MGT 301 Chapter 5 Questions
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The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.

planning

A business plan is a document that outlines ______.

  • The organization's long-term goals and direction
  • A proposed firm's goals, strategy for achieving them, and standards for measuring success (correct)
  • A firm's resources or capabilities along with their competitive strategic potential
  • The need the firm will fill, the operations of the business, and its expected revenues and expenses
  • Which should be included in a firm's business model? (Select all that apply)

  • The firm's standards for measuring success
  • How the firm will market to customers (correct)
  • The firm's expected revenues and expenses (correct)
  • A description of the industry the firm is entering (correct)
  • The firm's strategy for achieving its goals
  • 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.

    <p>educated guess</p> Signup and view all the answers

    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.

    <p>True</p> Signup and view all the answers

    The document that details how a company's goals are to be met is called a(n) ______.

    <p>plan</p> Signup and view all the answers

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

    <p>innovation</p> Signup and view all the answers

    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 ______.

    <p>business plan</p> Signup and view all the answers

    A company's _____ is the purpose of the organization.

    <p>mission</p> Signup and view all the answers

    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.

    <p>model</p> Signup and view all the answers

    The company's mission statement tells us ______.

    <p>the company's reason for being</p> Signup and view all the answers

    The company's vision statement tells us ______.

    <p>what the company wants to become</p> Signup and view all the answers

    The company's values statement tells us ______.

    <p>which values the company wants to emphasize</p> Signup and view all the answers

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

    <p>strategy</p> Signup and view all the answers

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

    <p>vision</p> Signup and view all the answers

    Without having a plan in place, managers may focus only on ______ instead of keeping a long-range view and anticipating new opportunities.

    <p>whatever is in front of them</p> Signup and view all the answers

    A company's values statement expresses which of the following things? (Select all that apply)

    <p>The values its employees embody</p> Signup and view all the answers

    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.

    <p>strategy innovation</p> Signup and view all the answers

    Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available.

    <p>strategic</p> Signup and view all the answers

    An organization's vision represents ______.

    <p>where the organization wants to go</p> Signup and view all the answers

    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.

    <p>tactical</p> Signup and view all the answers

    The ______ statement expresses the purpose of an organization.

    <p>mission</p> Signup and view all the answers

    In business, a specific commitment to achieve a measurable result within a stated period of time is called a ______.

    <p>goal</p> Signup and view all the answers

    The vision statement should answer which of these questions?

    <p>What do we want to become?</p> Signup and view all the answers

    Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the ______.

    <p>means-end chain</p> Signup and view all the answers

    A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world.

    <p>values</p> Signup and view all the answers

    A(n) ______ provides a guide for a company's long-term goals.

    <p>strategic plan</p> Signup and view all the answers

    Which of the following statements about strategic planning are true? (Choose every correct answer.)

    <p>It should communicate general goals and ways to achieve them.</p> Signup and view all the answers

    It is the function of the ______ to take the strategic plan and develop actionable short-term goals that a business can achieve.

    <p>operating plan</p> Signup and view all the answers

    Who is responsible for tactical planning?

    <p>Middle management</p> Signup and view all the answers

    What are the characteristics of SMART goals? (Choose every correct answer.)

    <p>Attainable</p> Signup and view all the answers

    What are the types of goals in business?

    <p>Long-term</p> Signup and view all the answers

    A means-end chain is used in planning to show ______.

    <p>how goals are connected across an organization</p> Signup and view all the answers

    The 'measurable' aspect of a SMART goal refers to its ability to be ______.

    <p>quantified</p> Signup and view all the answers

    Which of the following are true about long-term goals? (Choose every correct answer.)

    <p>They are also referred to as strategic goals.</p> Signup and view all the answers

    In terms of SMART goals, an 'attainable' goal is ______.

    <p>challenging but achievable</p> Signup and view all the answers

    Operating plans accomplish which of the following?

    <p>Break long-term output into short-term targets or goals</p> Signup and view all the answers

    Which of the following verbs would be appropriate for a results-oriented goal? (Choose every correct answer.)

    <p>Complete</p> Signup and view all the answers

    A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.

    <p>SMART</p> Signup and view all the answers

    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.

    <p>objectives</p> Signup and view all the answers

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

    <p>specific</p> Signup and view all the answers

    Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.

    <p>first</p> Signup and view all the answers

    Which of these represent measurable goals?

    <p>Customer service agents should improve customer relations by making 10 follow-up calls each week.</p> Signup and view all the answers

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

    <p>proactive</p> Signup and view all the answers

    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?

