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