MGT 370: Chapter 05 Assignment: Managerial Planning and Goal Setting
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.)
-One of the drawbacks of plans is that they can create a false sense of security. -A benefit of goals is that they help motivate employees.
A financial adviser hosts a blog where he invites other personal finance experts to guest-blog on everything from real estate to estate taxes to tax write-offs. The variety of advice increases the site's search engine optimization (SEO) and attracts many more potential clients for all the participating financial professionals.
Build Synergy
Differentiation strategies increase competition because they reduce customer loyalty.
False
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 managers engage in a systematic analysis of the organization's internal and external environment, they are engaged in __________.
SWOT Analysis
Considering all of the factors listed in the preceding SWOT analysis question, what strategy would make the most sense for the Giants in the upcoming season?
Sign a free-agent outfielder to bolster the current roster and sign the current pitchers to long-term contracts.
A company that actively tries to become more efficient is likely to be pursuing a cost leadership strategy.
True
A company that creates a distinctive product is likely to use a differentiation strategy.
True
To develop effective lower-level goals, Michelle works with her management team to establish __________, which measure how well the organization is achieving its strategic goals.
key performance indicators
Grace is highly committed to carrying out strategies so that goals are met.
Implementer
A __________ is a desired future circumstance or condition that the organization wants to realize.
goal
By serving somewhat smaller portions, a French-style bakery is able to 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
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.
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). A. After studying for a month, Liam takes a practice test and scores 40 points higher than he did on his first practice test. B. Liam will spend one hour each weeknight and three hours every Saturday and Sunday studying GMAT practice questions. C. Liam takes the test in October and scores a 720. He goes out to his favorite restaurant to celebrate. D. Based on the average test scores of students at his target schools, Liam decides he wants to earn a 710 on the GMAT.
A. Reviewing progress B. Developing an action plan C. Appraising performance D. Setting a goal
Managers who are analyzing how best to compete within a given industry are concerned with __________ strategy.
business-level
Tana French's first novel, the literary police procedural In the Woods, won multiple awards when it appeared in 2007. Since then she has produced four more books, all mysteries set in and around Dublin, Ireland, and each has garnered critical acclaim and climbed bestseller lists. No other novels blend a literary writing style, the use of setting as a character, and the tropes of the detective genre in the same way.
Exploit core competencies
A SWOT analysis, which takes place during strategy __________, is an important part of the strategic planning process.
Formulation
Huifen tends to skip from one idea to the next when she is thinking about strategy.
Formulator
Any veteran that asks me for a dog will have one within one month of the request.
Goal
Using your knowledge of SMART goals, select the best goal.
I will outline two chapters of my management textbook before class starts next Tuesday.
To buy a new set of Michelin tires and change the oil using four quarts of 10W-30 oil in my car by September 15
Not Result-Oriented
To erect a four-foot-high stone retaining wall around the outer perimeter of the pool
Not Time-Bound
I'll train the dogs myself. That way, I can have them ready for placement more quickly.
Plan
Helena discusses how she might arrive at a budget for her website. If she decides to hire a consultant to make the website more mobile-friendly and integrate better across social media platforms, which of the following would be true?
This would be an operational plan.
Managers at a manufacturer of lasers know that the supply of rare earth metals, available only from certain parts of the world, could be interrupted. They conduct __________ to determine what alternative actions they can take in case a shortage occurs.
contingency planning
At MultiMarkets, a chain of retail stores, top management decided to respond to the growing challenge of online retail websites with __________, using planning experts to help store managers develop their own plans.
decentralized planning
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 __________ to gain more stability in her planning process.
developing contingency plans
The company's __________ answers the question "Why does this organization exist?"
mission
Making decisions and taking actions to achieve a superior fit between the organization and its environment is __________.
strategic management
When referring to a SWOT analysis, the letter S stands for __________, and it refers to factors that are __________ to the organization.
strengths, internal
As the Board of Governors of the American Red Cross considers planning, one option is to make strategic plans and then direct managers to align tactical and operational plans accordingly. Another option is to have planning specialists help managers across the organization make their own plans. Why might this organization's executives opt for the latter approach? (Check all that apply.)
-When managers come up with their own plans, they are likely to be more committed to following through on them. -The environment is a dynamic one, and department and frontline managers can come up with more responsive plans than can central leadership.
Dave and Betsy have run Kozy Korner for many years, and from that experience they feel knowledgeable about the most likely threats to the business. However, experience has also taught them that completely unexpected events can happen. How can they prepare for the unexpected?
Engage in scenario building to brainstorm all possible disruptive events.
After he finishes celebrating with his team, Bruce Bochy, the manager of the 2014 World Series Champion San Francisco Giants, 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 a weakness for the team?
Several Giants players have had extraordinary seasons, but now some of them are not playing as well as they did when they were younger.
By acquiring a technology company that develops smartphone apps, a video-streaming business hopes to achieve __________, combining its video rights with mobile technology to increase profits.
synergy
