Cameron started his own photography business. He wants to write a good mission statement that explains his company's reason for existence. What is one guideline he should follow in writing his mission statement?

5. It should be clear and concise.

1. It should be long and include complex details.

2. It should be written in technical industry jargon.

3. It should answer every question its customers could ever want answers to.

4. It should be short and vague.

Which of the following statements is true of a mission statement?

4. A well-developed mission statement, no matter what the industry or size of business, will answer five basic questions.

1. A mission statement seeks to answer the question: "Why should you finance our business?"

2. A good mission statement is a complex, detailed statement that explains how the organization will contribute to its specific industry.

3. What a mission statement includes depends on the industry and size of the business.

5. A well-developed mission statement should answer every possible question the company's customers could have about its processes and products.

Which of the following questions does the mission statement of an organization seek to answer?

2. How do we expand our business?

3. What are our staffing requirements?

4. Why are we not cost effective?

5. How do we meet the annual sales target?

Which of these basic questions will be answered by a well-developed mission statement?

2. How do we expand our business?

3. How do we acquire customers?

Nolan's jewelry business has grown from a small startup in his room to a chain of outlets all over the country. His business has the potential to expand further, provided he has the resources. To attract investors and other resources, he is required to create a mission statement for his company. If he highlights that his gems come from countries with fair labor practices, which basic question of a well-developed mission statement is he addressing?

1. What are our responsibilities with respect to being a good steward of environmental, financial, and human resources?

2. When do we plan to go international?

5. How will we source our products?

Jamal owns a surf shop in Hawaii. His business is doing well, catering to local surfers and tourists who want to learn to surf. He has developed a strong organizational culture, a good marketing plan, and a coherent business strategy. What serves as the foundation for developing these strengths?

2. a mission statement that delivers a clear answer to the five basic questions

1. a plan for achieving success

3. an elaborate set of business goals

4. a set of clear and measurable objectives

In the context of company goals, which of the following is an effective practice?

3. Company goals should be specific.

1. A company should pursue only one goal at a time.

2. A company should use its goal as a substitute for its mission.

4. Company goals should not be defined in terms of a target to be achieved.

5. Company goals should not be limited by a time frame.

Which of the following statements is true of the goals of a company?

5. A goal has three key components: an attribute sought, a target to be achieved, and a time frame in which the goal is to be achieved.

1. A company can have only one goal that combines all elements of its mission statement.

2. A goal is defined as a declaration of a company's fundamental purpose and basic philosophy.

3. Once a goal is set, companies typically do not need to review the goal or monitor progress against the goal set.

4. A goal merely states what a company seeks to achieve without stipulating any standards of quality or amount of time needed to reach the goal.

In the context of a business's objectives, which of the following is an ineffective practice?

1. isolating them from the business's mission

2. stating them in such a way that they are measurable

3. using them to make tactical plans for the business

4. keeping them elaborate or simple

5. using them to establish criteria to evaluate performance

The principal difference between objectives and goals is that

3. objectives are measurable, while goals need not be measurable.

1. objectives are broad, while goals are narrow.

2. objectives can be multiple, while a company can have only one goal.

4. objectives are long term, while goals are short term.

5. objectives cannot lead to a competitive advantage, while goals can lead to a competitive advantage.

Stephanie's candy store has profit as an objective. As a result, she wants to have

2. money and assets left over after paying off business expenses.

3. the ability to promote diversity.

4. time to release new products in the marketplace.

5. the ability to evaluate opportunity costs.

Which of the following objectives are generally stated in terms of percentage of sales increase and market share, with the goal of increasing those figures?

3. objectives regarding competitive advantage

1. objectives regarding opportunity costs

2. objectives regarding efficiency

4. objectives regarding employee turnover

5. objectives regarding raising capital

Growth objectives essentially relate to

4. adapting and releasing new products in the market.

1. making the best use of an organization's resources.

2. coordinating an organization's resources smoothly.

3. focusing on profit as the sole indicator of growth.

5. building an organization's ability to promote diversity.

All of the following are true of strategic plans EXCEPT they

5. can be developed by anyone in a firm.

1. must take into account the organization's capabilities and resources.

3. must take into account the changing business environment.

4. must take into account the organizational objectives.

Which of the following is a difference between strategic and tactical plans?

2. Strategic plans are long term, while tactical plans are short term.

1. Strategic plans are short term, while tactical plans are long term.

3. Strategic plans cover a period of one year or less, while tactical plans cover a period of one year or more.

4. Strategic plans are narrow in scope, while tactical plans are broader.

5. Strategic plans are easier to adjust or abandon than tactical plans.

Which of the following statements is true of tactical plans?

3. They allow a firm to react to changes in the environment.

1. They are developed by the highest managers of a firm.

2. They establish the long-range objectives of a firm.

4. They specify what actions each individual needs to accomplish in a firm.

5. They help establish strategic plans.

Which of the following is an effective practice with regard to tactical plans?

4. They should be periodically reviewed and updated by an organization's management.

1. They should cover a period of three years or more.

2. They should protect an organization from reacting to changes in the environment.

3. They should disregard a company's overall strategy.

5. They should be established by an organization's first-line managers.

Happy Trails, a trail mix store, is planning to expand its business by opening several new stores over the course of four years. Within this strategic plan, all of the following are items operational plans may specify EXCEPT the schedule for

3. hiring and training new employees.

