Exam 8: The Manager As a Planner and Strategist

The management team of an automobile company's luxury division decides to release a new model a month ahead of the planned date and notifies all departments associated with the division. The departmental managers must alter their ________ plans to accommodate the earlier release.

The organizers of an upcoming festival conduct a meeting to discuss the steps that would be taken in the event of various weather or community events that may impact the festival. This activity is an example of ________ planning.

After several months of planning, a team of managers has defined new strategies for the organization and is ready for implementation. What additional planning activities will the managers likely face to implement the strategies?

As an event planner, Nicole prepares a detailed summary of the client's specific requirements, activities to be performed, and target dates for each activity. This is an example of a ________ plan.

In pursuing a ________ strategy, managers aim to make their organization the lowest-cost company serving a select few segments of the overall market.

The home page for a pet daycare says it strives to "provide an affordable and safe home away from home where your pets are treated like family and our employees love them like their own." This excerpt is part of the business's

Although it was not explicitly noted in the employee handbook, Jennie was told at the start of her internship that employees are expected to dress in business casual attire each day. This dress code is a ________ of the organization.

Scenario planning is one of the most widely used planning methods or techniques. Explain why it is so popular and how scenario planning improves the planning process.

HiTech decides to begin distributing products in other countries, but it will not invest in customizations for any specific national market. HiTech is following a multidomestic strategy.

A company that enters a new business area in order to leverage existing expertise and achieve synergy across the newly combined set of products is following a ________ strategy.

A large pharmaceutical company decides to reduce the price of a medication to encourage physicians to continue prescribing it as generic brands have entered the market. According to the five forces model, which competitive force is the company addressing?

Pinnacle Financial Services managers meet annually to create a list of potential future complications and plan how to respond to each possibility. Pinnacle is practicing ________ planning.

Pursuing international expansion through ________ exhibits the most risk and is the most expensive due to the high level of foreign investment required.

The first step in planning for an organization is

ACME is known for offering exclusive features that are not available by its competitors and charging a higher price for its appliances. ACME is following a differentiation strategy.

Two divisions of a company decide to consolidate manufacturing facilities to maximize supplier discounts, optimize inventory management, and reduce fixed costs. This is an example of

A(n)________ is a group of related managerial decisions and actions to help an organization achieve its goals.

A local bike shop offers free tune-ups and simple repairs for any bike purchased there and even provides free pick-up and delivery service for local customers. The shop is able to provide these exclusive services by selling its bikes at a premium price. The shop is following a ________ strategy.

According to Michael Porter, managers have two basic ways of increasing the value of an organization's product: differentiating the product or lowering the costs of making it. Define each strategy and analyze its impact on profits and the entry of new competitors into the industry.

The CEO of Blake's company effectively motivates employees by actively engaging them in her vision of the company's goals and what she believes they can achieve in the industry. The CEO exhibits ________ skills.