Question 1

Traditionally,if Stephanie,CEO of Butterfly Pillows,needed to conduct corporate planning,it would be performed by all of the following EXCEPT
A) central planning departments.
B) decentralized planning groups.
C) top executives.
D) consulting groups.
E) the president of the company.

Accepted Answer

The answer of Traditionally,if Stephanie,CEO of Butterfly Pillows,needed to conduct...

Question 2

The condition that exists when the organization's parts interact to produce a joint effect that is greater than the sum of the parts acting alone is known as
A) core competence.
B) synergy.
C) value creation.
D) business-level strategy.
E) multidomestic strategy.

Accepted Answer

Synergy refers to the condition when the interaction between different parts of an organization results in a joint effect that is greater than the sum of individual parts acting alone. This concept is important in strategic management as it helps organizations to achieve greater productivity and efficiency by leveraging the strengths of different parts of the organization.

Question 3

___________ are reasonable yet highly ambitious goals that are so clear,compelling,and imaginative that they fire up employees and engender excellence.
A) Operational goals
B) Stretch goals
C) Strategic goals
D) Tactical goals
E) Bottom-up goals

Accepted Answer

Stretch goals are those that are challenging yet attainable and inspire employees to strive for excellence. They push employees out of their comfort zone and encourage better performance, resulting in higher levels of achievement. Operational, tactical, and strategic goals are important but may not necessarily generate the same level of motivation and enthusiasm as stretch goals. Bottom-up goals refer to goals set by lower-level employees and may not align with overall organizational objectives.

Question 4

At Save-tech,Sophia,director of marketing,is a member of a cross-functional group of managers and employees. The purpose of the group is to gain a deep understanding company's competitive environment and periodically present these findings to top management. Sophia is involved in what type of team?
A) Intelligence team
B) Functional team
C) Task force
D) Project team
E) Espionage team

Accepted Answer

Sophia is involved in an intelligence team, which is a cross-functional group that gathers and analyzes information about the company's competitive environment.

Question 5

Which of the following is NOT involved in the stages of crisis planning?
A) Setting up effective communication systems
B) Creating detailed crisis management plans
C) Investigating all stakeholders
D) Designating a crisis management team and spokesperson
E) Building relationships

Accepted Answer

Investigating all stakeholders is not involved in the stages of crisis planning. The other options are essential components in crisis planning. Effective communication systems, detailed crisis management plans, and a designated crisis management team and spokesperson are crucial for efficient crisis management. Building relationships is also important in crisis planning, as it can help organizations manage crises more effectively by establishing trust and building goodwill with stakeholders. However, investigating all stakeholders is not a specific stage in crisis planning.

Question 6

Alabama Airlines has three planning specialists who help division managers develop their own division plans.Serving as consultants to the divisions,the planning specialists give advice about strengths,weaknesses,opportunities,and threats.Alabama Airlines is utilizing what approach to the planning function?
A) Centralized planning department
B) Decentralized planning staff
C) Planning task force
D) Centralized planning committee
E) TQM

Accepted Answer

Alabama Airlines has a planning staff that is decentralized and serves as consultants to the divisions. This approach is known as a decentralized planning staff.

Question 7

Of the strategic management functions,which is considered the most fundamental?
A) Executing
B) Analyzing
C) Controlling
D) Planning
E) Leading

Accepted Answer

Planning is often considered the most fundamental function of strategic management because it involves setting the direction and identifying the resources necessary to achieve a company's goals and objectives. Without effective planning, it is difficult to successfully execute, analyze or control a company's operations.

Question 8

Silver Star Automobiles holds monthly planning and operational reviews to ensure that it is on track for meeting organizational goals.This involves which stage of the organizational planning process?
A) Developing the plan
B) Translating the plan
C) Plan operations
D) Executing the plan
E) Monitoring and learning

Accepted Answer

The stage of the organizational planning process that involves monthly planning and operational reviews to ensure that goals are being met is monitoring and learning. Therefore, the best answer is E, monitoring and learning. The other stages of the planning process are not directly related to ongoing check-ins to ensure goal progress.

