question

Planning is best described as the process of ___and___.

answer

setting objectives; deciding how to accomplish them.

question

The benefits of planning should include ___.

answer

Improved focus

question

The first step in the planning process is to ___.

answer

Define your objectives.

question

In order to help implement her firm's strategic plans, the CEO of a business firm would most likely want marketing, manufacturing, and finance executives to develop ___.

answer

Operational plans

question

_____ planning identifies alternative courses of action that can be taken if problems occur with the original plan.

answer

Contingency

question

A "no smoking" rule and a sexual harassment policy are examples of ____ that are types of ____ in organizations.

answer

policies; standing-use plans

question

When a manager is asked to justify a new budget proposal on the basis of projected activities rather than as an incremental adjustment to the prior year's budget, this is an example of ___.

answer

zero-based budgeting.

question

One of the expected benefits of participatory planning is ___.

answer

more commitment to implementation

question

When managers use benchmarking in the planning process, they usually try to ___.

answer

identify best practices used by others.

question

in a hierarchy of objectives, plans at lower levels are supposed to act as ____ for accomplishing higher-level plans.

answer

means

question

In addition to providing better focus, good planning offers the benefits of ____.

answer

improved action orientation.

question

From a time management perspective, which manager is likely to be in best control of his or her time? One who _____.

answer

works on the most important things first.

question

A marketing plan in a business firm would most likely deal with _____.

answer

sales and product distribution.

question

The best goals or objectives for planning purposes would have which of the following characteristics?

answer

Realistic and possible to achieve, while still challenging.

question

The planning process isn't complete until ____.

answer

plans are implemented and results evaluated.

question

After objectives and standards are set, what step comes next in the control process?

answer

Measure results.

question

When a soccer coach tells her players at the end of a losing game, "You did good in staying with the game plan," she is using a/an ____ as a measure of performance.

answer

input standard

question

When an automobile manufacturer is careful to purchase only the highest-quality components for use in production, this is an example of an attempt to ensure high performance through ______ control.

answer

feedforward.

question

Management by exception means ____.

answer

focusing attention where the need for action is greatest.

question

A total quality management program is most likely to be associated with ____.

answer

continuous improvement.

question

The _____ chart graphically displays the scheduling of tasks required to complete the project.

answer

Gantt

question

When MBO is done right, who does the review of a team member's performance accomplishments?

answer

both the team member and team leader.

question

A good performance objective is written in such a way that it ____.

answer

can be easily measured.

question

A manager is not living up to the concept of MBO if he or she ____.

answer

sets performance objectives for subordinates.

question

If an organization's top management establishes a target of increasing new hires of minority and female candidates by 15% in the next six months, this is an example of a/an _____standard for control purposes.

answer

output.

question

When a supervisor working alongside of an employee corrects him or her when a mistake is made, this is an example of ______ control.

answer

concurrent

question

In CPM/PERT, "CPM" stands for _____.

answer

critical path method.

question

In a CPM/PERT analysis, the focus is on _____ and the event ____ that link them together with the finished project.

answer

activities; sequences

question

When one team member advises another team member that "your behavior is crossing the line in terms of our expectations for workplace civility," she is exercising a form of ____control over the other's inappropriate behaviors.

answer

clan

question

Among the financial ratios often used for control purposes, Current Assets/Current Liabilities is known as the ___.

answer

current ratio.

question

Which is the best question to ask when starting the strategic management process?

answer

"What is our mission?"

question

The ability of a firm to consistently outperform its rivals is called ____.

answer

competitive advantage.

question

General Electric is a complex conglomerate that owns many firms operating in very different industries. The strategies pursued for each of these units within GE would best be called _____-level strategies.

answer

business.

question

An organization that is downsizing by cutting staff to reduce costs can be described as pursuing a ____ strategy.

answer

retrenchment

question

When you buy music downloads online, the firm selling them to you is engaging in which type of e-business strategy?

answer

B2C.

question

A _____ in the BCG Matrix would have a high market share in a low-growth market.

answer

question mark

question

In Porter's five forces model, which of the following conditions is most favorable from the standpoint of industry attractiveness?

answer

low bargaining power of suppliers

question

if Google's top management were to announce that the firm was going to buy Federal Express, this would indicate a growth strategy of _____.

answer

diversification

question

The alliances that link together firms in supply chain management relationships are example of how businesses try to use _____strategies.

answer

cooperation

question

Among the global strategies that international businesses might pursue, the ____ strategy most directly tries to tailor products to fit local needs and cultures in different countries.

answer

multidomestic

question

When Coke and Pepsi spend millions on ads trying to convince customers that their products are unique, they are pursuing a _____strategy.

answer

differentiation

question

Porter's model of competitive strategies suggests a firm that wants to compete with its rivals in a broad market by selling a very-low-priced product would need to successfully implement a ____ strategy.

answer

cost leadership

question

____are special strengths that an organization has or does exceptionally well and that help it outperform competitors.

answer

Core competencies

question

The two questions asked by Porter to identify the correct competitive strategy for a business or product are: 1-What is the market scope? 2-What is the ____?

answer

source of competitive advantage

question

Which is an example of cooperative strategy?

answer

strategic alliance.

question

An entrepreneur who thrives on uncertainty displays _____.

answer

high tolerance for ambiguity.

question

____ is a personality characteristic common among entrepreneurs.

answer

Self-confidence

question

When a new business is quick to capture a market niche before competitors, this is_____.

answer

first-mover advantage

question

Almost____% of U.S. businesses meet the definition of "small business."

answer

99

question

A small business owner who wants to pass the business to other family members after retirement or death should prepare a ____plan.

answer

succession

question

A common reason new small businesses often fail is____.

answer

the owner lacks experience and business skills

question

A pressing problem faced by a small business in the birth or start-up stage is _____

answer

gaining acceptance into the marketplace.

question

A venture capitalist that receives an ownership share in return for investing in a new business is providing____ financing.

answer

equity

question

In _____financing, the business owner borrows money as loan that must be repaid.

answer

debt

question

If you start a small business and want to avoid losing any more then the original investment, what form of ownership is best?

answer

limited partnership

question

The first element in a good business plan is _____.

answer

an executive summary

question

Trends in U.S. small businesses show _____.

answer

a growing number owned by minorities.

question

A ____protects small business owners from personal liabilities for losses.

answer

corporation

question

____take ownership shares in a new venture in return for start-up funds.

answer

Angel investors

question

_____make social entrepreneurship unique.

answer

Commitment to solving social problems

MGT Practice questions – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards