Exam 5: Planning and Goal Setting

Innovative Holdings Group holds a diverse portfolio of business interests including several stars.What does having stars mean for Innovative's strategies?

A business plan is a broad definition of the organization's values, aspirations, and reason for being, along with a recognition of the scope and operations that distinguishes the organization.

Consider Porter's competitive strategies.Which strategy is most likely to be effective for a business that can avail itself of easy-to-use manufacturing technologies?

Comparative advantage refers to what sets the organization apart from others and provides it with a distinctive edge for meeting customer or client needs in the marketplace.

A goal is a desired future circumstance or condition that the organization attempts to realize.

When possible, operational goals should be expressed in quantitative terms.

A special type of contingency plan that is used when events are sudden and devastating and require immediate response is called __________.

The plan of action that describes resource allocation and activities for dealing with the environment, achieving a competitive advantage, and attaining the organization's goals is known as a(n) _____.

Trend management is looking at trends and discontinuities and imagining possible alternative futures.

__________ involves activities that managers undertake to try to keep crises from occurring and to detect warning signs of potential crises.

Double Click, Inc.has a number of strategic business units.Its handheld computer unit has a large market share in this rapidly growing industry.Its handheld computer business would be classified by the BCG matrix as ______.

Broad statements describing where the organization wants to be in the future are called __________.

Compare the four levels of goals and plans.

Goals should be easy for employees to achieve in order to keep morale and motivation high.

List the three steps of the crisis preparation stage of crisis planning.

The task environment sectors are the most relevant to strategic behavior and include the behavior of competitors, customers, suppliers, and the labor supply.

__________ are reasonable yet highly ambitious goals that are so clear, compelling, and imaginative that they fire up employees and engender excellence.

Consider Porter's competitive strategies.Which strategy is most likely to include rewarding employee innovation?

The essence of formulating strategy is choosing how the organization will conform to become like its key competitors in the industry.