Question 1

Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives.

Accepted Answer

Functional areas should have specific goals and objectives that align with the overall goals of the organization and demonstrate how their efforts contribute to the success of the company. This helps to ensure that each department is working toward a common purpose and that resources are being allocated efficiently.

Question 2

Goals and objectives provide a form of control since they create a feedback opportunity regarding how well or how poorly the organization is executing its strategy.

Accepted Answer

Goals and objectives allow an organization to measure progress towards achieving its strategy, which helps to provide control over the execution of that strategy. By monitoring performance against goals and objectives, an organization can identify areas where adjustments may be needed to improve results.

Question 3

_______________ is the net profit divided by total sales.

Accepted Answer

Return on sales (ROS)

Question 4

Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved.

Accepted Answer

The answer of Success and progress in achieving goals and...

Question 5

Financial outcomes are often short-term in nature and consequently focusing too much on financial measures may lead managers to overlook other key factors that might be very important to the longer-term viability of the organization.

Accepted Answer

Financial outcomes are often not the only factor that determines the long-term viability of an organization. Focusing exclusively on financial measures may lead managers to overlook other important factors such as customer satisfaction, employee satisfaction, innovation, and sustainability. Therefore, it is important to have a balanced approach that considers both financial and non-financial measures.

Question 6

It is usually top managers who set goals and objectives for the entire organization.

Accepted Answer

Top managers are responsible for setting the overall direction and goals for the organization, which are then communicated down to lower-level managers and employees.

Question 7

______________ is a fundamental requirement and an integral part of strategic planning, and of principles of management more generally.

Accepted Answer

The answer of ______________ is a fundamental requirement and an...

Question 8

Examples of measures used in objectives include which of the following?

Accepted Answer

The answer of Examples of measures used in objectives include...

Question 9

_____________ are very precise, time-based, measurable actions that support the completion of a goal.

Accepted Answer

The answer of _____________ are very precise, time-based, measurable actions...

Question 10

What are the characteristics of good objectives ion 2

Accepted Answer

The answer of What are the characteristics of good objectives...

Question 11

The way that the firm is organized can affect goals and objectives in a number of ways.

Accepted Answer

The way a firm is organized can impact its strategies, decision-making processes, communication systems, and overall ability to achieve its goals and objectives. For example, a flat organizational structure with decentralized decision-making may lead to more agile and responsive operations, while a hierarchical structure with centralized decision-making may prioritize efficiency and standardization.

Question 12

Objectives typically include which of the following?

Accepted Answer

The answer of Objectives typically include which of the following?
...

Question 13

Management By Objectives (MBO) is a systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management.

Accepted Answer

This statement accurately describes the concept of Management By Objectives (MBO).

Question 14

_____________ are outcome statements that define what an organization is trying to accomplish.

Accepted Answer

The answer of _____________ are outcome statements that define what...

Question 15

Goals and objectives serve to accomplish all of the following EXCEPT:

Accepted Answer

Goals and objectives are set in order to align effort and improve performance, as well as gauge and report performance. Therefore, all of the listed options serve to accomplish these goals.

Question 16

According to Drucker, managers should focus on the activity, not the result.

Accepted Answer

According to Drucker, managers should focus on the result, not the activity. He believed in the concept of results-oriented management, where managers set objectives and then focus on achieving those objectives, rather than just going through the motions of activity without a clear purpose or outcome in mind.

Question 17

Goals and objectives are a not a basis for reward systems.

Accepted Answer

Goals and objectives are often used as a basis for reward systems, as they provide a clear measure of success and achievement. Rewarding employees for achieving their goals and objectives can incentivize them to work harder and improve their performance.

Question 18

The actual metrics used to gauge performance on objectives are called ______________.

Accepted Answer

The answer of The actual metrics used to gauge performance...

Question 19

Goals are typically not set for the organization, but for the stakeholders outside the organization.

Accepted Answer

Goals can be set for both the organization itself and for its stakeholders outside the organization. The organization may set goals that involve improving financial performance or increasing market share, while stakeholders may have goals related to social responsibility or customer satisfaction.

Question 20

Goals and objectives are a basis for _______________ systems, and can align interests and accountability within and across business units.
Short

Accepted Answer

The answer of Goals and objectives are a basis for...

Quiz 6: Strategic Management