Exam 5: Managerial Planning and Goal Setting

Strategic thinking is more important for profit businesses than for non-profit organizations.

Goal setting is the act of determining the organization goals and the means for achieving them.

A business activity that an organization does particularly well relative to its competition is known as a(n)________.

Which type of plan helps managers implement the overall strategic plan?

Sherry is a first-line supervisor at Rooftop Corporation.She is most concerned with which level of goals?

____ are the broad statements of where the organization wants to be in the future.

Which of these are described by mission statements?

The specific results expected from departments,work groups,and individuals are the ____________________ goals.

Flush Away,Inc.is particularly concerned about pending legislation in Congress that would further regulate their organization.This legislation would be classified as

For successful execution,alignment of everyone in the organization must occur.

A broad statement of where the organization wants to be in the future refers to a mission statement.

The department manager's tool for daily and weekly operations is called the operational plan.

Barriers to entry are related to which competitive force?

Internal analysis examines overall organization structure,management competence and quality,and human resource characteristics.

It is argued that ___________ is the most difficult and most important part of strategic management.

The planning process starts with:

Scenario - SendToMe.com SendToMe.com is a large, diversified distributing company. The company is organized into three divisions: personal products, diagnostic equipment, and office equipment. The personal products division consists primarily of toiletry products for the individual consumer. The products include shampoos, conditioners, bath soaps, and mouthwash. All of the products are sold under store brand labels; typically, the company signs an agreement with a discount store, and the products are sold under the store's label. Sales of this division (and in the industry) have been relatively stable for the past ten years, and the division enjoys a dominant market share. Due to increased efficiencies in manufacturing and distribution, profits from the division have risen. The diagnostic equipment division specializes in developing and marketing medical equipment, specifically equipment used in blood analysis. National sales for medical diagnostic equipment have been growing over 20 percent per year for the last five years. However, sales for this division are stagnant and there has been some discussion among senior management about divesting this division. The office equipment division manufactures a high quality line of office furniture. The products are distributed through better office equipment stores and interior design firms. Sales in this division have more than doubled over the past five years. -Refer to the scenario above.The business-level strategy used by the personal products division would be called:

Cost leadership firms are more likely to reward employee innovation than differentiation firms.

____ is primarily responsible for operational goals/plans.

Managers use strategic goals to direct employees and resources toward achieving specific outcomes that enable the organization to perform efficiently and effectively.