MGT 301 Exam 2 Chapter 5

A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______.

Business plan

Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria? Simplified Measurable Targeted Attainable

attainable

The two planning steps in the planning/control cycle involve _____. carrying out the plan correcting deviations in the plan improving the plan making the plan

carrying out the plan making the plan

In terms of SMART goals, an "attainable" goal is _____. impossible to meet challenging but achievable easily achieved by employees one that meets cost guidelines

challenging but achievable

_____ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters. Managers Employees Deadlines Cascades

deadlines

A company's strategy can best be described as a(n) _______ about what long-term goals or direction to pursue for the survival or prosperity of the organization. placeholder shot in the dark after thought educated guess

educated guess

Which of the following are reasons that employers value a proactive learning orientation? (Select all that apply) employees need to refine and enhance their skills sets throughout their careers it reduces the amount of time employers spend developing learning objectives it helps drive employee creativity and innovation

employees need to refine and enhance their skills sets throughout their careers it helps drive employee creativity and innovation

Cascading goals is the process of ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization gaining strong top and middle management commitment to the goal setting process motivating employees by properly appraising goal-directed performance implementing the management by objectives program organization-wide

ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______. means-end chain operational plan tactical link objective commitment

means-end chain

Who is responsible for tactical planning? First-line management Middle management Top management

middle management

A company's _____ is the purpose of the organization. vision plan strategy mission

mission

The purpose of management by objectives (MBO) is to ______ subordinates. scrutinize motivate control organize

motivate

Management by ______ is a four-step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees. mission means objectives goals

objectives

Critical thinkers have less task-based/functional knowledge obtain and consider a wide range of information before passing judgment remain open-minded when solving problems are more likely to be reactive learners consider alternative solutions to problems don't make rash decisions during planning

obtain and consider a wide range of information before passing judgment remain open-minded when solving problems consider alternative solutions to problems don't make rash decisions during planning

Making the plan and carrying out the plan represent the two _____ steps in the planning/control cycle. directive planning control correctional

planning

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.

planning

The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.

planning

You can use the continuous feedback loop known as the _____ cycle to ensure you're headed in the right direction once you've made plans. compare/contrast goal-setting SMART planning/control

planning/control

A(n) _____ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development. objective perceptive proactive reactive

proactive

A(n) _____ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development. objective proactive reactive perceptive

proactive

A(n) _____ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development. objective reactive proactive perceptive

proactive

An organization has a sustainable competitive advantage when it can, for an extended period of time, -produce goods and services more effectively than its competitors do. set itself on a predetermined course in unknown waters. unleash the spirit of strategy innovation. block out peripheral vision and reduce creative thinking.

produce goods and services more effectively than its competitors do.

The "measurable" aspect of a SMART goal refers to its ability to be _____. specific achieved quantified attained

quantified

When stating a goal, it is a good idea to start with the word "To" and follow with an action-oriented verb such as "increase" or "acquire." This describes the _____ aspect of SMART goals. attainable time-oriented results-oriented specific

results-oriented

Who is responsible for tactical planning? A.Middle management B. First-line management C. Top management

A.Middle management

An organization's ability to produce goods or services more effectively than its competitors is referred to as its strategy innovation. strategic plan. mission statement. competitive advantage.

competitive advantage.

__ involves using sound reasoning to analyze situations, make decisions, and solve problems. Active listening Management by objectives Goal setting Critical thinking

critical thinking

What are three things that should be included in a firm's business model? (Select all that apply.) -A description of the industry the firm is entering -The firm's expected revenues and expenses -The firm's standards for measuring success -How the firm will market to customers -The firm's strategy for achieving its goals

A description of the industry the firm is entering The firm's expected revenues and expenses How the firm will market to customers

Which of these represent measurable goals? (select all that apply) Customer service agents should improve customer relations by making 10 follow-up calls each week. No more than 50% of cars should be sold below MSRP. Measures should be taken to drastically improve customer service.

Customer service agents should improve customer relations by making 10 follow-up calls each week. No more than 50% of cars should be sold below MSRP.

