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MGT 521T Week 2 Practice Knowledge
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MGT 521T Week 2 Practice Knowledge

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The document that details how a company’s goals are to be met in called a A document that outlines a proposed firm’s goals, its strategy for achieving those goals, and the standards for measuring success is known as an Ned started his company six years ago and has tried to grow his business by increasing sales from his customer base rather than trying to acquire new companies. Ned’s thoughts for growing his business are an example of Strategic ____________ is a process that involves managers from all levels of the organization in the formulation and implementation of strategies and strategic goals Strategic management involves managers from all parts of the organization, and tactical planning is done by middle managers. Which managers typically perform operations planning within the process. Which of the following positions would typically determine the mission statement The ______ answers the questions, “what do we want to become?” and provide a clear sense of the future and the actions needed to get there A ______________ statement expresses what the company stands for, its core priorities and what its products contribute to the world In a/an _________, goals are arranged in hierarchy because the accomplishment of lower level goals leads to the accomplishment of higher level goals. What document guides long-term goals? What is the usual time for a tactical goal? By breaking strategic plans into action plans and short-term goals, the _______ defines how an organization will conduct business Trisha has developed a specific way for …. There is a sign in the elevator of Toby’s dorm that says “this dorm… Which of the following is developed for activities that are not likely to be repeated in the future Which of the following is a single-use plan that has less scope and complexity than a program What is the first step in the management by objectives Deadlines relate to which of the following characteristics of the SMART acronym Tactical goals are considered ______ term goals A goal for which deadlines are specified satisfies which component of SMART criteria During a meeting with the board of directors of Charter Bank……….. Based on the practice of management by objectives, how often should managers and subordinates…. By breaking strategic plans into actions plans and short-term goals, the __________ defines how an organization will conduct business At ABC flowers, customer service personnel must document complaints on the appropriate database, … The purpose of MBO is to __________ rather than control subordinates A _________ is a single-use plan encompassing a broad range of projects or activities Which type of planning refers to determines what contributions departments or similar work units can make with their given resources during the next 6-24 months First-line managers are typically responsible for performing _______ planning within the organization A _____________ is a standing plan that designates specific required action, which allows no room for interpretation The letter S in the acronym SMART stands for what aspect of a good goal _________ planning is performed by first-line managers A ___________ plan defines the course that is needed to achieve the stated goal In the __________ of the MBO process, managers prepare an action plan for attaining identified objectives ________relies on three core principles including creation of a unique positions, trade-offs, and “fit”, ………. A company must choose which strategy to follow in positioning itself. However, at the same time , it must also choose which strategy While Starbucks sells many type of coffee products, Connie’s Coffee House only sells one type of coffee. The two companies are both selling coffee but in different ways ………. Business growth rate, as used in the BCG matrix…. When pursuing a cost -focus strategy, a company would target a market. The organization’s _______________ statement expresses the organization’s purpose or reason for being Computer maker Dell treis to have the lowest prices for computers in the marketplace. In Porter’s four competitive strategies, this would be an example of __________ Environmental is the is the careful monitoring of an organization’s internal and external. Operating several business in order to spread the risk is the goal of a The use of brands to make a company standout from its competitors is part of the ______ strategy An organization that attempts to achieve sustainable competitive…….. ____________ is the process that helps align the last two phases of the strategic-management process: strategic implementation and strategic control Anita felt that is was important for her taxi company….. Environmental factors that an organization may exploit for competitive advantage are called organizational A __________ is a vision or projection of the future that is made following a swot analysis Operating several business in order to spread the risk is the goal of a ________ strategy When considering SWOT analysis, which of the following is an example of an organizational weakness The purpose of _____ is to gain information about the activities of other companies in order to anticipate heir moves and react accordingly Which of Porter’s four competitive strategies offers products or services that are uniququ… A ____________ strategy involves expansion in some aspect of the business, such as sales revenues, market share, number of employees, or number of customers or clients served One of three common grand strategies, a ______ strategy ( also called retrenchment strategy)……….. A company must choose which strategy to following in positioning itself….. In the final step of the strategic-management process, a manager might…. In a _______ strategy, a company makes and sells only one product within its market. Ron Shaich, CEO and founder of Panera Bread started the company with a mission — which is the first step in Ron Shaich works with his store managers to achieve the company's goals and objectives. This would be part of Panera Bread's According to Ron Shaich, Panera Bread has achieved about 80 percent of what he and his management team had envisioned for the company back in 1994. This vision he refers to is part of Panera Bread's Larry Marder explains that the company may change what its focus is from year to year. For example, he mentions that if Todd McFarlane wants them to invest heavily in R&D in a particular year, that is what they do or if he wants them to make more money in a given year, then that is what they do. Which step of the strategic management process is this describing? Todd McFarlane's reluctance to allow outside investors to have control over projects is most likely related to concerns that they might not share the company's From what has been presented in the video, it would appear that the grand strategy being implemented by the McFarlane Companies is a ______________ strategy Dave and his partner are studying the strengths and weaknesses of their construction business, Ajax Construction, as well as researching the opportunities and threats in the external environment. Dave and his partner are conducting a In the final step of the strategic-management process, a manager might…. In a _______ strategy, a company makes and sells only one product within its market. Ron Shaich, CEO and founder of Panera Bread started the company with a mission — which is the first step in Ron Shaich works with his store managers to achieve the company's goals and objectives. This would be part of Panera Bread's According to Ron Shaich, Panera Bread has achieved about 80 percent of what he and his management team had envisioned for the company back in 1994. This vision he refers to is part of Panera Bread's Larry Marder explains that the company may change what its focus is from year to year. For example, he mentions that if Todd McFarlane wants them to invest heavily in R&D in a particular year, that is what they do or if he wants them to make more money in a given year, then that is what they do. Which step of the strategic management process is this describing? Todd McFarlane's reluctance to allow outside investors to have control over projects is most likely related to concerns that they might not share the company's From what has been presented in the video, it would appear that the grand strategy being implemented by the McFarlane Companies is a ______________ strategy Dave and his partner are studying the strengths and weaknesses of their construction business, Ajax Construction, as well as researching the opportunities and threats in the external environment. Dave and his partner are conducting a Many customers have visited Sally’s Diner for decades because of the diner’s friendly service. Most customers feel that Sally’s is the friendliest placed around. In a SWOT analysis, the friendly service at Sally’s is an example of a company Strategic position emerges from three sources Donna is the service desk coordinator in a department store, and she has set a goal this month of finishing her daily office work quicker so she can assist at the Service Desk earlier in the morning. She knows this will also help decrease theft, which will assist the company in achieving its goal of decreasing costs. Donna’s goal of finishing her office work quicker is a(n) ______________ focus(es) on developing a comprehensive program for long-term success. An organization’s vision statement states _____. For example, the Cleveland Clinic’s vision statements says that it “strives to be the world’s leader in patient experience, clinical outcomes, research, and education.” Jeff, the owner of The Toy Box (a toy store), has chosen his products carefully. They are all handmade of wood; none are cheap games made of cardboard and paper. He knows he will be selling his toys to both adults and children; for example, his expensive chess and backgammon sets are quite expensive because the board and pieces are all made of wood by local artists and craftsmen. He knows that his customer base will not include parents who are looking for an inexpensive toy for their children or to give as a birthday gift; there is another store in town that offers mass-produced games. As part of his marketing outreach, Jeff offers “game nights” where he sets up game boards and invites local teens and adults to take part in light-hearted competitions, where the winners receive a 10 percent discount to a game at the Toy Box. All of Jeff’s activities are aimed at giving Jeff a sustainable competitive advantage through ______. Francis, who is starting a painting business, plans to write down the purpose of his painting business and his company’s reason for being. Francis is writing his Leela’s Home Decorators believes that the demand for its services will expand greatly, because a real-estate developer has just purchased 100 acres in town. The developer is planning to build 1,000 condominium units on the property. The managers of Leela’s Home Decorators are making a projection for the future, also known as a Mr. Jones, the department manager, told his employees that he wanted them to write down their work goals for the year. To help his workers achieve their stated goals, the next thing that he should ask for are each worker’s Stars are _____, according to the BCG matrix. Stars have included Apple and the diamond company DeBeers. A(n) ________ is the declaration that expresses what the organization should become and where it wants to go strategically. Frank, the fire chief, told his employees to “Think big and endeavor to be more detailed and caring while at work and in setting goals. Therefore, when you give me your goals, I want them to be specific, measurable, attainable, results-oriented, and have target dates.” Frank was asking for his workers’ An organization should adopt planning and strategic management to ________ is setting goals and deciding how to achieve them. Quality Vacuum has been manufacturing excellent vacuum cleaners for over 50 years. In the employee break room is a banner that reads, “We will always provide the highest-quality vacuums at the lowest cost to our customers and always give honest, winning customer service, thereby earning a fair profit for our stakeholders.” This statement is Quality Vacuum’s A goal is 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 ? Why did Zara choose to take a chance and pre-order much less of the coming season’s designs than its competitors? Decisions that retail managers make on which products to pull from the floor and which products to order more inventory are considered as Zara’s goals should have all of the following characteristics except Making periodic deliveries of products to each Zara store is an example of Founded by entrepreneurs Bill and Vance Gordon, Enjuba is a textured goods manufacturer that sells handiworks produced in the African country of Kenya. As Enjuba is their first start-up company, Bill and Vance are unsure of how they should proceed. They know that they need to have a statement that explains their company’s reason for being and have decided on “Enjuba exists to better represent the quality and handiwork of the African people through fair trade that benefits the producers, customers, and society at large.” After completing an assessment of the market, Bill and Vance must decide on three main strategies: growth, stability, and defensive. Upon careful review, they decide on a growth strategy to capitalize on its new products and services. With this immediate strategy established, Bill and Vance also need to develop a one- to five-year strategy that communicates Enjuba’s general goals as well as how the goals will be achieved. After completing an analysis, the most appropriate strategy would be a differentiation strategy that offers unique and superior products when compared to current market offerings. Within the next one to five years, Bill and Vance intend to put their plan into place and implement it by overcoming any market resistance. Additionally, they will consistently review the market offering against their original plan to ensure that their product is unique and being produced and marketed effectively. In order for a managerial team to develop an effective strategy, they first need to assess the conditions under which the organization is operating under and existing in. There are several tools available to managers to accomplish this end. One of these tools, Porter’s Five Competitive Forces, allows managers to assess the level of competitiveness within a particular industry. According to strategy expert Michael Porter, business-level strategies originate within the five primary competitive forces of threats of new entrants, bargaining power of suppliers, bargaining power of buyers, threats of substitute products or services, and rivalry among competitors. This exercise will test your knowledge of Porter’s Five Competitive Forces.

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