Podcast
Questions and Answers
The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.
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 ______.
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)
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.
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.
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.
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.
The document that details how a company's goals are to be met is called a(n) ______.
The document that details how a company's goals are to be met is called a(n) ______.
Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.
Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.
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 ______.
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 ______.
A company's _____ is the purpose of the organization.
A company's _____ is the purpose of the organization.
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.
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.
The company's mission statement tells us ______.
The company's mission statement tells us ______.
The company's vision statement tells us ______.
The company's vision statement tells us ______.
The company's values statement tells us ______.
The company's values statement tells us ______.
A ______ sets the long-term goals and direction for an organization.
A ______ sets the long-term goals and direction for an organization.
A company's ______ statement should provide a clear sense of the future and the actions needed to get there.
A company's ______ statement should provide a clear sense of the future and the actions needed to get there.
Without having a plan in place, managers may focus only on ______ instead of keeping a long-range view and anticipating new opportunities.
Without having a plan in place, managers may focus only on ______ instead of keeping a long-range view and anticipating new opportunities.
A company's values statement expresses which of the following things? (Select all that apply)
A company's values statement expresses which of the following things? (Select all that apply)
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.
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.
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.
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.
An organization's vision represents ______.
An organization's vision represents ______.
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.
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.
The ______ statement expresses the purpose of an organization.
The ______ statement expresses the purpose of an organization.
In business, a specific commitment to achieve a measurable result within a stated period of time is called a ______.
In business, a specific commitment to achieve a measurable result within a stated period of time is called a ______.
The vision statement should answer which of these questions?
The vision statement should answer which of these questions?
Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the ______.
Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the ______.
A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world.
A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world.
A(n) ______ provides a guide for a company's long-term goals.
A(n) ______ provides a guide for a company's long-term goals.
Which of the following statements about strategic planning are true? (Choose every correct answer.)
Which of the following statements about strategic planning are true? (Choose every correct answer.)
It is the function of the ______ to take the strategic plan and develop actionable short-term goals that a business can achieve.
It is the function of the ______ to take the strategic plan and develop actionable short-term goals that a business can achieve.
Who is responsible for tactical planning?
Who is responsible for tactical planning?
What are the characteristics of SMART goals? (Choose every correct answer.)
What are the characteristics of SMART goals? (Choose every correct answer.)
What are the types of goals in business?
What are the types of goals in business?
A means-end chain is used in planning to show ______.
A means-end chain is used in planning to show ______.
The 'measurable' aspect of a SMART goal refers to its ability to be ______.
The 'measurable' aspect of a SMART goal refers to its ability to be ______.
Which of the following are true about long-term goals? (Choose every correct answer.)
Which of the following are true about long-term goals? (Choose every correct answer.)
In terms of SMART goals, an 'attainable' goal is ______.
In terms of SMART goals, an 'attainable' goal is ______.
Operating plans accomplish which of the following?
Operating plans accomplish which of the following?
Which of the following verbs would be appropriate for a results-oriented goal? (Choose every correct answer.)
Which of the following verbs would be appropriate for a results-oriented goal? (Choose every correct answer.)
A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
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.
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.
The letter S in the acronym SMART goal stands for what aspect of a good goal?
The letter S in the acronym SMART goal stands for what aspect of a good goal?
Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.
Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.
Which of these represent measurable goals?
Which of these represent measurable goals?
A(n) ______ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development.
A(n) ______ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development.
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?
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?
What is the second step in management by objectives?
What is the second step in management by objectives?
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.
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.
What would occur in the third step of management by objectives?
What would occur in the third step of management by objectives?
The purpose of management by objectives (MBO) is to ______ subordinates.
The purpose of management by objectives (MBO) is to ______ subordinates.
The fourth and final step in management by objectives involves:
The fourth and final step in management by objectives involves:
What is the first step in management by objectives?
What is the first step in management by objectives?
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.
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.
Which of the following are reasons that employers value a proactive learning orientation? (Choose every correct answer.)
Which of the following are reasons that employers value a proactive learning orientation? (Choose every correct answer.)
______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.
______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.
Managers preparing action plans represents the ______ step in management by objectives.
Managers preparing action plans represents the ______ step in management by objectives.
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.
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.
The manager and employee periodically reviewing the employee's performance represents the ______ step in management by objectives.
The manager and employee periodically reviewing the employee's performance represents the ______ step in management by objectives.
To be an effective planner, you should be a(n) ____________ learner in areas beyond the technicalities of your profession.
To be an effective planner, you should be a(n) ____________ learner in areas beyond the technicalities of your profession.
Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.
Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.
What behavior would a proactive learner most likely exhibit?
What behavior would a proactive learner most likely exhibit?
Cascading goals is the process of ______.
Cascading goals is the process of ______.
What are advantages for a company that establishes deadlines? (Choose every correct answer.)
What are advantages for a company that establishes deadlines? (Choose every correct answer.)
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)
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)
Which of the following are career readiness competencies? (Choose every correct answer.)
Which of the following are career readiness competencies? (Choose every correct answer.)
What are steps anyone can take to become a more proactive learner? (Choose every correct answer.)
What are steps anyone can take to become a more proactive learner? (Choose every correct answer.)
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.
Studying That Suits You
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Description
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.