The company's mission statement tells us A. what the company wants to become. B. what the company cares most about. C. where the company wants to go strategically. D. the company's reason for being.

D. the company's reason for being.

What is the first step in management by objectives? Employees propose action plans . Managers make a performance appraisal and reward the employee according to the results. Managers and employees periodically review the employee's performance. Managers and employees jointly set objectives for the employee.

Managers and employees jointly set objectives for the employee.

The ______ statement expresses the purpose of an organization. vision values operational mission

Mission

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses. model plan strategy statement

Model

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. tactical plan operating plan mission statement vision statement

Operating Plan

_________ planning is used to determine how to accomplish specific tasks with available resources within the next 1 -- 52 weeks. Operational Strategic Long-range Tactical

Operational

A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates. long-term good challenging SMART

SMART

A _____ plan is developed for activities that occur repeatedly over time. single-use process tactical standing

Standing

Managers and subordinates jointly setting subordinate objectives is the _____ step in management by objectives. fourth third first second

first

First-line managers are typically responsible for performing ______ planning within the organization. strategic operational tactical long-term

operational

Operating plans (select all that apply) A. turn strategic plans into actionable short-term goals B. break long-term output into short-term targets or goals C. are also referred to as means-end chains

turn strategic plans into actionable short-term goals break long-term output into short-term targets or goals

A _____ statement expresses what the company stands for, its core priorities and what its products contribute to the world. strategic values vision mission

values

A company's ______ statement should provide a clear sense of the future and the actions needed to get there. operational mission values vision

vision

Without having a plan in place, managers may focus only on _____ instead of keeping a long-range view and anticipating new opportunities. emerging opportunities for expansion overall company strategy competitors' movements whatever is in front of them

whatever is in front of them

An organization's vision represents? the organization's purpose. where the organization wants to go. the values the organization wants to emphasize. what the organization cares most about.

where the organization wants to go.

The vision statement should answer which of these questions? A. What do we want to become? B. How many people should we hire? C. How much profit do we want to make? D. What is our reason for being?

A. What do we want to become?

Long-term goals (select all that apply) A. focus on achieving strategies in the company's strategic plan B. span one to five years C. are also referred to as tactical goals D. show how goals are linked across an organization E. are also referred to as strategic goals

A. focus on achieving strategies in the company's strategic plan B. span one to five years E. are also referred to as strategic goals

What are the two control steps in the planning/control cycle? Make the plan. Carry out the plan. Control the direction by taking corrective actions. Control the direction by comparing results with the plan.

Control the direction by taking corrective actions. Control the direction by comparing results with the plan.

What are two advantages for a company that establishes deadlines? Deadlines create competition among the staff Deadlines ensure excellent quality work Deadlines aid in making quicker decisions Deadlines motivate employees to focus on the goal

Deadlines aid in making quicker decisions Deadlines motivate employees to focus on the goal

For goal setting to be successful, what must occur? (Check all that apply) Goals must be applied organization wide Divisional goals should supersede strategic goals Top management must be highly committed Goals must cascade through the organization The goal setting program should be limited to small subsets of workers

Goals must be applied organization wide Top management must be highly committed Goals must cascade through the organization

In which phase of the planning/control cycle does a company have the opportunity to get a project back on track if it is failing to meet assigned objectives? Step 2 - Carry out the plan Step 4 - Control the direction by taking corrective action Step 3 - Control the direction by comparing results with the plan Step 1 - Make the plan

Step 4 - Control the direction by taking corrective action

A(n) ________ provides a guide for a company's long-term goals. vision statement strategic plan operations plan mission statement

Strategic Plan

What is the second step in management by objectives? The employee develops an action plan. The manager and employee jointly set objectives for the employee. The manager and employee periodically review the employee's performance. The manager makes a performance appraisal and rewards the employee according to the results.

The employee develops an action plan.

True or false: One reason a company might create a bad strategic plan is because they make incorrect assumptions about what will happen in the market going forward.

