Ch 5

Question 1

The ability of an organization to produce goods or services more than effectively than its competitors do(Outperforming them)

Answer 1

Competitive Advantage

Question 2

occurs when an organization is able to get and stay ahead in 4 areas

Answer 2

Sustainable Competitive Advantage
1. Responsive to customers
2.Innovating
3.Quality
4.Effectiveness

Question 3

Fundamentals of planning

Answer 3

Mission, Vision, and value statements

Question 4

The mission statement

Answer 4

“What is our reason of being”

Question 5

The vision statement

Answer 5

“What do we want to become”

Question 6

The value statement

Answer 6

“What values do we want to emphasize”

Question 7

S.M.A.R.T goals

Answer 7

Specific, Measurable, Attainable, Results-oriented, Target date

Question 8

Goals should be stated in specific terms

Answer 8

Specific (SMART)

Question 9

Goals should be measured or qualifiable

Answer 9

Measurable (SMART)

Question 10

Goals should be realistic

Answer 10

Attainable (SMART)

Question 11

Goals should support the organizations vision

Answer 11

Result-oriented (SMART)

Question 12

Goals should have deadline dates for attainment

Answer 12

Target Date (SMART)

Question 13

Done by top managers within 1-5 years

Answer 13

Strategic planning

Question 14

Done by middle managers within 6-24 months

Answer 14

Tactical planning

Question 15

Done by first line managers for 1-52 weeks

Answer 15

Operational planning