school and college. This helps Snapchat create a competitive advantage by

Targeting Customers

Management at Work After he finishes celebrating with his team, Jed Hoyer, the general manager of the 2016 World Series Champion Chicago Cubs, is going to do a SWOT analysis to determine his strategy for the upcoming baseball season. Help him figure out how he should classify the following information. Which of the following factors should be classified as an opportunity for the team?

There are a number of free-agent outfielders who are available for signing by the Cubs this year, many of whom have better statistics than the current team members.

When referring to a SWOT analysis, the letter T stands for ___, and it refers to factors that are ___ to the organization.

Threats External

In the video, Helena mentions that "your plans are always going to change from day to day" because the business environment changes. She should consider developing contingency plans to gain more stability in her planning process.

developing contingency plans

Mi Ola's managers meet to develop the company's strategy. One of the first things they do is a SWOT analysis. Which of the following would be an opportunity for Mi Ola? Check all that apply.

- Mi Ola partners with an environmental organization to protect the coral reefs and other ocean life off Australia's Gold Coast, a popular surfing destination. - Mi Ola's new line is featured in the magazines Seventeen, Elle, and Monthly Fashion.

1. A company that creates a distinctive product is likely to use a differentiation strategy. 2. Differentiation strategies increase competition because they reduce customer loyalty. 3. A company that actively tries to become more efficient is likely to be pursuing a cost leadership strategy.

1. T 2. F 3. T

Select the correct labels to complete the figure of Porter's competitive strategies. https://ibb.co/W0Ty08Y

A -> Strategic Target B-> Source of Advantage

As a manager, you have been asked to work with your employees to develop goals. What can you expect from this process? Check all that apply. A -- The advantages of setting goals and making plans always outweigh the disadvantages for every organization in any environment. B -- When deciding whether goals and plans will be beneficial, managers should consider whether the environment is more stable or more dynamic. C -- A benefit of goals is that they help motivate employees. D -- Planning can harm an organization because it distracts employees from important outcomes

B and C

When Clara began measuring the depth and quality of relationships salespeople developed with customers, she was practicing ______________, putting more emphasis on the processes used to make sales than on the sales goals themselves.

Management By Means

I can get dogs from the pound. There are so many abandoned animals, it will be quicker, less expensive, and easier than trying to get dogs from breeders.

Plan

When conducting a SWOT analysis, budgets, ratios, and sales reports can be used to identify

Company strengths and weaknesses

At a company located in California, the management team engages in ___ to develop detailed plans in case of a devastating earthquake

Crisis Planning

In discussing inventory, Helena mentions that bikinis for sale on the website are not always in stock. Say customer feedback indicates that when a customer's bikini won't arrive within two weeks, that customer usually cancels their order. Furthermore, retail stores ordering restocks of items usually find another supplier if Mi Ola cannot ship within two weeks. What would be the best action for Helena to take first?

Decide that when online customers and retail stores order bikinis, they will never have to wait more than two weeks for the order to arrive.

By serving somewhat smaller portions, a French-style bakery is able to offer award-winning pastries and craft breads for the same price customers would pay for less deluxe fare at a grocery store. Since most of the store's clientele are health conscious, they actually prefer the smaller portions.

Deliver Value

Last winter, a guest at a nearby motel fell through the ice and was not rescued in time. The motel's name was included in news coverage of the death, resulting in negative publicity. Also, since the incident, the motel has not been able to rent out the room where the dead guest stayed. What should Dave and Betsy do with this information

Develop a crisis plan that includes a notification system, so anyone using the lake can notify Kozy Korner of an emergency, and a supply of rescue equipment like ropes.

Applewood Seed Co. of Colorado has fifty years of experience growing and supplying native wildflowers, grasses, and herbs to seed distributors, landscapers, golf courses, state highway departments, parks departments, government agencies, garden centers, mining companies, hydroseeders, and reclamation companies. Applewood has both an in-depth horticultural knowledge of native plants and the ability to supply in bulk.

Exploit Core Competencies

Julio used management by objectives when he set goals, developed action plans, reviewed progress and took corrective action as needed, and appraised performance.

management by objectives

During ____ , managers determine the organization's goals and develop a specific strategic plan.

strategy formulation

By acquiring a technology company that develops smartphone apps, a video-streaming business hopes to achieve synergy , combining its video rights with mobile technology to increase profits.

synergy

are the desired future outcomes of the major subunits of the organization.

tactical goals

Any veteran that asks me for a dog will have one within one month of the request.

Goal

______ is a desired future circumstance or condition that the organization wants to realize.

Goal

Imagine that the American Red Cross Board of Governors sets a goal of increasing online donations by 15 percent year over year for the next three years. They view this goal as very challenging but achievable. Why might the organization's leaders set such an ambitious goal? Check all that apply.

Highly ambitious goals can inspire employees and volunteers. To meet goals well beyond what has been accomplished before, members of the organization often find creative and innovative ways to do things.

Liam wants to get an MBA from a top business school. He graduated from college several years ago, where he majored in engineering and earned a solid grade point average. After working as an engineer, he has decided he wants to move into management with a focus on strategy. Gaining entry to a highly competitive graduate program will require an excellent GMAT score. Liam decides to take the GMAT in October. To achieve this objective, Liam has decided to use management by objectives (MBO).

Liam will spend one hour each weeknight and three hours every Saturday and Sunday studying GMAT practice questions. -- Developing an action plan Based on the average test scores of students at his target schools, Liam decides he wants to earn a 710 on the GMAT. -- Setting a goal After studying for a month, Liam takes a practice test and scores 40 points higher than he did on his first practice test. -- Reviewing progress Liam takes the test in October and scores a 720. He goes out to his favorite restaurant to celebrate. -- Appraising performance