Exam 5: Foundations of Planning

A mission statement for a kayak manufacturer might be as follows: To make the highest-quality kayaks and sell them at a competitive price.

In a short essay, describe the first two steps in the strategic management process.

Taco Rocket (Scenario) Imagine that you are the president of Taco Rocket, a new and successful chain of 8 Mexican fast-food restaurants. The success you have experienced in the last 5 years has you thinking of what to do with the business next. Should you expand the business at the current rate? Open new and different restaurants? What? -You are thinking of buying a tortilla factory in a nearby state.This action would be an example of ________.

Southwest Airlines studied race car pit crews as an example of benchmarking.

In a short essay, list and discuss two reasons for planning.

A company that is on the verge of collapse or bankruptcy might employ this strategy.

The U.S.Federal Trade Commission monitors horizontal integration carefully to make sure that consumers aren't harmed by which of the following?

The most drastic renewal strategy an organization can carry out is a retrenchment strategy.

A sneaker company creating its own stores where it sells only its own brand is an example of which of the following?

A corporate strategy focuses primarily on ________.

Standing plans typically can be used ________.

An external analysis, the second step of the strategic management process, helps identify ________.

Most managers feel that formal, top-down plans created by corporate planning departments are ________.

In the twenty-first century, managers increasingly need to consider their plans as ________.

Which term refers to an organization's capital, workers, and patents?

Which goal-setting sequence is correct for the following steps? 1.Evaluate resources. 2)Identify goals. 3)Review the mission and job tasks. 4)Communicate goals. 5)Link rewards to goals. 6)Build feedback mechanisms.

A cell phone company might ask managers to do some environmental scanning of blogs that deal with electronics as a way to ________.

Planning gives organizations direction that primarily helps them ________.

A company that looks for a niche in the market is following which strategy?

Long-term plans used to refer to plans that covered a period of over three years, but now it refers to any time period over one year.