True

What would occur in the third step of management by objectives? You and your manager jointly set objectives. You are compensated for your work achievements. You prepare action plans. You and your manager meet to review progress.

You and your manager meet to review progress.

A business plan is a document that outlines? (choose 1) -the need the firm will fill, the operations of the business, and its expected revenues and expenses. -the organization's long-term goals and direction. -a proposed firm's goals, strategy for achieving them, and standards for measuring success. -a firm's resources or capabilities along with their competitive strategic potential.

a proposed firm's goals, strategy for achieving them, and standards for measuring success.

Which of the following verbs would be appropriate for a results-oriented goal? (select all that apply) acquire implement develop complete decrease

acquire complete decrease

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. second first fourth third

fourth

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the _____ step in management by objectives. second third first fourth

fourth

In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____. goal plan strategy tactic

goal

A means-end chain is used in planning to show _____. the measurable result of a decision how product will be delivered to the end consumer how goals are connected across an organization the level of competition within an industry

how goals are connected across an organization

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success. -innovation -blinders -rigidity -competition

innovation

Which of the following are reasons that employers value a proactive learning orientation? (Select all that apply) it helps drive employee creativity and innovation it reduces the amount of time employers spend developing learning objectives employees need to refine and enhance their skills sets throughout their careers

it helps drive employee creativity and innovation employees need to refine and enhance their skills sets throughout their careers

What are the two types of goals in business? long-term short-term noncommittal nonspecific

long-term short-term

Strategic ______ is a process that involves managers from all levels of the organization in the formulation and the implementation of strategies and strategic goals.

management

In the strategic management process, the organization's strategies and strategic goals are formulated and implemented using? managers from all parts of the organization a few key organizational players mostly first-line managers top-level executives only

managers from all parts of the organization

What are four steps anyone can take to become a more proactive learner? set realistic goals follow along with group decisions focus on solutions rather than problems judge others carefully and thoughtfully participate in professional conversations engage in groupthink take initiative and rely on yourself

set realistic goals focus on solutions rather than problems participate in professional conversations take initiative and rely on yourself

Strategic planning (select all that apply) should communicate general goals and ways to achieve them should be done approximately every ten years requires visionary and directional thinking focuses primarily on the organization's short-term goals

should communicate general goals and ways to achieve them requires visionary and directional thinking

A _____ plan directs activity, such as a project, that is unlikely to be repeated. single-use standing rocket tactical

single-use

The letter S in the acronym SMART goal stands for what aspect of a good goal? standard statistical specific specialized

specific

A _______ sets the long-term goals and direction for an organization.

strategy

According to management scholar Gary Hamel, companies like Apple have succeeded because their spirit of _____ has allowed them to reinvent the basis of competition within an existing industry. A. operational planning B. sustainable advantage C. common ground D.strategy innovation

strategy innovation

Organizations use ________ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months. mission strategic tactical operational

tactical

Organizations use ________ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months. tactical operational strategic mission

tactical

Organizations use ________ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months. A.operational B. mission C. strategic D. tactical

tactical

What behavior would a proactive learner most likely exhibit? avoiding personal conversations taking initiative waiting patiently for the outcome of a situation over-promising

taking initiative

What behavior would a proactive learner most likely exhibit? over-promising waiting patiently for the outcome of a situation taking initiative avoiding personal conversations

taking initiative

The fourth and final step in management by objectives involves _____. the manager making a performance appraisal and rewarding the employee according to the results the employee developing an action plan the manager and employee jointly setting objectives for the employee the manager and employee periodically reviewing the employee's performance

the manager making a performance appraisal and rewarding the employee according to the results

A company's values statement expresses which of the following things? (select all that apply) the values its employees embody the company's core priorities what its products contribute to the world the company's purpose what the company wants to become what the company stands for

the values its employees embody the company's core priorities what its products contribute to the world what the company stands for

The manager and employee periodically reviewing the employee's performance represents the _____ step in management by objectives. third first fourth second

third

Strategic planning is done by _____ managers. operations first-line top middle

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