MNGT 3100 Fetsch exam 2

Mission and vision statements play which three critical roles?

-Communicate the purpose of the organization to interested parties.

-Lead to establishing the measurable goals by which to gauge success.

-Inform the development and implementation of the organization's strategy.

Which function of management is this: Developing an organizational structure and allocating human resources in a way that will achieve the organization's mission.

organizing

Which function of management is this: Ensuring that performance does not deviate from standards (expected results).

controlling

Which function of management is this: Influencing others to help the organization accomplish its mission.

leading

What is the term for key parties who have some influence over the organization or an interest in its future, and can include employees, customers, investors, suppliers, regulators, and special-interest groups?

stakeholders

An organization's strategy:

Addresses how it plans to accomplish its mission and vision.

Which of the following statements is true about SWOT analysis?

SWOT analysis identifies an organization's internal strengths and weaknesses as well as external opportunities and threats.

A __________ is seen when an organization is very clear about its vision and mission, and everyone in the organization understands the plan for achieving them.

strategic focus

Which of the following answers the question: How should we complete within a specific industry?

business strategy

__________ represent the steps to implement the strategy, leading to accomplishing the organization's mission.

goals

An important feature of management by objectives (MBO) is its focus on __________.

results

Which of the following statements is not true about balanced scorecards?

The Sarbanes-Oxley Act requires all public companies to include balanced scorecards in their quarterly and annual reports.

The most common performance evaluation error is __________, and managers often realize that they are committing this mistake.

being too lenient

Which of the following is most likely to foster passion and creativity in an organization's members?

- Enforcing strict guidelines and protocols for every activity.

- Adopting the mission statement of a leading competitor to replicate their success.

- Sharing an inspiring vision and clear mission that share what the organization ultimately wants to achieve.

- Limiting decision making to senior managers in order to streamline the work for other employees.

Sharing an inspiring vision and clear mission that share what the organization ultimately wants to achieve.

True or false: NGT often generates superior results to other methods but requires extensive preparation and takes significant time to achieve those results.

false

When identifying personal goals, which of the following would Collins not recommend?

- Dream big--you don't know what you can achieve until you try.

- Be specific and clear with your long-term goals.

- Align your goals with your values and major interests.

- Choose a short timeframe to get a quick victory, then set your next goal.

Choose a short timeframe to get a quick victory, then set your next goal.

__________ focuses on identifying the industry or industries the organization should participate in. It considers the concepts of synergy and diversification.

corporate strategy

Which of the following best describes the business strategy term "straddling" (also known as "stuck in the middle")?

- A company successfully differentiating its products while maintaining low costs.

- A company that performs poorly because it tries to pursue multiple business strategies simultaneously.

- A company focusing exclusively on niche markets to avoid direct competition with larger firms.

A company that performs poorly because it tries to pursue multiple business strategies simultaneously.

When an organization possesses something that is valuable, rare, and inimitable—something they can do better than their competitors—then they have __________.

a competitive advantage

Using Porter's five forces analysis, companies are likely to generate lower profits when which of the following is true?

- It is difficult for new firms to enter the industry.

- The power of suppliers is strong.

- There are few substitutes available.

- There is little rivalry between competitors.

The power of suppliers is strong.

T/F we should not be surprised that professors may pay little attention to their classroom instruction if their promotion/tenture is primarily based on their published research.

true

a ____ is a future-oriented declaration of the organization's purpose and aspirations. it defines the ideal future condition for the company.

vision statement

a ____ communicates the organization's reason fro being and how it aims to serve its key stakeholders. it describes who the company is and what it does.

mission statement

The broader principle behind __________ is to make sure that everybody has a clear understanding of the organization's goals, as well as awareness of their own roles and responsibilities in achieving the objectives that will help to attain those goals

management by objectives (MBO)

Which of the following statements is not true about performance evaluations?

- Performance evaluations help subordinates understand what is required of them and how they can improve.

- Giving performance evaluations ultimately decreases morale, so they should be vague and infrequent.

- They help managers feel more honest in their relationships with their subordinates.

- They document past performance and may be reviewed years later when employees are being considered for promotion.

Giving performance evaluations ultimately decreases morale, so they should be vague and infrequent.

Which of the following statements is not true about corporate social responsibility (CSR)?

- CSR issues can only be advanced at the expense of economic performance.

- CSR is about how companies manage their business processes to produce an overall positive impact on society.

- CSR is the degree to which a firm's actions respect individuals, communities, and the natural environment.

- CSR creates long-term shareholder value by managing social, environmental, and economic opportunities and risks.

CSR issues can only be advanced at the expense of economic performance.

what do an organization's values represent?

the beliefs, principles, and standards important to an organization

creating the vision and mission statements, and deciding upon strategy, are apart of the ______ function?

planning

what is the primary goal of brainstorming?

to generate a large number of ideas without judgement

those stakeholders most often emphasize in mission statements are _________

customers and employees

where does strategy formulation fit within the POLC Framework?

planning

in strategic management, what is the objective of synergy?

to create a positive interaction between two or more related activities

in strategic management, what is the objective of diversification?

to spread out risk and opportunities over a larger set of businesses

corporate strategy

deciding which industry or industries to compete in

business strategy

deciding how to compete within a particular industry

cost leadership

lowest price for reasonable quality

differentiation

superior product design and features

focus on a market niche

specialization based on the needs of a narrowly-defined market

_____ are precise, time based, measurable actions that support the completion of a goal

objectives

What measure on a balanced scorecard is this?: assessments of measures that benefit the firm directly and immediately, such as sales.

financial performance

What measure on a balanced scorecard is this?: examines elements such as customer satisfaction and retention

customers

What measure on a balanced scorecard is this?: looks at organizational efficiency and reliability

internal process

What measure on a balanced scorecard is this?: explores skills training for employees that will benefit the organization in the future.

learning and growth

a useful feature of a balanced scorecard is that they

include both leading and lagging indicators of performance

the timing of employee performance evaluations should coincide with the needs of the organization and ________ of the employee

developmental needs

in a performance evaluation, which of the following indicators of performance is the easiest for a manager to describe and quantify?

attendance and punctuality