MGT 301 Chapter 5 – Flashcards
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Deon is opening a car wash, and he has approached SCORE, an SBA organization that assists small-business owners in setting up their companies. As a new business owner, the SCORE counselors would probably advise Deon to _____.
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write a business plan
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David is starting a karate school, and he has been working with Mr. Smith, a business counselor with the SBA. Mr. Smith told David that the first three steps to planning his organization are (in the correct order) ___.
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mission statement, vision statement, and strategic planning
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The need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses is expressed in the organization's ____.
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business model
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With SMART goals only a few goals should be chosen, and they should be results-oriented, that ____.
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support the organization's vision
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The top management of Tasty Foods, a food distribution company, has set strategic goals of increasing organizational market share and also decreasing corporate costs over the next three years. Greg, a division manager for Tasty Foods, has looked at his resources, and decided how his division can contribute to the two strategic goals set by upper management. These types of objectives set by Greg are _____.
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tactical goals
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Tactical goals
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tactical goals are set by and for middle managers and focus on the actions needed to achieve strategic goals
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Abe and April are considering starting a family business, so their banker advised them to write a business plan because it helps an entrepreneur ____.
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get financing and think through important details, and it better guarantees success
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The primary reason for an organization to adopt planning and strategic management is to _____.
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develop a sustainable competitive advantage
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Billy told his boss, Gwen, that he is going to start training for the upcoming marathon to be healthier and to have more energy for work. When Gwen asked him about his running history, Billy said, "I really have never run before and don't exercise much. I just know I need to do something." Gwen told Billy, "You should start slowly, maybe setting smaller, realistic exercise goals that are achievable." Gwen is helping Billy with an achievable goal, a type of _____.
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SMART goal
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Research suggests that when writing out and achieving a person's biggest goals, it is important to ____.
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make a concrete plan and break goals into manageable bites
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According to Richard Branson, founder of Virgin Atlantic airlines, you can set a really hard goal, such as increasing your class study time 50%, which is "stretching yourself beyond what your mind might think is safe," also known as a(n) ____.
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stretch goal
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Alicia, a district manager for a global retailer, is traveling to different stores in her district to discuss with store managers how to increase profitability for the rest of the fiscal year. What is Alicia doing?
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controlling the direction of the planning/control cycle
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Strategic, tactical, and operational are the ____.
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three levels of planning
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Because several computers and keyboards in the computer labs have been damaged recently by drinks and food being spilled, the department chair of the IT department issued a directive that "Absolutely no food or drink is allowed in any computer lab." This statement by the department chair is a(n) ______.
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rule
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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. This type of planning is known as ____.
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tactical planning
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Dave owns several computer repair shops across the Midwest, and he has set a goal for his company of cutting costs in all his locations over the next three years. Dave has set a(n) ____.
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strategic goal
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The profits of ABC Grocery have dropped significantly over the last several months. After investigating, the owner realizes that the store is moving in the wrong direction in many departments, so there needs to be greater focus by management. This is an example of how an organization can progress in the wrong direction with ____.
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a poor plan
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The planning/control cycle has two planning steps: _____.
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make the plan, then carry out the plan
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At the strategic level of planning, managers must pay attention to the environment outside the organization, be future oriented, and ____.
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deal with uncertain and competitive conditions
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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.
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control
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Paula, the store manager, asked Tom to organize the prize giveaways for the store's grand reopening open house. This plan is an example of a(n) ___.
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project
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For MBO to be successful, top management must be committed, it must be applied organizationwide, and _____.
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objectives must cascade
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Brenda, the district manager for Beautiful Florist, told the store managers in her district that she needs the sales goals for next year. A new manager, Paula, said, "I am going to sell over $100,000 in flowers next year." Brenda later told Paula that "I need to know specifically, in each category, how much you plan on selling." Brenda's request for a specific answer is an example of a _____.
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SMART goal
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When utilizing SMART goals or MBO, deadlines can help you keep your eye on the ______ while simultaneously paying attention to _____.
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big picture; the necessary details
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The planning/control cycle has two control steps: (1) control the direction by comparing results with the plan and (2) control the direction by taking corrective action in two ways—namely by _____.
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correcting deviations in the plan being carried out or improving future plans
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Steve, a hotel general manager, has had great success using MBO. Hannah, his district manager, has found that his employees are highly motivated, and she believes that this is the case because in using MBO, Steve ____.
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rewards his employees with compliments, raises, and other benefits as they meet their goals
