Answer the following statements true (T) or false (F)

Question

1. When using MBO, managers should meet about once a year, either informally or formally, to review progress on meeting objectives.
2. Every five years, the upper-level managers of ABC Technology meet to develop a new large-scale action plan that will set the direction for the company for the next five years. In that meeting the managers work on developing a strategy.
3. The upper-level managers of Deluxe Coffee are meeting to discuss the company's long-range goals and vision. Like any organization, Deluxe Coffee should adopt planning and strategic management for just two reasons: (1) to provide direction and momentum and (2) to encourage retention of high-value employees.
4. When Holiday Inn Express stated that the organization strives to "be the primary source of hospitality in the communities" it serves by providing its customers "the best possible experience and by being good neighbors," it is stating its code of ethics.

Answer 1

1. FALSE
Managers should meet with their employees reasonably often—either informally as needed or formally every three months—to review progress. Frequent communication is necessary so that everyone will know how well he or she is doing in meeting the objectives.
2. TRUE
A strategy is a large-scale action plan that sets the direction for an organization.
3. FALSE
An organization should adopt planning and strategic management for three reasons: They can (1) provide direction and momentum, (2) encourage new ideas, and (3) develop a sustainable competitive advantage.
4. FALSE
Holiday Inn is not stating a code of ethics here. Rather, it is offering its vision statement. A vision statement answers the question, "What do we want to become?" or "Where do we want to go?" Here is Amazon's vision statement: "Our vision is to be Earth's most customer-centric company; to build a place where people can come to find and discover anything they might want to buy online."