Exam 5: Managerial Planning and Goal Setting

List Porter's competitive forces.

An action plan defines the course of action needed to achieve the stated goals.

Plans that define company responses to specific situations,such as emergencies,setbacks,or unexpected conditions are called ____________________ plans.

Research has shown that strategic thinking and planning positively affect a firm's performance and financial success.

A group of planning specialists assigned to major departments and divisions to help managers develop their own strategic plans is called ____________________.

Scenario - SendToMe.com SendToMe.com is a large, diversified distributing company. The company is organized into three divisions: personal products, diagnostic equipment, and office equipment. The personal products division consists primarily of toiletry products for the individual consumer. The products include shampoos, conditioners, bath soaps, and mouthwash. All of the products are sold under store brand labels; typically, the company signs an agreement with a discount store, and the products are sold under the store's label. Sales of this division (and in the industry) have been relatively stable for the past ten years, and the division enjoys a dominant market share. Due to increased efficiencies in manufacturing and distribution, profits from the division have risen. The diagnostic equipment division specializes in developing and marketing medical equipment, specifically equipment used in blood analysis. National sales for medical diagnostic equipment have been growing over 20 percent per year for the last five years. However, sales for this division are stagnant and there has been some discussion among senior management about divesting this division. The office equipment division manufactures a high quality line of office furniture. The products are distributed through better office equipment stores and interior design firms. Sales in this division have more than doubled over the past five years. -Refer to the scenario above.To assess the internal and external environmental forces that need to be addressed so the company can remain profitable,SendToMe.com needs to conduct a:

Which of the following refers to the planning and decision making that lead to the establishment of the organization's goals and of a specific strategic plan?

The administration and implementation of the strategic plan is strategy execution.

With the leveling force of the Internet and information technology,it has become easier for many companies to find ways to distinguish themselves from their competitors.

The act of determining the organization's goals and the means for achieving them is referred to as ____________________.

The plan of action that prescribes resource allocation and other activities for dealing with the environment and helping the organization attain its goals is known as a(n)

____ involves looking at trends and discontinuities and imagining possible alternative future to build a framework within which unexpected future events can be managed.

Strategic management largely determines which organizations succeed and which ones struggle.

An organization's mission describes its reason for existence.

Crisis plans define company responses to be taken in the case of emergencies,setbacks,or unexpected conditions.

Jeff is a top manager at a textile factory. He is developing a crisis plan in the event that the company has a toxic spill or accident. Which of the following should Jeff undertake to prepare for such a crisis?

Contingency plans are also referred to as

___________ are reasonable yet highly ambitious goals that are so clear,compelling,and imaginative that they fire up employees and engender excellence.

The ability to influence people to adopt the new behaviors needed for strategy implementation is called _________.

List the five characteristics of effective goals.