chapter 5: the foundation of successful management

Question 1

massive and ongoing cross- cultural investigation of nine cultural dimensions involved in leadership and organization

Answer 1

planning

Question 2

document that outlines how goals are going to be met

Answer 2

plan

Question 3

document that outlines a proposed firm’s goals, the strategy for achieving them, and the standards for measuring success

Answer 3

business plan

Question 4

outline of need the firm will, the operations of the business, its components and functions, as well as the expected revenues and expenses

Answer 4

business plan

Question 5

what does the business plan include?

Answer 5

-How the firm will market to customers
-The firm’s expected revenues and expenses
-Description of the industry the firm is entering

Question 6

a large scale action plan that sets the direction for an organization

Answer 6

strategy

Question 7

a process that involves managers form all parts of the organization in the formulation and the implementation of strategies and strategic goals

Answer 7

Strategic management

Question 8

mission statement

Answer 8

what is our reason for being?

Question 9

vision statement

Answer 9

what do we want to become?

Question 10

a long term goal describing what and organization wants to become; it is a clear sense of the future and the actions needed to get there

Answer 10

vision

Question 11

employees understand the vision statement

Answer 11

clarity

Question 12

the vision statement describes the future not the current state

Answer 12

future focus

Question 13

• the future is described as hypothetical and difficult, but achievable

Answer 13

abstraction and challenge

Question 14

value statement

Answer 14

what values do we want to emphasize?

Question 15

strategic planning

Answer 15

• top managers
• 1-5 years
• long term decisions

Question 16

tactical planning

Answer 16

• middle management
• 6-24 months
• Implement policies and plans of top management

Question 17

operational planning

Answer 17

• first line managers and team leaders
• 1-52 weeks
• direct daily tasks; follow procedures

Question 18

(aka objective) a specific commitment to achieve a measurable result within a stated period of time

Answer 18

goals

Question 19

1-5 years and focus on achieving the strategies identified in a company’s strategic plan aka strategic goals

Answer 19

long term goals

Question 20

goals that are set by and for top management and focus on objectives for the organization as a whole

Answer 20

strategic goals

Question 21

span 12 months and are connected to strategic goals in hierarchy know as a means end chain

Answer 21

short term goals

Question 22

hierarchy of goals; in the chain of management (operational, tactical, strategic) the accomplishment of low- level goals are the means leading to the accomplishment of high level goals or ends

Answer 22

means end chain

Question 23

typically designed for a 1 year period; defines how a manager will conduct his or her business based on the action plan; the operating plan identifies clear targets such as revenues, cash flow, and market share

Answer 23

operating plan

Question 24

one that is specific, measurable, attainable, and results- oriented, ans has target dates

Answer 24

SMART

Question 25

objectives are structured in an unified hierarchy, becoming more specific at lower levels of the organization

Answer 25

cascade

Question 26

4 step process for motivating employees

Answer 26

1. jointly set objectives 2. develop an action plan 3. review performance 4. giver performance appraisal and rewards

Question 27

two planning steps

Answer 27

1. make the plan 2. carry out the plan

Question 28

two control steps

Answer 28

3. control the direction by comparing results with the plan 4. correct deviations; improve futrue plans