MGT 301 CHAPTER 5 QUESTIONS
AND ANSWERS
The purpose of ______ is to set goals and decide on the courses of action that will be
used to achieve them. -ANSplanning
A business plan is a document that outlines ______.
the need the firm will fill, the operations of the business, and its expected revenues and
expenses
the organization's long-term goals and direction
a firm's resources or capabilities along with their competitive strategic potential
a proposed firm's goals, strategy for achieving them, and standards for measuring
success -ANSa proposed firm's goals, strategy for achieving them, and standards for
measuring success
Select all that apply
Which should be included in a firm's business model?
How the firm will market to customers
The firm's strategy for achieving its goals
The firm's expected revenues and expenses
The firm's standards for measuring success
A description of the industry the firm is entering -ANSHow the firm will market to
customers
The firm's expected revenues and expenses
A description of the industry the firm is entering
A company's strategy can best be described as a(n) ______ about what long-term goals
or direction to pursue for the survival or prosperity of the organization. -ANSeducated
guess
, True or false: One reason a company might create a bad strategic plan is because they
make incorrect assumptions about what will happen in the market going forward. -
ANSTrue
The document that details how a company's goals are to be met is called a(n) ______. -
ANSplan
Strategic planning can help encourage new ideas by stressing the importance of
______ in achieving long-range success. -ANSinnovation
A document that outlines a proposed firm's goals, its strategy for achieving those goals,
and the standards for measuring success is known as a _______. -ANSbusiness plan
A company's _____ is the purpose of the organization. -ANSmission
A firm's business _______ should include a description of the need the firm will fill, the
operations of the business, its components and functions, and the expected revenues
and expenses. -ANSmodel
The company's mission statement tells us ______. -ANSthe company's reason for being
The company's vision statement tells us ______. -ANSwhat the company wants to
become
The company's values statement tells us ______. -ANSWhich values the company want
to emphasize
A ______ sets the long-term goals and direction for an organization. -ANSstrategy
A company's ______ statement should provide a clear sense of the future and the
actions needed to get there. -ANSvision
Without having a plan in place, managers may focus only on ______ instead of keeping
a long-range view and anticipating new opportunities.
whatever is in front of them
emerging opportunities for expansion
overall company strategy
competitors' movements -ANSwhatever is in front of them
Select all that apply
A company's values statement expresses which of the following things?
AND ANSWERS
The purpose of ______ is to set goals and decide on the courses of action that will be
used to achieve them. -ANSplanning
A business plan is a document that outlines ______.
the need the firm will fill, the operations of the business, and its expected revenues and
expenses
the organization's long-term goals and direction
a firm's resources or capabilities along with their competitive strategic potential
a proposed firm's goals, strategy for achieving them, and standards for measuring
success -ANSa proposed firm's goals, strategy for achieving them, and standards for
measuring success
Select all that apply
Which should be included in a firm's business model?
How the firm will market to customers
The firm's strategy for achieving its goals
The firm's expected revenues and expenses
The firm's standards for measuring success
A description of the industry the firm is entering -ANSHow the firm will market to
customers
The firm's expected revenues and expenses
A description of the industry the firm is entering
A company's strategy can best be described as a(n) ______ about what long-term goals
or direction to pursue for the survival or prosperity of the organization. -ANSeducated
guess
, True or false: One reason a company might create a bad strategic plan is because they
make incorrect assumptions about what will happen in the market going forward. -
ANSTrue
The document that details how a company's goals are to be met is called a(n) ______. -
ANSplan
Strategic planning can help encourage new ideas by stressing the importance of
______ in achieving long-range success. -ANSinnovation
A document that outlines a proposed firm's goals, its strategy for achieving those goals,
and the standards for measuring success is known as a _______. -ANSbusiness plan
A company's _____ is the purpose of the organization. -ANSmission
A firm's business _______ should include a description of the need the firm will fill, the
operations of the business, its components and functions, and the expected revenues
and expenses. -ANSmodel
The company's mission statement tells us ______. -ANSthe company's reason for being
The company's vision statement tells us ______. -ANSwhat the company wants to
become
The company's values statement tells us ______. -ANSWhich values the company want
to emphasize
A ______ sets the long-term goals and direction for an organization. -ANSstrategy
A company's ______ statement should provide a clear sense of the future and the
actions needed to get there. -ANSvision
Without having a plan in place, managers may focus only on ______ instead of keeping
a long-range view and anticipating new opportunities.
whatever is in front of them
emerging opportunities for expansion
overall company strategy
competitors' movements -ANSwhatever is in front of them
Select all that apply
A company's values statement expresses which of the following things?
