Exam 5: Planning: the Foundation of Successful Management

John,the owner of a lawn care service,likes to meet with his employees six months after their yearly evaluation to discuss how they are progressing on suggestions on and plans to improve their yearly job evaluation.At this point,by comparing the six-month results with the past evaluation,John is in the ______ steps of the planning/control cycle.

Cascading goals being _____ and "cascade" to

The upper management of a large national retail grocery store has passed along the new goals of improving customer service to the district managers.At this point,the district managers need to determine how the stores in their district will achieve top management's goal with the given resources during the next 6 to 24 months.The district managers are developing ______ planning.

Summarize a business model.

_____ can be another term used for a goal.

You are reading a business document that outlines your company's long-term goals and direction.These goals include "Reduce energy consumption in our offices by 20%," "Grow out market share in China from 3% to 10%," "Enter a strategic alliance with a partner in Australia to begin selling our products in Sydney and Brisbane," and "Equip all sales representatives with an app that allows them to provide an immediate quote when meeting with customers." What type of document are you reading?

A mission statement expresses the

To ensure that plans are moving in the right direction,managers can use the

The management of Quality Carpet Cleaning finalized the company's action plan for increasing its market share over the next few years.The management then set up a 12-month plan that defines how the organization will conduct its business based on the action plan,including clear sales targets for each week.The second plan is an example of a(n)_____ plan.

This question contains two parts;be sure to answer both.

When using MBO,managers should meet about once a year,either informally or formally,to review progress on meeting objectives.

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?

This question contains multiple parts;be sure to answer all of them.First,what exactly is a business model? What should it specify? Next,suppose you are planning to start a personal training business.Third,write a one-paragraph business model.

Nike's famous tagline,"Just do it," is an example of a slogan,not a business plan or a strategy.Briefly describe the differences among these key terms: planning,a business plan,and a strategy.

When utilizing SMART goals or MBO,deadlines can help you keep your eye on the ______ while simultaneously paying attention to ______.

Which of the following is NOT a step in the process of management by objectives (MBO)?

You receive a memo that reads as follows: "In recent months,our customer evaluations have dropped,and our sales have decreased by 10 percent.To restore our business,we will do the following: (1)We will contact all of our customers and offer a 10 percent discount on their next purchase.(2)For the customers who spend more than $1,000 per year,we will invite them to join our Insiders' Club,which gives them discounted tickets to concerts and sporting events.(3)Effective immediately,we will begin staffing our call center 24 hours a day,7 days a week.(4)Customer-service personnel will be given more discretion in helping customers resolve problems,with minimal interference from supervisors." This memo is a(n)

Fast Delivery trains its truck loaders how to set the packages in the delivery vehicles,so that when delivery drivers are pulling packages off their trucks,they are organized in a specific order and with the label facing forward to reduce errors and save time.A(n)_______ is being implemented when directing that the trucks be loaded in this specific manner.

Professor Jones,a business teacher,meets with his students mid-quarter to give out midterm reports and discuss with students how to improve their grade for the remainder of term.Also,he likes to meet with his students each week after midterm to discuss how they are progressing on suggestions related to the midterm reports.Discuss how Professor Jones is using the planning control steps of the planning/control cycle with his students.

Clothing maker Patagonia states that its purpose as an organization is to "build the best product,cause no unnecessary harm,[and] use business to inspire and implement solutions to the environmental crisis." This is the company's