24 May Question 51. Jerrica, a finance manager at LRV industries, is asked by her boss to develop a plan in the event that company sales drop by 20 percent or more. This type of plan is known as a(n):
Question
51. Jerrica, a finance manager at LRV industries, is asked by her boss to develop a plan in the event that company sales drop by 20 percent or more. This type of plan is known as a(n):
| a. | Contingency planning |
| b. | Financial planning |
| c. | Crisis planning |
| d. | Consumer protection |
| e. | Environmental planning |
52. The two stages of crisis planning include:
| a. | Prevention and control |
| b. | Planning and leading |
| c. | Prevention and preparation |
| d. | Preparation and control |
| e. | Leading and organizing |
53. Jeff is a top manager at a textile factory. He is developing a crisis plan in the event that the company has a toxic spill or accident. Which of the following should Jeff undertake to prepare for such a crisis?
| a. | Building relationships with neighboring businesses |
| b. | Detecting signals from the natural environment |
| c. | Polling employees on the likelihood of an environmental disaster |
| d. | Designating a crisis management team in the event of an environmental disaster |
| e. | Dismantling the company’s ties to the external media |
54. ___________ are reasonable yet highly ambitious goals that are so clear, compelling, and imaginative that they fire up employees and engender excellence.
| a. | Operational goals |
| b. | Stretch goals |
| c. | Strategic goals |
| d. | Tactical goals |
| e. | Bottom-up goals |
55. A(n) _________ is a cross-functional group of managers and employees who work together to gain a deep understanding of specific business issues, with the aim of presenting insights related to that issue.
| a. | Espionage team |
| b. | Functional team |
| c. | Task force |
| d. | Project team |
| e. | Intelligence team |
56. At Save-tech, Sophia, director of marketing, is a member of a cross-functional group of managers and employees. The purpose of the group is to gain a deep understanding company’s competitive environment and periodically present these findings to top management. Sophia is involved in what type of team?
| a. | Intelligence team |
| b. | Functional team |
| c. | Task force |
| d. | Project team |
| e. | Espionage team |
57. One major limitation of goals and plans is:
| a. | Goals and plans guide resource allocation |
| b. | Goals and plans may cause rigidity in a turbulent environment |
| c. | Goals and plans decrease employee motivation |
| d. | Goals and plans decrease employee commitment |
| e. | None of the above |
58. The set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as
| a. | strategy formulation. |
| b. | strategic planning. |
| c. | strategic management. |
| d. | strategy implementation. |
| e. | strategy evaluation. |
59. The plan of action that prescribes resource allocation and other activities for dealing with the environment and helping the organization attain its goals is known as a(n)
| a. | goal. |
| b. | objective. |
| c. | mission. |
| d. | vision. |
| e. | strategy. |
60. The condition that exists when the organization’s parts interact to produce a joint effect that is greater than the sum of the parts acting alone is known as
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