Question 9

One major limitation of goals and plans is:
A) Goals and plans guide resource allocation
B) Goals and plans may cause rigidity in a turbulent environment
C) Goals and plans decrease employee motivation
D) Goals and plans decrease employee commitment
E) None of the above

Accepted Answer

While goals and plans can guide resource allocation and increase employee motivation and commitment, they can also create rigidity in a turbulent environment. Organizations need to be flexible and adapt quickly to changing circumstances, and a rigid adherence to goals and plans can hinder this ability.

Question 10

The two stages of crisis planning include:
A) Prevention and control
B) Planning and leading
C) Prevention and preparation
D) Preparation and control
E) Leading and organizing

Accepted Answer

The two stages of crisis planning are prevention and preparation. Prevention involves taking steps to avoid a crisis from happening in the first place, such as implementing safety protocols or identifying and addressing potential risks. Preparation involves developing a plan of action in case a crisis does occur, including identifying key personnel, communication protocols, and resources needed to respond effectively. Control, planning, leading, and organizing may be components of the overall crisis planning process, but they are not the specific stages.

Question 11

The planning process starts with:
A) A formal mission that defines the organization's purpose
B) Tactical planning
C) Strategic planning
D) Operational planning
E) Controlling performance

Accepted Answer

The planning process starts with establishing a formal mission that defines the organization's purpose, which is the foundation upon which all other planning is based. Without a clear mission, it is impossible to develop effective strategies or tactics and measure performance. Tactical planning, strategic planning, operational planning, and controlling performance all come after the establishment of a mission.

Question 12

Which of the following is a commonly-cited limitation of planning?
A) Plans limit employee motivation and commitment
B) Plans make resource allocation more difficult
C) Plans make it more difficult to measure standards of performance
D) Plans boost intuition and creativity
E) Plans can create a false sense of certainty

Accepted Answer

Planning can create a false sense of certainty because it is based on assumptions about the future which may not come true. This can lead to complacency and overconfidence, which can be detrimental to organizations.

Question 13

A(n)_________ is a cross-functional group of managers and employees who work together to gain a deep understanding of specific business issues,with the aim of presenting insights related to that issue.
A) Espionage team
B) Functional team
C) Task force
D) Project team
E) Intelligence team

Accepted Answer

The answer of A(n)_________ is a cross-functional group of managers...

Question 14

The crisis management plan should be a ____ that specifies the actions to be taken,and by whom,if a crisis occurs.
A) vague, verbal plan
B) detailed, verbal plan
C) long, difficult to read plan
D) vague, written plan
E) detailed, written plan

Accepted Answer

A detailed, written plan is the most effective way to ensure that all necessary actions are taken and by the appropriate individuals in the event of a crisis. A vague, verbal plan or a long, difficult to read plan can lead to confusion and mistakes during a crisis situation. A detailed, written plan allows for clear communication and organization of responsibilities.

Question 15

The plan of action that prescribes resource allocation and other activities for dealing with the environment and helping the organization attain its goals is known as a(n)
A) goal.
B) objective.
C) mission.
D) vision.
E) strategy.

Accepted Answer

The plan of action that prescribes resource allocation and other activities for dealing with the environment and helping the organization attain its goals is known as a strategy. A goal is a broad statement of what the organization hopes to accomplish, an objective is a specific and measurable outcome of a goal, a mission is the organization's purpose, and a vision is a statement of the organization's long-term aspirations. Only a strategy involves specific actions and resource allocation.

Question 16

Jerrica,a finance manager at LRV industries,is asked by her boss to develop a plan in the event that company sales drop by 20 percent or more. This type of plan is known as a(n):
A) Contingency planning
B) Financial planning
C) Crisis planning
D) Consumer protection
E) Environmental planning

Accepted Answer

The type of plan that Jerrica is being asked to develop, which is focused on preparing for potential disruptions or unexpected events, is referred to as contingency planning. Financial planning involves setting financial goals and creating a strategy for achieving them, crisis planning is typically focused on responding to sudden emergencies or disasters, consumer protection is geared towards safeguarding consumer rights, and environmental planning involves managing environmental risks and impacts.