    <p>Attainable</p> Signup and view all the answers

    What is the second step in management by objectives?

    <p>The manager develops an action plan.</p> Signup and view all the answers

    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.

    <p>results-oriented</p> Signup and view all the answers

    What would occur in the third step of management by objectives?

    <p>You and your manager meet to review progress.</p> Signup and view all the answers

    The purpose of management by objectives (MBO) is to ______ subordinates.

    <p>motivate</p> Signup and view all the answers

    The fourth and final step in management by objectives involves:

    <p>the manager making a performance appraisal and rewarding the employee according to the results.</p> Signup and view all the answers

    What is the first step in management by objectives?

    <p>Managers and employees jointly set objectives for the employee.</p> Signup and view all the answers

    The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as ______ goals.

    <p>cascading</p> Signup and view all the answers

    Which of the following are reasons that employers value a proactive learning orientation? (Choose every correct answer.)

    <p>It helps drive employee creativity and innovation.</p> Signup and view all the answers

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

    <p>Deadlines</p> Signup and view all the answers

    Managers preparing action plans represents the ______ step in management by objectives.

    <p>second</p> Signup and view all the answers

    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.

    <p>planning/control</p> Signup and view all the answers

    The manager and employee periodically reviewing the employee's performance represents the ______ step in management by objectives.

    <p>third</p> Signup and view all the answers

    To be an effective planner, you should be a(n) ____________ learner in areas beyond the technicalities of your profession.

    <p>proactive</p> Signup and view all the answers

    Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.

    <p>fourth</p> Signup and view all the answers

    What behavior would a proactive learner most likely exhibit?

    <p>Taking initiative</p> Signup and view all the answers

    Cascading goals is the process of ______.

    <p>ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization</p> Signup and view all the answers

    What are advantages for a company that establishes deadlines? (Choose every correct answer.)

    <p>Deadlines motivate employees to focus on the goal.</p> Signup and view all the answers

    Place the steps of the planning/control cycle in the correct order, with step one listed first (at the top) and step four listed last (at the bottom)

    <p>Control the direction by comparing results with the plan</p> Signup and view all the answers

    Which of the following are career readiness competencies? (Choose every correct answer.)

    <p>Understanding a business</p> Signup and view all the answers

    What are steps anyone can take to become a more proactive learner? (Choose every correct answer.)

    <p>Set realistic goals.</p> Signup and view all the answers

    Study Notes

    Planning and Business Goals

    • Planning sets goals and decides actions needed to achieve them.
    • A business plan outlines goals, strategies, and success benchmarks for a firm.
    • Key elements of a business model include marketing strategies, expected revenues, and industry description.

    Strategic Planning

    • A company's strategy is defined as an educated guess on long-term goals for survival and prosperity.
    • Erroneous market assumptions can lead to poor strategic plans; oversight in strategic planning can impact a company's future.
    • Strategic planning encourages innovation for long-range success, aligning with potential opportunities.

    Company Statements

    • The mission statement defines a company's purpose.
    • The vision statement outlines the desired future state of the company.
    • The values statement encompasses core priorities and company ethics.

    Goals and Objectives

    • Organizations establish long-term (strategic) and short-term (tactical) goals, which are interconnected in a means-end chain.
    • SMART goals must be Specific, Measurable, Attainable, Results-oriented, and Time-bound.
    • Short-term goals help bridge operational actions with strategic intent.

    Management by Objectives (MBO)

    • MBO is a method where managers and employees co-create objectives, develop action plans, review performance, and offer rewards based on results.
    • Establishing deadlines motivates focus and enhances decision-making, promoting quicker and more effective responses.

    Proactive Learning Orientation

    • Proactive learning involves continuous personal improvement and adaptability in skills.
    • It fosters creativity and solidifies employee capability, enhancing overall organizational performance.

    Planning/Control Cycle

    • The planning/control cycle consists of making a plan, executing it, comparing results with the plan, and making necessary adjustments.
    • This cycle helps ensure alignment with strategic objectives and effective performance management.

    Career Readiness

    • Competencies sought after by employers include networking and business understanding.
    • Steps to become proactive learners include solution-focused thinking, participating in discussions, and setting realistic goals.

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    Test your knowledge of key concepts in MGT 301 Chapter 5 with these flashcards. The focus is on the definitions and purposes related to planning and business strategy. Perfect for students looking to reinforce their understanding.

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