Multiple Choice MC 1-1 a. b. c. d. Answer: Difficulty: Heading:
MC 1-2 a. b. c. d. Answer: Difficulty: Heading: MC 1-3 a. b. c. d.
Answer: Difficulty: Heading:
MC 1-4 a. b. c. d. Answer: Difficulty: Heading:
A general management perspective is a pre-requisite in order to become a manager an understanding of the requirements of the strategic planning process essential for all employees a capacity for appreciating the issues associated with organizational performance d challenging Introductory Paragraphs
A general management perspective as consistent with having the ability to make difficult trade-offs in isolation
a strategic leadership perspective or a cross-enterprise leadership perspective. meeting the requirements of the regulators for full disclosure sticking with a successful strategy even in a rapidly changing environment b moderate Introductory Paragraphs
The job of the general manager is to planning, organizing, managing, and controlling
create, capture, and appropriately distribute value for the enterprise. developing and implementing the strategic plan and evaluating performance-to-plan assessing the strengths and weaknesses of the organization and identifying opportunities and threats b easy The Job of the General Manager In addition to setting direction, creating strategy, and implementing change, a fourth fundamental component to a general manager‘s job is ensure all functional management possess a general management perspective assessing performance ensuring the organization is maximizing internal capabilities prioritizing long term direction despite ongoing short-term challenges b challenging The Job of the General Manager
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MC 1-5 a. b. c. d. Answer: Difficulty: Heading: MC 1-6 a. b. c. d. Answer: Difficulty: Heading:
MC 1-7 a. b. c. d. Answer: Difficulty: Heading: MC 1-8 a. b. c. d. Answer: Difficulty: Heading: MC 1-9 a.
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 operational 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 b easy Assessing Performance 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 analyzing the environment and identifying opportunities and threats developing the business plan creating a meaningful and solid assessment of company performance d moderate The Job of the General Manager
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 b Moderate Assessing Performance When assessing the operating performance of a company, a typical Financial Position indicator includes key expense ratios return on equity leverage ratios market share c challenging Assessing Performance 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 Copyright © 2023 Pearson Canada Inc.
b. c. d. Answer: Difficulty: Heading:
MC 1-10 a. b. c. d. Answer: Difficulty: Heading: MC 1-11 a. b. c. d. Answer: Difficulty: Heading:
MC 1-12 a. b. c. d. Answer: Difficulty: Heading:
discouraged lower return on equity than originally planned high levels of employee retention market share a easy Assessing Performance
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 c challenging Assessing Performance 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 challenging Using the Performance Matrix 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. c moderate Using the Performance Matrix
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MC 1-13 a. b. c. d. Answer: Difficulty: Heading:
MC 1-14 a. b. c. d. Answer: Difficulty: Heading:
MC 1-15 a. b. c. d. Answer: Difficulty: Heading:
MC 1-16 a. b. c. d. Answer: Difficulty: Heading:
An enterprise where both operation and organizational performance are positive is what type of organization? An organization in crisis. A troubled organization. A complacent organization. A healthy organization. d moderate Using the Performance Matrix An enterprise where operating performance is positive and organizational health is negative is what type of organization? An organization in crisis. A troubled organization. A complacent organization. A healthy organization. b moderate Using the Performance Matrix An enterprise where both operating and organizational performance are negative is what type of organization? An organization in crisis. A troubled organization. A complacent organization. A healthy organization. a moderate Using the Performance Matrix
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 b moderate Setting Direction: Vision, Mission, Values
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MC 1-17 a. b. c. d. Answer: Difficulty: Heading:
MC 1-18 a. b. c. d. Answer: Difficulty: Heading:
MC 1-19 a. b. c. d. Answer: Difficulty: Heading:
MC 1-20
a. b. c. d. Answer: Difficulty: Heading:
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 c easy Setting Direction, Vision Mission and Values The core purpose and core values of an organization represent its moral intent code of conduct compact with shareholders guiding philosophy d easy Setting Direction, Vision Mission and Values
In 2007 Apple dropped ―Computer‖ from its name. From a visioning perspective this is an example of revitalization establishing why they exist update a sense of vision carrying out a public relations exercise d challenging Setting Direction, Vision Mission and Values
In the Collins and Porras framework, core values and core purpose need to be paired with an envisioned future, including a vivid description that is reachable in 1 to 2 years 3 to 5 years 5 to 10 years over 10 years d easy Setting Direction, Vision
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Mission and Values MC 1-21 a. b. c. d. Answer: Difficulty: Heading:
MC 1-22 a. b. c. d. Answer: Difficulty: Heading:
MC 1-23 a. b. c. d. Answer: Difficulty: Heading:
MC 1-24 a. b. c. d. Answer: Difficulty: Heading:
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 a challenging Setting Direction, Vision Mission and Values 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 d challenging From Vision, Mission, and Values to Strategy
The key difference between tactics and strategy is that that tactics provides the map; strategy sets direction focus on short term; strategy long term sets general priorities; strategy provides a broad direction are declaring; strategy is enduring a moderate From Vision, Mission, and Values to Strategy
Failure to translate a vision into a strategy is sometimes known as corporate slide organizational lag faulty implementation strategic drift d easy From Vision, Mission, and
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Values to Strategy MC 1-25 a. b. c. d.
Two aspects of the general manager's job that must be addressed before the strategymaking 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
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d easy Summary
True/False TF 1-26
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TF 1-27 Answer: Difficulty: Heading:
TF 1-28
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TF 1-29
Answer: Difficulty: Heading:
A general manager is an individual who has responsibility for all functional aspects of the business. t easy The Job of the General Manager The general manager is expected to create value for the organization. t easy The Job of the General Manager
Although the general manager holds a particular position in the organization, any individual in a functional position can also have a general management perspective. t moderate The Job of the General Manager
The general manager is required to establish a long term direction for the organization. t easy The Job of the General
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Manager TF 1-30
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TF 1-31
Answer: Difficulty: Heading: TF 1-32 Answer: Difficulty: Heading:
TF 1-33 Answer: Difficulty: Heading:
TF 1-34 Answer: Difficulty: Heading: TF 1-35 Answer: Difficulty: Heading: TF 1-36
Answer:
The general manager should set direction, create strategy, implement change, and control the process. f moderate The Job of the General Manager Organizational performance is based on two sets of measures: operational performance and financial health. f moderate Assessing Performance Market share is an example of an operating performance measure. t easy Assessing Performance
Employee turnover is an example of an operating performance measure. t easy Assessing Performance
Organizational learning is considered an operating measure. f easy Assessing Performance Anonymous employee surveys are often used to gauge organizational health. t moderate Assessing Performance The performance matrix is often considered when classifying operating performance and organizational health. t Copyright © 2023 Pearson Canada Inc.