According to the video clip, which of the following is correct?
The future is often unpredictable.
The future is never unpredictable.
The future is always unpredictable.
The future is sometimes unpredictable.
Which of the following is not an example of the “unexpected” happening?
You lose a key customer.
Your competitor continues doing what it has always done.
A talented employee jumps ship and moves to a competitor.
Your competitor introduces an innovative product.
How can a manager plan effectively in dynamic environments?
Have one good, well-researched plan.
Consult with experts.
Be flexible by planning for multiple scenarios.
Do a good job planning up front, and then stick with that plan.
Planning is often called the primary management function because _____________.
it is concerned first with means then with ends
it establishes the basis for all the other things managers do
senior-level managers make the overall plan for the whole organization
it happens first
Melanie, a department head, worked with her subordinates to develop a plan for the department in support of the strategic plan for the organization. This department plan was communicated to all employees, who were then expected to develop their own personal and team plans to help achieve the department goals. Which one of the following reasons for planning is fulfilled by this practice?
Planning establishes coordinated effort.
Planning makes goals unnecessary.
Planning reduces competition.
Planning allows the use of intuition.
Rodrigo balked against having to create a personal plan with goals for the next 12 months, claiming that planning and goals would lock the organization into a course of action that may not fit the future as the competitive landscape changes. Which one of the following is the best response to Rodrigo?
Managers must plan because it is one of the four major functions of management.
When managers plan, they should be open to forging into uncharted waters
Managers need to remain flexible and not be tied to a course of action simply because it's the plan.
Managers may need to face the unknown and be open to new ways of doing things.
Nita believes that her firm's closest competitor is about to launch a new product that could jeopardize her firm's market share, but upper management does not share her view. Nita is facing which criticism of planning?
Managers may need to face the unknown.
Planning forces managers' attention on today's competition, not on tomorrow's survival.
Formal plans can't replace intuition and creativity.
Planning may create rigidity.
What part of planning helps managers with controlling?
ensuring that employees know what each other are doing
ensuring that employees know how much they are being paid
ensuring that employees know what they need to accomplish
ensuring that employees know what corrective action will be taken
One significant difference between traditional goal setting and management by objective is that __________.
traditional goal setting is more motivational in nature
traditional goal setting is more effective
in the MBO process, goals are set jointly with the person responsible for achieving them
the MBO goals reduce productivity
Documents such as resource allocations and schedules are examples of _____.
actions
plans
strategies
objectives
One similarity between goals and objectives is in their __________.
scope
time frame
future orientation
specificity
Management by objectives is more effective when ________.
goals are easily attained
goals are communicated to everyone in the organization
top management is committed to the process
positive feedback is provided to the employee
A policy is an example of which type of plan?
resource
single-use
directional
standing
To be able to offer low prices every day, Walmart developed a purchasing system that captures information at the point of sale to relieve inventory and to trigger the generation of purchase orders that are automatically sent to vendors without human intervention. This system has become one of Walmart's _____________.
opportunities
resources
core competencies
assets
It is well known that Disney sets the standard for moving people through wait lines. After customers complained about trying to pick the fastest checkout line—and often failing—the owner of a supermarket visited Disney to see how they managed their extremely long lines of people. The owner was _____________ to find a method that would lead to an advantage over his competitors.
benchmarking
negotiating
strategizing
scenario planning
All good strategic management processes start with __________.
articulating the mission and vision
doing an external analysis
doing an internal analysis
measuring capabilities
Which one of the following is the best example of a strategic plan?
The mid-level manager sets goals for her department for the next six months.
The group-home manager begins to build a file on one of her employees to demonstrate poor performance, with the intent of eventually terminating her employment.
In the movie Moneyball, the team manager decided to use statistical data to analyze and place value on the players he picks for the team.
The first-line supervisor of the boat manufacturer assigns work orders to specific machines for the coming week.
Quentin and his team are generating a report that includes a list of the plant and equipment owned by the firm, the balances in its financial accounts, a skills matrix of its employees, and an analysis of news articles written about the firm in the past year. Quentin's team is analyzing the firm's __________.
quality
economic environment
capabilities
Which of Porter’s competitive strategies is Costco using?
focus
differentiation
stuck in the middle
cost leadership
When Taylor Made introduces a new golf driver, which of the following could be considered a substitute product?
Taylor Made putter
Nike golf driver
golf club grips
used golf driver
If Apple were to expand beyond iPads and iPhones to make an iFridge, what type of growth strategy would that be?
vertical integration
unrelated diversification
related diversification
horizontal integration
BlackBerry has faced declining sales, customer complaints, loss of key executives, a massive decline in stock value, and threats of a corporate acquisition. The generic strategy it should be considering is which of the following?
growth
stability
renewal
functional
Each of the dozens of hamburger franchises focus on some feature of its sandwich to persuade customers to prefer its brand to all others. These restaurants are pursuing a ___________ strategy.
retention
innovation
