Chapter 5: Planning

Question 1

The first of four functions in the management process.

Answer 1

Planning

Question 2

Planning involves ensuring that the plans are linked to the _____

Answer 2

Business Strategy

Question 3

A large-scale action plan that sets the long-term goals and direction for an organization.

Answer 3

Strategy

Question 4

Represents an “educated guess” about what must be done in the long term for the survival or the prosperity of the organization or its principal parts.

Answer 4

Strategy

Question 5

Strategic plans are generally reconsidered _____ due to everchanging business conditions.

Answer 5

Every year

Question 6

A process that involves managers from all parts of the organization in the formulation and implementation of strategies and strategic goals.

Answer 6

Strategic Management

Question 7

Establishing the mission, vision, and values is which step of the planning and strategic management process?

Answer 7

First

Question 8

Assessing the current reality is which step of the planning and strategic management process?

Answer 8

Second

Question 9

Formulating the grand strategy and strategic, tactical, and operational plans is which step of the planning and strategic management process?

Answer 9

Third

Question 10

Implementing the strategy is which step of the planning and strategic management process?

Answer 10

Fourth

Question 11

Maintaining strategic control is which step of the planning and strategic management process?

Answer 11

Fifth

Question 12

The ability to reinvent the basis of competition within existing industries.

Answer 12

Strategies Innovation

Question 13

The ability of an organization to produce goods or services more effectively than its competitors do, thereby outperforming them.

Answer 13

Competitive Advantage

Question 14

Making long-term decisions about overall direction of organizations.

Answer 14

Strategic Planning

Question 15

Strategic Planning is done by managers for the next _____ years.

Answer 15

1-5

Question 16

Done by middle managers for the next 6-24 months.

Answer 16

Tactical Planning

Question 17

Tactical Planning is done by middle managers for the next _____ months.

Answer 17

6-24

Question 18

Done by first-line managers for the next 1-52 weeks.

Answer 18

Operational Planning

Question 19

Operational Planning is done by first-line managers for the next _____ weeks.

Answer 19

1-52

Question 20

The document that details how a company’s goals are to be met.

Answer 20

Plan

Question 21

A document that outliens a proposed firm’s goals, its strategy for achieving those goals, and the standards for measuring success is known as

Answer 21

Business Plan

Question 22

An organization’s vision represents

Answer 22

Where the organization wants to go

Question 23

The _____ process helps us cope with uncertainty by formulating future courses of action designed to help achieve specified results.

Answer 23

Planning

Question 24

The company’s _____ tells us the company’s reason for being.

Answer 24

Mission Statement

Question 25

What are the two types of goals in business?

Answer 25

Short-Term and Long-Term

Question 26

Provides a guide for a company’s long-term goals.

Answer 26

Strategic Plan

Question 27

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve.

Answer 27

Operating Plan

Question 28

Strategic Planning is done by _____ managers.

Answer 28

Top

Question 29

A _____ plan is developed for activities that occur repeatedly over time.

Answer 29

Standing

Question 30

A specific commitment to achieve a measurable result within a stated period of time

Answer 30

Goal

Question 31

A _____ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.

Answer 31

SMART

Question 32

A _____ plan directs activity, such as a project, that is unlikely to be repeated.

Answer 32

Single-Use

Question 33

The letter S in the acronym SMART goal stands for what aspect of a good goal?

Answer 33

Specific