Exam 5: Planning and Decision Making

In the context of the strategic planning process, a critical task in environmental analysis is ________ future trends.

To be effective, goals should be measurable, specific, attainable, relevant, and time-bound.

"Our business needs a steady supply of raw milk," said Beatrice Gomez, CEO of Bea's Ice Cream, "But Holly Dairy Farms is unable to deliver with certainty, and they keep raising prices. This year, I want us to expand our business by buying our own dairy farm." Beatrice is advocating a(n) ________ strategy.

Bret Nunnelly, lab manager, devised a schedule so that the lab chemists could run the experiments over the next two weeks. This decision is part of operational planning because it

Decision makers who search for ________ solutions use ideas they have tried before or follow the advice of others who have faced similar problems.

Making decisions about an organization's short-term goals and tactics is known as strategic planning.

Five executives attended a meeting that was being held at the company. A decision needed to be made about the following year's marketing campaign. Sam, an outspoken and aggressive person, insisted that his ideas be followed because there could not be a better alternative. No one else contributed to the discussion, and Sam's views were accepted. This group discussion suffered from

In an attempt to make a conflict between two employees less personal and emotional, their manager instructs them to approach the same problem from a different viewpoint. They have a structured debate and come to a conclusion that suits both employees. This is an example of using the ________ approach.

The first step in strategy implementation involves articulating in simple language what a particular business must do to create or sustain a competitive advantage. This step involves

Strategic goals are

Bob's division posted sales of $10 million in the previous fiscal year, falling short of the budgeted $11 million. The shortfall was due to a variety of factors, including staffing turnover, client-directed work scope reductions, increased competition from new entrants to the marketplace, and an unfavorable economy. In Bob's annual performance review, Bob's manager directed Bob to develop two SMART goals for the coming year-one to address division sales, and one to address staffing turnover. Provide a hypothetical example of each.

Situational analysis is the first step in the formal planning process. Next, a manager should generate alternative goals and plans based upon the findings of the situational analysis. Describe the benefits of generating these alternatives.

All of the following are considered stakeholders EXCEPT those groups and individuals who

Strategic goals

Larner Corp., an American company, is trying to decide whether to open its first international branch in Europe or Asia. The managers of the company are operating under a condition of

The manager of a restaurant noticed that the number of customers in the evening was decreasing. She promptly ordered the chef to revise the evening menu. Later, customer feedback indicated that the problem was not the menu but poor service from the waitstaff. The manager's decision to have the menu revised suggests that she failed to

Explain how managers make decisions under time pressure that are timely and of high quality.

Sip Well Corp. had focused only on alcoholic beverages for the last two decades. Now, as part of a(n) ________ strategy, the company is considering entering the soft drink market.

Which level of manager is known as a tactical manager?

________ planning is the process of identifying the specific procedures and processes required at lower levels of an organization.