Question 17

Jeff is a top manager at a textile factory. He is developing a crisis plan in the event that the company has a toxic spill or accident. Which of the following should Jeff undertake to prepare for such a crisis?
A) Building relationships with neighboring businesses
B) Detecting signals from the natural environment
C) Polling employees on the likelihood of an environmental disaster
D) Designating a crisis management team in the event of an environmental disaster
E) Dismantling the company's ties to the external media

Accepted Answer

Designating a crisis management team in the event of an environmental disaster is critical to managing a toxic spill or accident. This team must be well-trained and equipped to handle the crisis situation. Building relationships with neighboring businesses may be helpful in managing the crisis, but it is not a primary step in crisis planning. Detecting signals from the natural environment and polling employees on the likelihood of an environmental disaster can be helpful in preventing or mitigating a crisis, but not in managing one. Dismantling the company's ties to the external media is not recommended as transparency and communication are essential during a crisis.

Question 18

The set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as
A) strategy formulation.
B) strategic planning.
C) strategic management.
D) strategy implementation.
E) strategy evaluation.

Accepted Answer

Strategic management involves both strategy formulation and implementation, and also includes ongoing evaluation and monitoring to ensure that the strategies are effective and adaptive to changes in the environment. Strategic planning only refers to the process of developing and documenting specific strategies, while strategy evaluation is focused on measuring the outcomes and results of strategic actions. Therefore, the best answer is C - strategic management - as it encompasses all aspects of the strategic decision-making process.

Question 19

____ enables firms to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization if managers aren't prepared with a quick and appropriate response.
A) Incident planning
B) Contingency planning
C) Strategic planning
D) Crisis planning
E) Emergency planning

Accepted Answer

Crisis planning is specifically designed to deal with unexpected and potentially catastrophic events that can threaten the survival of an organization. It involves preparing for various scenarios, developing response plans, and establishing communication protocols to ensure that leaders can respond quickly and effectively in the face of a crisis.

Question 20

Which type of plan helps managers implement the overall strategic plan?
A) Operational
B) Contingency
C) Tactical
D) Crisis
E) Corporate-level

Accepted Answer

Tactical plans are designed to help managers implement the overall strategic plan by outlining specific actions and timelines for achieving intermediate-term goals. Operational plans focus on day-to-day activities, contingency plans outline procedures to follow in case of unexpected events, crisis plans deal with emergencies, and corporate-level plans focus on the overall direction of the organization.

Quiz 5: Managerial Planning and Goal Setting

Traditionally,if Stephanie,CEO of Butterfly Pillows,needed to conduct corporate planning,it would be performed by all of the following EXCEPT

The condition that exists when the organization's parts interact to produce a joint effect that is greater than the sum of the parts acting alone is known as

___________ are reasonable yet highly ambitious goals that are so clear,compelling,and imaginative that they fire up employees and engender excellence.

At Save-tech,Sophia,director of marketing,is a member of a cross-functional group of managers and employees. The purpose of the group is to gain a deep understanding company's competitive environment and periodically present these findings to top management. Sophia is involved in what type of team?

Which of the following is NOT involved in the stages of crisis planning?

Of the strategic management functions,which is considered the most fundamental?

Silver Star Automobiles holds monthly planning and operational reviews to ensure that it is on track for meeting organizational goals.This involves which stage of the organizational planning process?

One major limitation of goals and plans is:

The two stages of crisis planning include:

The planning process starts with:

Which of the following is a commonly-cited limitation of planning?

A(n) _________ is a cross-functional group of managers and employees who work together to gain a deep understanding of specific business issues,with the aim of presenting insights related to that issue.

The crisis management plan should be a ____ that specifies the actions to be taken,and by whom,if a crisis occurs.

The plan of action that prescribes resource allocation and other activities for dealing with the environment and helping the organization attain its goals is known as a(n)

Jerrica,a finance manager at LRV industries,is asked by her boss to develop a plan in the event that company sales drop by 20 percent or more. This type of plan is known as a(n) :

Jeff is a top manager at a textile factory. He is developing a crisis plan in the event that the company has a toxic spill or accident. Which of the following should Jeff undertake to prepare for such a crisis?

The set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as

____ enables firms to cope with unexpected events that are so sudden and devastating that they have the potential to destroy the organization if managers aren't prepared with a quick and appropriate response.

Which type of plan helps managers implement the overall strategic plan?