1) Jennifer couldn\'t believe her bad luck. The business-planning cycle at Allwo
ID: 462637 • Letter: 1
Question
1) Jennifer couldn't believe her bad luck. The business-planning cycle at Allworld Insurance was almost over. The only thing her boss had asked her to do was to make copies of four sets of final plans. Each set contained a different level of planning and each was supposed to be delivered to a different manager for review. But now those documents are all over the floor. Everyrhing has to be back in the right order as quickly as possible. Knowing that you are a planning expert, Jennifer asks for your help. She tells you that Allworld Insurance uses an aligned, or cascading, goal system. You can expect to see each set of plans flow in a logical way throughout the company.
Complete the table and help Jennifer by selecting the correct types of plans that match the given statements.
1) We are known for our operating efficiency and for reducing insurance costs for our customers.
(A) Operational (B) Strategic (C) Tactical (D) Mission statement
2) The Human Resource Division will reduce the overall cost of fullfilling employment requisitions by eliminating the use of outside recruiting agencies.
(A) Strategic (B) Mission Statement (C) Tactical (D) Operational
3) We will eliminate redundencies throughout the corporation to decrease our overall expenses by 20%.
(A) Mission Statement (B) Operational (C) Strategic (D) Tactical
4) Each human resource employee will use advertisements and personal networking to attract at least 10 qualified applicants per open position.
(A) Operational (B) Mission statement (C) Strategic (D) Tactical
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2) Complete the following table by choosing the key terms from this chapter that match the given definitions.
1) Part of the planning process, this term refers to the long-term approach an organization will take to achieve its goals and secure its place within a competitive environment.
(A) Strategy (B) Comprtitive advantage (C) Synergy (D) Core competence
2) Part of the strategy formulation process, this technique helps organizations identify their internal strengths and weakness as well as their external opportunities and threats.
(A) Synergy (B) Diversification (C) BCG matrix (D) SWOT analysis
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3) Use your knowledge of strategic planning to select the words or phrases that best complete the following sentences.
1) When conducting a SWOT analysis, budgets, ratios, and sales reports can be used to identify:
(A) Company opportunities and threats.
(B) Environmental strengths and weaknesses
(C) Environmental opportunities and threats
(D) Company strengths and weaknesses
2) When referring to a SWOT analysis, the letter T stands for _____(1)____, and it refers to factors that are ___(2)_______ to the organization.
(1) (A) tactics (B) targets (C) threats (D) time
(2) (A) external (B) internal
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4) After he finishes celebrating with his team, Brian Sabean, the general manager of the 2012 World Series Champion San Francisco Giants, is going to do a SWOT analysis to determine his strategy for the upcoming season. Help him figure out how he should classify the following information.
1) Which of the following factors should be classified as a strength for the team?
(A) There are a number of free-agent outfielders who are available for signing by the Giants this year. Many of them have better statistics than the current team members.
(B) During the off-season, the Los Angeles Dodgers signed players whose skills match or exceed Giants players' skills.
(C) Several Giants players have had extraordinary seasons, but now some of them are not playing as well as they did when they were younger.
(D) The Giants' starting pitchers are exceptionally strong and young and can potentailly keep the Giants at the top of the league for years to come.
2) Considering all of the factors listed in the preceding SWOT analysis question, what strategy would make the most sense for the Giants in the upcoming season?
(A) Sign a free-agent outfielder to bolster the current roster and sign the young pitchers to long-term contracts.
(B) Trade the Giants' young pitchers to another team for minor-league prospects who aren't ready for the major league.
(C) Assume that as the players age, they will continue to produce at their current levels.
(D) Keep the Giants' intact and do not hire any new players because the team was good enough to win the World Series.
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5) Identify whether each statement in the following table is true or false.
1) A company that creates a distinctive product is likely to use a differentiation strategy.
(A) True (B) False
2) Differentaition strategies increase competition because they reduce customer loyalty.
(A) True (B) False
3) A company that actively tries to become more efficient is likely to be pursuing a cost leadership strategy.
(A) True (B) False
Explanation / Answer
1.
Answer (D): Mission statement
Explanation: An organization having a good operational efficiency would provide them an edge over the competitor. This edge could be in terms of cost efficiency or may be in terms of quality. Offering a better piece or quality in a market builds a good reputation of the organization.
2.
Answer (C): Tactical
Explanation: By restricting the potential employee’s requests from the external hiring agencies for the purpose of cost reduction is a tactical strategy used by the HR department of the organization.
3.
Answer (C): Strategic
Explanation: To continue or to discontinue any process or an operational activity is always decided by the top-level management. These types of decisions come under the strategic decisions of the organization, where these top-level managers foresee the benefits and issues from a process in the organization.
4.
Answer (D): Tactical
Explanation: Using a technique to accomplish a task is a tactical approach. Here, the advertisement is being used as a technique to attract the applicants is merely a tact used by the HR executives.
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