Organizational strategies and element of operating plan

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Reference no: EM132159182

1. How are organizational strategies related to core competencies?

a) Competencies are the tactics managers use to take advantage of strategies

b) Competencies and strategies are an integral part of organizational vision

c) Strategies help managers exploit competencies

d) Strategies and competencies are actually two ways of expressing the same idea

2. Organizational strategies:

a) Are reconsidered on a daily basis

b) Should never be reconsidered once they are determined

c) Are reconsidered quarterly

d) Are reconsidered periodically in response to changes in the organization or environment

3. Which of the following is an element of an operating plan?

a) Developing an organizational mission

b) Preparing financial statements

c) Defining core values

d) Budgeting employee costs

4. Jane is considering opening her own business, now that she has retired from her regular job. Her business idea is a reminder and shopping service, in which clients submit lists of birthdays, anniversaries and other important dates. Jane sends her clients reminders for those dates, and shops for special gifts at the client’s request. She plans to do all of the work herself rather than hiring and managing additional employees. “Providing excellent, reliable customer service at reasonable prices” best describes which of the following for Jane’s business?

a) Core competency

b) Vision

c) Operating plan

d) Actual operations

5. Jane is considering opening her own business, now that she has retired from her regular job. Her business idea is a reminder and shopping service, in which clients submit lists of birthdays, anniversaries and other important dates. Jane sends her clients reminders for those dates, and shops for special gifts at the client’s request. She plans to do all of the work herself rather than hiring and managing additional employees. Jane’s core competencies are most likely to include:

a) An annual budget

b) The ability to deduct business expenses on her tax return

c) The first year’s actual results

d) Her knowledge of potential gifts and the local shops

Reference no: EM132159182

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