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Management (MGT)

ChapterManaging 6 the Business Enterprise1Which of the following would not be included under the denition of a managerAPrime Minister of CanadaBpresident of the University of TorontoCindustrial engineerDpresident of IBMEexecutive director of the United WayAnswerCDiffPage 1 Ref 1762What is the primary purpose of setting a goal for an organizationAidenties threats and opportunitiesBdetermines if the rm is highly leveragedCmakes workers think in quantitative termsDassures successes for the rmEprovides guidance and direction for all managersAnswerEDiffPage 1 Ref 1763Objectives that a business hopes and plans to achieve are calledAgoalsBtacticsCstrategiesDimplementation stepsEactionsAnswerADiffPage 1 Ref 1764Ace Products hopes to increase sales of home heating products in the upcoming year This is an example ofanAgoalBactionCtacticDimplementation stepEstrategyAnswerADiffPage 2 Ref 1765Ais a broad set of organizational plans for implementing the decisions made for achievingorganizational goalsAstrategyBformulaCmissionDfunctionEblueprintAnswerADiffPage 1 Ref 178Page1 6Lynne Smith chief nancial ofcer for Web Industries is working on a broad set of organizational plans forimplementing the decisions made for achieving organizational goals Lynne is developing aforWeb IndustriesAformulaBfunctionCblueprintDmissionEstrategyAnswerEDiffPage 2 Ref 1787Mega Computer has a goal of reducing its manufacturing costs by 15 percent over the next three years Eachof the manufacturing managers has been given tasks to reach this goal In this case the goalAprovides directionBhelps make decisionsChelps allocate resourcesDhelps assess performanceEdenes corporate cultureAnswerDDiffPage 2 Ref 1778If a specic product sales group has a goal of increasing sales for the following year by 10 percent the goalwill function toAdene corporate cultureBprovide directionChelp assess performanceDhelp allocate resourcesEhelp make decisionsAnswerCDiffPage 2 Ref 1779Mega Computer has decided that within the next ve years it wants to become an industry leader in diskdrive technology a technology that has little existing support inside the company at this time This goal willAhelp make decisionsBhelp allocate resourcesChelp assess performanceDprovide directionEdene corporate cultureAnswerDDiffPage 2 Ref 17610Mega Computer has targeted the growth of its new line of computers to surpass the current line within twoyears Charles the marketing manager is reviewing the advertising budget for the next year and this goalAprovides directionBdenes corporate cultureChelps make decisionsDhelps allocate resourcesEhelps assess performanceAnswerDDiffPage 2 Ref 176Page2 11The management of Critters Galore a nationwide retailer of pet supplies has decided that its share of themarket is too low and they have a target of increasing their current market share from 25 percent to 40percent Everyone is expected to do whatever it takes to achieve this goal The market is very competitiveand Critters Galore will need to be very aggressive The goalAprovides directionBhelps assess performanceChelps to dene corporate cultureDhelps allocate resourcesEhelps make decisionsAnswerCDiffPage 2 Ref 17712Rolex sells highquality highpriced watches through selected jewellery stores This is theirAlongterm goalBstrategic goalCmissionDpurposeEcorporate performance targetAnswerCDiffPage 1 Ref 17713Both Rolex and Timex want to sell watches at a prot They share a commonAmissionBcorporate performance targetClongterm goalDstrategic goalEpurposeAnswerEDiffPage 2 Ref 17714What time periods are typically covered by longterm goalsA1015 years or more into the futureB13 years in the futureC5 years or more into the futureDanything longer than three yearsE5 to 25 years into the futureAnswerCDiffPage 1 Ref 17815A mission statement isAa statement developed by the board of directors to guide the businessBsolely for people visiting the company so they understand what the company doesCa statement of how an organization will achieve its purpose in the environment in which it conductsits businessDthe same as a purposeEnot necessary for smaller businessesAnswerCDiffPage 1 Ref 177Page3
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