5. opening for actual business.

Which of the following is an example of an operational plan?

3. A work group at a large computer plant is assigned a weekly production quota to ensure there are sufficient products available to elevate market share and ultimately help the firm be number one in its product category.

1. A car dealership's highest managers develop a plan to add a new car model over the course of two years.

2. Two large utility companies merge, and the newly combined company plans to spin off into three separate units focusing on electric, gas, and oil over a four-year period.

4. A large publisher plans to find ways to increase traffic to its social media site and promote premium instructor and student materials to those who visit the site.

5. A pet grooming store plans to open five new stores over a three-year period, creating three separate year-long plans to specify how much to spend to set up each store, where to locate, and when to open each new store.

Crisis management plans generally cover maintaining business operations during a crisis and

3. communicating with others about the situation and the company's response to the crisis.

1. holding first-line employees solely responsible for the crisis.

2. avoiding responsibility for the crisis in the media.

4. ensuring that the employees do not know about details of the crisis.

5. isolating top managers from the process of dealing with the crisis.

_____ is an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer viruses, or a reputation crisis.

4. Enterprise resource planning

5. Material requirements planning

Bigbag.com, a leading online retailer, uses the services of Data Safe Inc., a small startup that helps companies manage and keep their electronic data safe. This helps Bigbag.com keep a backup of its proprietary information in case of virus attacks or any sort of damage to property. This is an example of

3. materials requirement planning.

4. enterprise resource planning.

A huge fire broke out in Rustic Rooms, a small rustic furniture store. The fire destroyed all of the furniture, and ultimately, the company went out of business. Which of the following is most likely the reason this company went out of business?

5. Rustic Rooms didn't have an updated contingency plan to handle such a crisis.

1. Rustic Rooms' crisis management team couldn't come up with a favorable solution to this crisis.

2. Competing rustic furniture stores refused to help Rustic Rooms restore its operations.

3. All of Rustic Rooms' managers had to focus on crisis management, so their regular duties were neglected.

4. The owners of Rustic Rooms decided not to respond to the crisis.

Which of the following is true regarding crisis management?

1. Many companies have crisis management teams to deal specifically with problems, permitting other managers to continue to focus on their regular duties.

2. Once a company develops a crisis management plan, it never needs to reevaluate that plan.

3. Even the most prepared company can't plan for how to react to every type of disaster.

4. It is important to respond privately and deliberately when a disaster occurs.

5. Approximately 75 percent of businesses fail to reopen after a serious disaster because most companies don't make appropriate crisis management plans.

Chapter 6 - Section 2

Authored by Dusti Burrows

Life Skills

9th - 12th Grade

Used 1+ times

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63 questions

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MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Determining an organization's objectives and deciding how to accomplish them, a management function, is known as

1. planning.

2. nearshoring.

3. staffing.

4. crowdsourcing.

5. factoring.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Melanie is one of the senior managers in the consumer electronics department of a large company. She is part of a team that determines the objectives of the department based on future trends in the industry and decides how to accomplish them. Melanie is involved in the management function of

1. staffing.

2. recruiting.

3. planning.

4. crowdsourcing.

5. factoring.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is the first function of management?

1. planning

2. crowdsourcing

3. staffing

4. factoring

5. directing

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Megan manages an online clothing store. She must determine what her company's warehouses and distributing facilities need and which type of automation can maximize order efficiency. What major phase of the planning process does this example describe?

1. data gathering

2. event forecasting

3. objective setting

4. action taking

5. option selecting

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The plan itself specifies all of the following EXCEPT

1. what should be done.

2. who should complete the tasks.

3. how the tasks should be completed.

4. why the tasks should be completed.

5. when the tasks should be completed.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Before an organization can plan a course of action, it must first

1. take corrective action.

2. develop a blueprint of the plan.

3. decide on the people to be involved in the plan.

4. determine what it wants to achieve.

5. allocate and organize the required resources.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A declaration of an organization's fundamental purpose and basic philosophy is known as a(n)

1. protocol.

2. mission.

3. referendum.

4. agenda.

5. target.

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Chapter 6 - Section 2

Determining an organization's objectives and deciding how to accomplish them, a management function, is known as

Melanie is one of the senior managers in the consumer electronics department of a large company. She is part of a team that determines the objectives of the department based on future trends in the industry and decides how to accomplish them. Melanie is involved in the management function of

Which of the following is the first function of management?

Megan manages an online clothing store. She must determine what her company's warehouses and distributing facilities need and which type of automation can maximize order efficiency. What major phase of the planning process does this example describe?

The plan itself specifies all of the following EXCEPT

Before an organization can plan a course of action, it must first

A declaration of an organization's fundamental purpose and basic philosophy is known as a(n)

Carrie started her own catering business. She created a website for her business, which states that her purpose is to provide her customers with delicious food at a fair price. This declares her

Cameron started his own photography business. He wants to write a good mission statement that explains his company's reason for existence. What is one guideline he should follow in writing his mission statement?

Which of the following statements is true of a mission statement?

Access all questions and much more by creating a free account

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