Exam 4: Managing Planning and Strategy

A mission statement is a broad declaration of an organization's overriding purpose intended to identify its products and customers and distinguish itself from other similar organizations.

Plans with a time horizon between one and five years are referred to as:

Corporate and business-level plans are generally short term relative to functional level plans.

Planning gives managers a sense of direction and purpose.

A functional-level strategy to accomplish the goal of reducing costs in the production department,might be to invest in state-of-the-art European facilities.

Implementing strategy may require:

A ______________ is a broad declaration of an organization's overriding purpose intended to identify its products and customers and distinguish itself from other similar organizations.

Crisis management:

The organization's vision is generally set by:

Plans with a time horizon of five years or more are referred to as:

An example of contingency planning is when shell oil generated multiple scenarios about conditions in the world oil market that might prevail in the future,and then developed plans of what the company should do in the event that any of these scenarios actually occurred.

Discuss time horizons in terms of long-term plans,intermediate plans,and short-term plans and provide one example of each type of plan.

A SWOT analysis begins with an examination of the internal dynamics of the organization.

Through the use of a ________,managers try to gain a competitive advantage by driving the organization's costs down below the cost of its rivals.

Which of the following is a general guide to action?

When a company generates multiple forecasts of future conditions followed by an analysis of how to respond effectively to each of those conditions,this is known as:

A differentiation strategy is one in which the managers try to distinguish the organization's product from the products of competitors.

In general,corporate-level planning is the primary responsibility of top management while business-level planning is the primary responsibility of supervisors.

Crisis management is the same as contingency planning.

All functional managers should pay attention to all of the following goals,except?