Exam 4: Environment, Innovation, and Sustainability

Plans that define the various short-term activities needed to implement strategic plans are called __________ plans.

A(n) __________ budget involves approaching each budget cycle as if it were new, starting from scratch each time.

Sonya's primary responsibilities include the process of monitoring task accomplishments and taking corrective action in her department. Sonya is mainly involved in the __________ function of management.

Which of the following refers to the process by which one establishes lower-level objectives in order to meet higher-level objectives?

__________ is a technique that makes use of external comparisons to evaluate current performance.

Contingency planning identifies alternate courses of action to be implemented in order to meet changing circumstances.

Tim places an online order for a smartphone. Instead, he is shipped a dishwashing liquid from a brand named Bling by the seller. Tim posts this incident on a social networking site and it is soon picked up by the media. Richard, the sales manager of Bling, hears about this incident and plans to use it as an opportunity for creating brand awareness of Bling products. Accordingly, he makes arrangement to send Tim the smartphone that he had originally ordered along with two more bottles of Bling dishwashing liquid. When this news reaches the media, people applaud Bling's gesture and Richard achieves his goal of creating brand awareness. Which of the following plans did Richard use in the scenario?

Planning includes:

Alia, the manager of a pet store, notices that most of the goods that come to her store are packed in high-quality cardboard boxes which are later discarded. She comes up with a plan and instructs her employees to use the cardboard boxes for making scratching boards for cats. She then sells the scratching boards at a price much lower than the other branded versions available in the market. Which of the following describes Alia's planning?

A standing plan that communicates broad guidelines for employees to use when taking decisions and actions is called a __________.

Plans that specifically identify how different parts of an organization will contribute to accomplishing strategic plans are called __________.

A(n) __________ communicates broad guidelines for making decisions and taking action.

Explain the concept of a zero-based budget.

A plan covering the production activities of an organization for three months would be an example of a(n) __________ plan.

Explain the hierarchy of objectives.

All of the following are functional plans EXCEPT

The president of Virtual Products LLC is concerned about the next year's economic outlook. Even though next year's plan has been laid out, he has requested his staff to generate another plan that assumes a 10% reduction in sales. This is an example of __________.

__________ plans deal with the requirements of selling and distributing goods or services.

Which of the following is the fourth step in the planning process?

A(n) __________ sets the stage for controlling in the management process; it is hard to exercise control if you have not set objectives.