CMN 136 Final Exam Questions and Answers Rated A

CMN 136 Final Exam Questions and Answers Rated A 1. What does the acronym "SMART" mean? What is it used for? SMART = Specific, Measurable, Attainable, Relevant, and Timely. SMART are goals. - SMART - is one of the most effective tools used by high achievers to reach their business goals consistently. - SMART is a best practice framework for setting goals. A SMART goal should be specific, measurable, achievable, realistic and time-bound. - Is intended to help a manager or other employee who is tasked with setting goals to clarify exactly what will be required for achieving success and to be able to share that clarification with others. 2. What are the categories for planning in large organizations? What were the main points in the section "Evaluate goals and plans?" What are the "3 E's" of the planning process? Categories for planning in large corporations: 1. Goals for Sales 2. Growth 3. Financial Strength 4. Profitability 5. Efficiency 6. Management Effectiveness Mani points in "Evaluate goals and plans" - Most individuals and organizations have multiple goals, but not of the same values. - Having too many goals, especially goals of equal value to you, is counterproductive - It is best to have just a few, less than ten. - A useful exercise for personal planning is to list 50 or 60 goals and then put them into categories such as Professional, Family, Health, Wealth, Spiritual, Travel etc. - A key element in evaluating alternative plans is to attach a cost to each alternative. - The plan is not complete until the costs and sources of funds have been clearly identified. - Once the costs and the benefits of each alternative have been determined, then some alternatives can usually be eliminated from further consideration. - The challenge is to select alternative plans that are in lin 3. What are the three scenarios planners consider? The three scenarios planners consider: 1. Optimistic - assumes the general economy will be robust and sales will be at the highest estimated levels and expenses will be at the lowest. 2. Pessimistic - the opposite of the optimistic, 3. Most Likely - will the organization survive, 4. Know what is said under "Implement goals and plans Implement goals and plans: - Business leaders also have to be implementers. - Making the proper decision is not enough. - You have to put ideas in actions. - In most situations, the key element to successful implementation of a plan is to properly allocate money and people. - The key document is the annual budget. A wise business manager once claimed, "If your budget for next year is the same as it was for the last year, then your plan for next year is to do what you did last year." - The other key element is people. Most major changes involve having people perform different tasks. - Workers are typically moved from one department to another as plans dictate. - Job descriptions may need to be rewritten - People may have to report to a new boss - Expectations for raises and promotions may have to change to reflect the new corporate goals. - The concept to remember is that if you don't move money and/or people then nothing changes. 5. What are the six "basic company strategies?" What does each of them mean, and what were the example companies mentioned? The six "basic company strategies 1. Low-Cost Provider Strategy (Wal-Mart) Any business can simply lower the price they charge for their goods or services and operate on a lower gross margin. Margin is refer as the percentage applied to the difference between the cost of the good being sold and the selling price divided by the selling price. - Is the strategy of selling at a lower price and then your competitors to stimulate demand and again market share. - Wal-Mart is the one of the most successful low-cost providers