1. Writing SMART goals (Connect, Perform)

1) Using your knowledge of SMART goals, select the best goal

a. I will hire some salespeople to help with the new productrelease

b. After the new product is released, I will hire some newsalespeople

c. I will hire three new salespeople prior to our nextproduct release

d. I will hire three new salespeople soon

2) Identify the problem with each of the following goals.

Goals	not specific	not measurable	not result-oriented	not time-bound
To buy a new set of Michelin tires and change the oil usingfour quarts of 10W-30 oil in my car by September 15
To erect a four-foot-high stone retaining wall around the outerperimeter of the pool

2. Complete the following exercise by choosing they keyterms

1) Part of the planning process, this term refers to thelong-term approach an organizaton will take to achieve its goalsand secure its place within a competitive environment.

a. competitve advantage

b. synergy

c. core competence

d. strategy

2) Part of the strategy formulaton process, this technique helpsorganizations identify their internal strengths and weaknesses aswell as their external opportunities and threats.

a. synergy

b. SWOT analysis

c. diversification

d. BCG matrix

3. Use your knowledge of strategic planning to selectthe words or phrases that bes complete the followingsenteces.

1) A SWOT analysis, which takes place during strategy________________, is an important part of the strategic planningprocess

a. implementation

b. formulation

2) When referring to a AWOT analysis, the letter T stands for______(1)_______, and it refers to factors that are ______(2)_____to the organization.

(1) a. targets

b. tactics

c. threats

d. time

(2) a.external

b. internal

4. Which of the following factors should be classifiedas a strength for the team?

a. Several Giants players have had extraordinary seasons, butnow some of them are not playing as well as they did when they wereyounger.

b. The Giants' starting pitchers are exceptionally strong andyoung and can potentially keep the Giants at the top of theleague for years to come

c. During the off season, the Los Angeles Dodgers signed playerswhose skills match or exceed Giants players' skills.

d. There are a number of free-agent outfielders who areavailable for signing by the Giants this year. Many of them havebetter statistics than the current team members.

5. Considering all of the factors listed in thepreceding SWOT analysis question, what strategy would make the mostsense for the Giantsin the upcoming season?

a. Assume that as the players age, they will continue to produceat their current levels.

b. Sign a free-agent outfielder tobolster the current roster andsign the young pitchers to long-term contract.

c. Trade the Giants' young pitchers to another team forminor-league prospects who aren't ready for the major league.

d. Keep the Giant's intact and do not hire any new playersbeause the team was good enough to win the World Series.

Identify whether each statement in the following is trueor false

Statement	True	False
1. A company that creates a distinctive product is likely touse a differentiation strategy
2. Differentitation strategies increase competition becausethey reduce customer loyalty
3. A company that actively tries to become more efficientis likely to be pursuing aa cost leadership strategy

Transcribed Image Text:

When writing goals, it is helpful to remember the acronym SMART. Different people associate different words with each of the letters in the SMART acronym, but for the purposes of this problem, SMART means that effective goals are: 1. Specific. A good goal defines exactly what you expect to accomplish. When your goals are specific, the behaviors required to accomplish them are clear. Many people say that they want to recycle to save the environment, but a better goal would be "Place every used bottle or can in a recycling container within five minutes of finishing its contents." 2. Measurable. You can measure the outcomes of a good goal. When you measure how much of a goal you have attained, you get feedback on your work. For example, compare the goal "I want to be skinny" with "I want to lose 10 pounds by the end of the month." How can you measure skinny? But by measuring the pounds you have lost so far, you know exactly how close you are to meeting your goal. 3. Attainable. Good goals are hard to reach, but not impossible. If a goal is too easy, you will not have to work hard to attain it, and your overall performance will not improve. If a goal is too hard, you will be discouraged from attempting to reach it. One way of making sure that goals are attainable is to break larger, difficult goals into smaller, more easily accomplished subgoals. 4. Result-oriented. A good goal contains only one outcome or accomplishment. If you combine two or more outcomes in one goal, it will be difficult to decide where to focus your attention. For example, "To increase produce sales by 3% and to achieve a 5% market share" is a less effective goal than "To increase produce sales by 3%." 5. Time-bound. Good goals specify precisely when you will meet them. Doing so provides you with a deadline for your actions. For example, it is easy to say "I want to be a millionaire," but you are more likely to accomplish that goal if you say "I will have a million dollars in a bank account by January 1, 2020." When writing goals, it is helpful to remember the acronym SMART. Different people associate different words with each of the letters in the SMART acronym, but for the purposes of this problem, SMART means that effective goals are: 1. Specific. A good goal defines exactly what you expect to accomplish. When your goals are specific, the behaviors required to accomplish them are clear. Many people say that they want to recycle to save the environment, but a better goal would be "Place every used bottle or can in a recycling container within five minutes of finishing its contents." 2. Measurable. You can measure the outcomes of a good goal. When you measure how much of a goal you have attained, you get feedback on your work. For example, compare the goal "I want to be skinny" with "I want to lose 10 pounds by the end of the month." How can you measure skinny? But by measuring the pounds you have lost so far, you know exactly how close you are to meeting your goal. 3. Attainable. Good goals are hard to reach, but not impossible. If a goal is too easy, you will not have to work hard to attain it, and your overall performance will not improve. If a goal is too hard, you will be discouraged from attempting to reach it. One way of making sure that goals are attainable is to break larger, difficult goals into smaller, more easily accomplished subgoals. 4. Result-oriented. A good goal contains only one outcome or accomplishment. If you combine two or more outcomes in one goal, it will be difficult to decide where to focus your attention. For example, "To increase produce sales by 3% and to achieve a 5% market share" is a less effective goal than "To increase produce sales by 3%." 5. Time-bound. Good goals specify precisely when you will meet them. Doing so provides you with a deadline for your actions. For example, it is easy to say "I want to be a millionaire," but you are more likely to accomplish that goal if you say "I will have a million dollars in a bank account by January 1, 2020."

Answer rating: 100% (QA)

1 1 The answer is option C I will hire three new salespeople before our next product release The goal in this case is specific which is to hire three new salespeople The goal is measurable since only ... View the full answer