MAN5 - none PDF

Preview

Summary

none...

Description

The document that details how a company's goals are to be met is called a(n)_____.  Plan A business plan is a document that outlines  a proposed firm's goals, strategy for achieving them, and standards for measuring success. A firm's business _______ should include a description of the need the firm will fill, the operations of the firm, its components and functions, and the expected revenues and expenses.  Model Without having a plan in place, managers may focus only on _____ instead of keeping a longrange view and anticipating new opportunities.  whatever is in front of them An organization's vision represents  where the organization wants to go. The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.  Planning The _____ statement expresses the purpose of an organization.  Mission 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 Strategic planning is done by _____ managers.  Top Which three things should be included in a firm's business model? (Select all that apply.)  The firm's marketing strategy  A description of the industry the firm is entering  The firm's expected revenues and expenses True or false: One reason a company might create a bad strategic plan is because it might make incorrect assumptions about what will happen in the market going forward.  True What are the two types of goals in business?  Short-term  Long-term

A company's _____ is the purpose of the organization.  Mission The company's mission statement tells us  the company's reason for being. Which of the following are true of long-term goals? (Select all that apply.)  They span one to five years.  They focus on achieving the strategies identified in the company's strategic plan.  They are also referred to as strategic goals. Strategic planning:  should communicate general goals and ways to achieve them  requires visionary and directional thinking A firm's business _______ should include a description of the need the firm will fill, the operations of the firm, its components and functions, and the expected revenues and expenses.  Model Operating plans:(Check all that apply.)  break long-term output into short-term targets or goals.  turn strategic plans into actionable short-term goals. In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____.  Goal A _____ plan is developed for activities that occur repeatedly over time.  Standing A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.  SMART A(n) ________ provides a guide for a company's long-term goals.  Strategic plan One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Match each goal below to indicate whether it is vague or specific.  Vague o As many planes as possible should arrive on time.  Specific

o Ninety % of planes should arrive within 15 minutes of their scheduled arrival time. It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve.  Operating plan Which of these represent measurable goals? (select all that apply)  No more than 50% of cars should be sold below MSRP.  Customer service agents should improve customer relations by making 10 follow-up calls each week. A _____ plan directs activity, such as a project, that is unlikely to be repeated.  Single-use The purpose of management by objectives (MBO) is to ______ subordinates.  Motivate What is the first step in management by objectives?  Managers and employees jointly set objectives for the employee. Employees preparing action plans represents the _____ step in management by objectives.  Second 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.  Objectives The process of ensuring that the strategic goals set at the top align with more specific shortterm goals at lower organizational levels is known as _____ goals.  Cascading _____ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.  Deadlines 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.  Planning/control What are two advantages for a company that establishes deadlines?  Deadlines aid in making quicker decisions.  Deadlines motivate employees to focus on the goal.

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).  Make the plan  Carry out the plan  Control the direction by comparing results with the plan  Control the direction by correcting deviations and/or improving future plans...