A group of managers meets face-to-face and generates and debates a wide variety of alternatives from which to make a decision. What is this process of decision making called? Selected Answer: brainstorming An individual who looks for opportunities and is aware of mobilizing the resources required for producing new and improved goods and services is called a(n) Selected Answer: entrepreneur. Individuals who pursue opportunities to address problems and needs in order to improve society and well-being, such as reducing poverty, are known as Selected Answer: social entrepreneurs. The cluster of decisions that managers make to assist an organization to achieve its goals is known as Selected Answer: strategy. A broad declaration of the organization's overriding purpose, which is intended to identify the organization's products and customer base, as well as to differentiate the organization from its competitors, is known as a ________ statement. Selected Answer: mission An ongoing process in which managers build and refine previous plans and continually modify plans at all levels, corporate, business, and functional, so that they fit together into one broad framework, is known as Selected Answer: continuity. Managers should attempt to collect and use all available information in the organization's planning process. This emphasizes the ________ aspect of planning. Selected Answer: accuracy The plan of an organization that contains top management's decisions about the organization's mission, goals, strategy, and structure is an example of a ________-level plan. Selected Answer: corporate The strategy that explains the methods that a division or an organization will use to compete against its rivals in the industry is a ________-level strategy. Selected Answer: business
The organizational strategy that specifies the activities of managers at the departmental level of the organization is a ________-level strategy. Selected Answer: functional The ability of the CEO and top managers to convey to their subordinates a compelling vision of what they want the organization to achieve is known as ________ leadership. Selected Answer: strategic A group of managers at Right Stuff, Ltd., analyzes both the internal strengths and weaknesses of their organization as well as the opportunities and threats of the external environment. Which of the following planning exercises does this indicate? Selected Answer: SWOT analysis Why is planning considered an important process for managers? Selected Answer: It gives a sense of direction and purpose. When General Electric Company expanded its operations by acquiring NBC television, this was an illustration of Selected Answer: diversification. Carry On, Inc., sells different products using a different marketing approach in England than it uses when marketing these products in the United States. This is an example of a ________ strategy. Selected Answer: multidomestic A strategic alliance among two or more companies that agree to jointly establish and share the ownership of a new business is called a Selected Answer: joint venture.
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