MC 1-1
A general management perspective is
a.
a pre-requisite in order to become a manager
b.
an understanding of the requirements of the strategic planning process
c.
essential for all employees
d.
a capacity for appreciating the issues associated with organizational performance
Answer:
d
Difficulty:
challenging
Page:
1
MC 1-2
One of the ways in which a general manager creates value for the organization is by
establishing effective working relationships with the media
identifying emerging opportunities for the organization
meeting the requirements of the regulators for full disclosure
sponsoring community-based charitable fund raising initiatives
b
moderate
MC 1-3
The basic tasks of the general manager are
planning, organizing, managing, and controlling
setting direction, creating strategy, implementing change, and assessing performance
developing and implementing the strategic plan and evaluating performance-to-plan
assessing the strengths and weaknesses of the organization and identifying opportunities and threats
easy
3
MC 1-4
Organizational performance is based on two sets of measures:
the strengths of the general manager and the profitability of the firm
the health of the organization and the financial performance of the firm
the safety record of the firm and the quality standards for the product
the satisfaction of the shareholders and the return on investment
4
MC 1-5
One of the reasons senior managers are often unaware of the organizational health of their firm is they
do not survey their employees often enough
equate low turnover with employee satisfaction
receive filtered information from middle managers
are more concerned about the financial health of the organization
c
MC 1-6
Two common measures of operating performance are
number of new product focus groups
employee turnover and retention rates
sales revenue and gross margin
fuel costs and labour rates
MC 1-7
One common measure of organizational health is
employee satisfaction rates
positive media coverage of the Chief Executive Officer
number of training hours per employee
firm designated as a best company to work for
a
MC 1-8
An enterprise where operational performance is negative and organizational health is positive is what type of organization?
An organization in crisis.
A troubled organization.
A complacent organization.
A healthy organization.
5-6
MC 1-9
An enterprise where both operation and organizational performance are positive is what type of organization?
MC 1-10
An enterprise where operating performance is positive and organizational health is negative is what type of organization?
MC 1-11
An enterprise where both operating and organizational performance are negative is what type of organization?
MC 1-12
One of the reasons for developing a vision statement for an organization is to
match the competition
prevent confusion over the purpose of the business
satisfy the stakeholders
comply with corporate policy
6
MC 1-13
A vision consists of two components
statement of purpose and a metaphor for the business
goal statement and an objective
guiding philosophy and a tangible image
an action and an outcome
7
MC 1-14
The core purpose and core values of an organization represent its
moral intent
code of conduct
compact with shareholders
guiding philosophy
8
MC 1-15
A good mission statement is one that
is brief and readily measured
challenges the organization
appeals to the shareholders
is easy to implement
10
MC 1-16
The timeframe for achieving the organizational mission is
1 to 2 years
3 to 5 years
5 to 10 years
over 10 years
MC 1-17
One of the purposes of the visioning process is to
satisfy the requirements of the Board of Directors for an up-to-date vision statement
maintain the lead over the competition
capture the imagination of the market
ensure the day to day actions of employees are consistent with the vision
11
MC 1-18
One common source of visionary ideas is
employees
suppliers
competitors
industry analysts
12
MC 1-19
Good vision statements are best described as
feasible and challenging
feasible and readily implemented
desirable and resistant to change
desirable and singular in their purpose
MC 1-20
The key difference between vision and strategy is that the vision
provides operational guidelines; strategy sets general priorities
provides the map; strategy sets the priorities
sets general priorities; strategy presents specific actions
provides broad direction; strategy sets general priorities
13
MC 1-21
Collectively, the vision, mission, and values of an organization are intended to
directs the governance of the Board of Directors
inspire the organization and provide direction on how to achieve its goals
direct the operations and ensure consistent results over time
MC 1-22
Failure to translate a vision into a strategy is sometimes known as
corporate slide
organizational lag
faulty implementation
strategic drift
MC 1-23
Strategic planning is
the development of a multi-year operational plan
the development of a plan for a new product launch
an approach to performance evaluation based on how the strategy was implemented
an approach to strategic analysis based on how the strategy is developed
14
MC 1-24
What kind of plan results from the strategic analysis process?
operational
marketing
business
finance
MC 1-25
Two aspects of the general manager's job that must be addressed before the strategy-making process can begin are
setting direction and developing the business plan
analyzing the environment and identifying opportunities and threats
developing the business plan and obtaining Board of Directors' approval to implement
assessing performance and setting direction
MC 1-26
Before a general manager embarks on the strategy-making process, they need to understand and know the starting position of the organization. This is accomplished via
receiving feedback from all levels of management in the firm
developing the business plan
creating a meaningful and solid assessment of company performance
MC 1-27
Typical measures of operating performance are
profitability, market performance and problem solving
profitability, financial position and market performance
profitability, financial position and sustainability
profitability, market performance and sustainability
Moderate
MC 1-28
When assessing the operating performance of a company, a typical Financial Position indicator includes
key expense ratios
return on equity
leverage ratios
market share
MC 1-29
The job of the general manager is
creating, capturing and appropriately distributing value for the enterprise
ensuring the organization is maximizing internal capabilities
MC 1-30
Reasons that management fail to understand where the business stands in terms of organizational health may include
negative feedback to upper-level managers may be implicitly or explicitly discouraged
lower return on equity than originally planned
high levels of employee retention
True/False
TF 1-31
A general manager is an individual who has responsibility for all functional aspects of the business.
t
TF 1-32
The general manager is expected to create value for the organization.
TF 1-33
The general manager is required to establish a long term direction for the organization.
2
TF 1-34
The general manager should set direction, create strategy, implement change, and control the process.
f
TF 1-35
Organizational performance is based on two sets of measures: operational performance and financial health.
TF 1-36
Market share is an example of an operating performance measure.
TF 1-37
Organizational learning is considered an operating measure.
5
TF 1-38
Anonymous employee surveys are often used to gauge organizational health.
TF 1-39
The performance matrix is often considered when classifying operating performance and organizational health.
TF 1-40
A complacent organization has positive organizational and operating performance.
TF 1-41
A troubled organization has positive operating performance and negative organizational health.
TF 1-42
A firm could be considered to be in crisis if both operating performance and organizational health are negative.
TF 1-43
All organizations need a clear sense of what and who they are.
TF 1-44
A formal mission statement may have limited utility if it is not embraced by everyone within the organization.
TF 1-45
Successful companies often have an enduring set of core values.
TF 1-46
Values represent the basic beliefs that govern individual and group behaviour in an organization.
TF 1-47
Strongly held core values can become a liability over time.
9
TF 1-48
Core purpose defines the reason an organization exists.
TF 1-49
Goals and objectives differ from the core purpose of the organization because they are intended to be achievable and the core purpose may never be fully realized.
TF 1-50
A mission is a clear and compelling goal that serves to unify an organization.
TF 1-51
A good vision statement should be one that is readily achievable.
TF 1-52
Linking the vision with organizational strategy is a critical task of the general manager.
TF 1-53
One of the differences between vision and strategy is the time-frame.
TF 1-54
The vision for the organization is intended to provide direction and guidance.
TF 1-55
Strategy is about inspiring and motivating an organization.
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