Ch. 5
T or F: A company's Mission and Vision is the foundation of an organization's planning and strategic management.
T or F: Sustainable competitive advantage occurs when an organization is able to get and stay ahead in being responsive to customers, in innovating, in quality, and in effectiveness.
T or F: Decision making is the process of identifying and choosing alternative courses of action
According to Richard Branson, founder of Virgin Atlantic airlines, you can set a really hard goal, such as increasing your class study time 50%, which is "stretching yourself beyond what your mind might think is safe," also known as a(n) ____.
T or F: The vision is an organization's purpose or reason for being, and a company's mission statement is its long-term goal of what it wants to become.
Dave has been in the landscaping business for over 40 years, and when Eric and Marc, his business partners, suggested adding snow removal as an extra service, Dave responded with "My gut feeling is to say yes because of my experience in the past and what I have seen other companies do over the years, both successfully and not." Dave's response to Eric and Marc is known as _____.
Plans developed for activities that are not likely to be repeated in the future, such as plans for programs or projects, are _____.
________ is an organization-wide commitment to continuous improvement, product attribute, and customer needs.
Is the proposed action legal? If yes, does the proposed action maximize shareholder value? If yes, is the proposed action ethical? If no, would it be ethical not to take the proposed action? These are four questions that managers of all organizations should ask when confronted with a decision on an action according to _____.
T or F: Don, a CEO, has decided to utilize MBO in his retail outlets across the Midwest. He made this decision because of its emphasis on converting general objectives into broad ones for the upper management of an organization.
Delux Technology has a reputation of reliability and winning customer service, building this highly respected name brand over the last 15 years. As a speaker at a business conference, Steve, the CEO of Delux, told his audience that "We have built our reputation by changing little over the last several years, but consistently helping customers with great, caring service and a reliable product." Delux Technology utilizes a ____.
Style Mart uses time-series forecasts, such as past holiday sales and the strength of store sales this year to predict future sales based on patterns of historical data. This is an application of ___.