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Exam 5: Planning: the Foundation of Successful Management

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Question 1

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Which of the following is an example of a mission statement?

A) "to create a world where the family farm is valued over the large-scale production of agribusiness"
B) "to become a beacon of hope for those suffering from mental hardship"
C) "to make education accessible to everyone in the world"
D) "to engage in business practices that are not only legal but also ethical"
E) "to offer the lowest prices on new hardcover books, anywhere in the world"

F) A) and D)
G) A) and E)

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Question 2

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How often should a company revise its strategic plan?

A) every five years rather than every two years
B) every five years rather than every ten years
C) every ten years
D) continuously
E) closer to every one or two years

F) C) and D)
G) B) and C)

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Question 3

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________ are at the top of the organization and get more specific as they move toward ________.

One Fortune article states that "vision should describe what's happening to the world you compete in and what you want to do about it" and

The head librarian issued a directive that "Absolutely no food or drink are allowed in the library." She issued this directive because several computers and keyboards in the computer labs, as well as several study cubes, were recently damaged by spilled drinks and food. This is a(n) ________ issued by the librarian.

Nick, a hotel general manager, has had great success using MBO. Vivian, his district manager, has found that Nick's employees are highly motivated. Because Nick ________, Vivian is able to discern that he is using MBO.

Aliya is a front-line supervisor in a clothing store. She desires to decrease the time she spends working on doing her daily closing work by 45 minutes. Aliya has set herself a(n)

Describe the four types of objectives used in MBO and give examples of each type.

Heather is the store manager for a national grocery retailer, and she received the yearly tactical plan from Sanjay, her district manager. Heather is meeting with her department managers to plan how to implement the specific tasks outlined in Sanjay's plan for the next year. Heather is engaged in operational planning.

Prior to opening her new restaurant, Alice is deciding what items to offer on the menu, the anticipated profits and expenses, the tasks of various employees, and how those jobs will be handled. Alice is creating her

When using MBO, managers should meet with employees reasonably often-either informally as needed or formally every three months-to review progress.

You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a subscription-based service in which households within a 100-mile radius subscribe to your plan and receive two gallons of freshly squeezed juice (for example, cherry juice, apple juice, lemonade) twice a week. As you think about starting your business, you ask yourself: Am I being responsive to the customer? Is it innovative? Can I offer a quality product? After asking these questions, review and identify which question you forgot to ask that would give you a sustainable advantage.

Contrast strategic, tactical, and operational planning, explaining the time frame associated with each type.

At the end of the company retreat, Dashaun had a blueprint for how to move forward for the year. His primary objective had been met. What do you think his primary objective was?

While preparing a self-assessment of your job performance the previous year, you are required to list three goals for the coming year. You list the following as one of your goals: "I will triple sales in my territory by the end of the next fiscal year." Based on the SMART criteria, what is the problem with this goal?

Cascading is essential to promoting consistency in goals. Which three criteria must be met for goal cascading to be successful? Describe and explain each criterion.

________ can be another term used for a goal.

This question contains two parts; be sure to answer each part. First, define strategic management, explaining how managers from all parts of the organization are involved and the three types of planning that are a part of strategic management. Next, imagine that you are planning to open a bagel shop. Give specific examples of each of the three types of planning with regard to your bagel shop.

Which of the following is NOT a reason for an organization to adopt planning and strategic management?

________ are plans developed for activities that are not likely to be repeated in the future, such as plans for programs or projects.