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Exam 5: Planning: the Foundation of Successful Management

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Question 41

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VRIO is a framework for analyzing a resource or capability to determine its competitive strategic potential by answering four questions.VRIO stands for

A) visibility,relativity,illumination,and obscurity.
B) vendors,relationships,introductions,and operations.
C) volatility,risk,instability,and obstacles.
D) value,rarity,imitability,and organization.
E) viability,respect,impact,and outreach.

F) A) and B)
G) All of the above

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Question 42

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A _____ is a single-use plan encompassing a variety of projects or activities.

A) program
B) rule
C) policy
D) project
E) procedure

F) B) and C)
G) A) and E)

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Question 43

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The purpose of MBO is to

MBO works by objectives moving through the organization;that is,top managers set general organizational objectives,which are translated into divisional objectives,which are translated into departmental objectives.The hierarchy ends in individual objectives set by each employee.This is an example of MBO working as objectives ______ through the organization.

Research on MBO shows that people are impelled to set more difficult goals when

________ is the primary reason for an organization to adopt planning and strategic management.

The ______ are strategic,tactical,and operational.

A business model outlines what customer needs the company will satisfy,the operations of the business,the company components and functions,and the projected revenue and expenses.

____ is the process for motivating employee performance in which the manager and employee jointly set objectives for the employee,the manager develops action plans,the manager and employee periodically review the employee's performance,and the manager makes a performance appraisal and rewards the employee according to the results achieved.

This question has multiple parts;be sure to answer each one.First,explain how a company's approach to planning and its mission become translated into action plans.Second,imagine that you have just purchased a local ice cream/yogurt store.There are three other similar stores in the city,and yours is the smallest.Write a mission statement and a vision statement,and create an action plan for achieving your vision. Journalist Dick Leider writes,"Everyone wants a clear reason to get up in the morning." He continues,"As humans we hunger for meaning and purpose in our lives." And what is that purpose? "Life never lacks purpose." "Purpose is innate-but it is up to each of us individually to discover or rediscover it." An organization has a purpose,too-a mission.And managers must have an idea of where they want the organization to go-a vision. An organization's reason for being is expressed in a mission statement.What the organization wishes to become is expressed in a vision statement.From these are derived strategic planning,then tactical planning,and finally operational planning.The purpose of each kind of planning is to specify goals and action plans that ultimately pave the way toward achieving an organization's vision.

Deon is opening a car wash,and he has approached SCORE,an SBA organization that assists small-business owners in setting up their companies.As a new business owner,the SCORE counselors would probably advise Deon to

A short-term usually spans ______ while a long-term goal typically spans

Tasty Sandwiches trains its employees to always put the sandwich condiments on the sandwich in the same order.Also,Tasty Sandwiches is known for treating its employees well and enjoys some of the lowest employee turnover in the industry.As a result,it is one of three companies being featured in a 20-minute piece on a national newscast to discuss this honor.Identify the types of standing plans and single-use plans.Discuss how Tasty Sandwiches might apply a standing plan and a single-use plan.Include examples in your response.(That is,make all your examples relevant to a sandwich shop. )

The first three steps in planning his organization are (in the correct order)

What is the primary objective of a plan?

An organization's _______ expresses the need the firm will fill,the operations of the business,its components and functions,and the expected revenues and expenses.

One Fortune article states that "vision should describe what's happening to the world you compete in and what you want to do about it" and

Based on the VRIO framework,which of the following start-up companies has the least potential to have a competitive advantage,to be profitable,and to grow?

As a manager,you meet with each of your team members quarterly to review their progress toward their written and agreed-upon goals.One of your employees,Claire,had a goal of increasing sales in her territory by 10% in the first quarter of the year.However,when you review Claire's sales numbers,you see that her sales have actually gone down.You know that Claire is a hard worker and has an excellent relationship with her customers.When you sit down to discuss Claire's performance,she explains what is happening in her territory.A major automobile manufacturer,which once provided 25,000 jobs,has moved its operations to Mexico and laid off all 25,000 of its workers.As a result,the economy in Claire's region has become quite depressed,and the residents are living off their savings.Taking the steps of the planning/control cycle into account,what is your best course of action with Claire?

While sitting at her desk,Ann is setting goals and deciding how to achieve them.She is