Answer the following statements true (T) or false (F)
1. A mission statement expresses what the organization should become and where it wants to go strategically.
2. Amazon's statement in which it states its desire "to be the 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" is a mission statement.
3. Strategic planning determines goals for an organization for a period of 1-5 years.
4. Tactical planning is done by first-line managers, who look forward to the next 1-8 weeks.
1. FALSE
An organization's mission statement identifies the goods or services it provides and will provide. A vision statement expresses what the organization should become, where it wants to go strategically.
2. FALSE
Vision statements answer the question, "What do we want to become?" or "Where do we want to go?" Here is Amazon's 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."
3. TRUE
Using their mission and vision statements, top managers do strategic planning. They determine what the organization's long-term goals should be for the next 1-5 years with the resources they expect to have available.
4. FALSE
Tactical planning is determining what contributions middle managers and their departments or similar work units can make with their given resources during the next 6-24 months.
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Dividing net sales on account by the average amount of net accounts receivable is the calculation for the
a. accounts receivable turnover. b. working capital turnover. c. merchandise inventory turnover. d. plant and equipment turnover.
When a marketer understands that a product satisfies a buyer's rational criteria while also evoking an emotional response, the marketer should:
A) only target consumers in high-income countries. B) utilize a multi-tiered targeting strategy rather than a concentrated strategy. C) commission psychographic segmentation studies to augment demographic data. D) create advertising that reflects a bipolar, high-tech and high-touch approach. E) follow normal targeting strategy.
The journal entry to close the capital account includes
a. debiting the expense accounts and crediting the income summary account; b. debiting the income summary account and crediting the expense accounts; c. debiting the expense accounts and crediting the capital account; d. debiting the revenue accounts and crediting the capital account; e. none of these.
Answer the following statements true (T) or false (F)
1. The transition of the United States from an agrarian, rural society with self-employed farmers, shopkeepers, blacksmiths, and shoemakers to one where most workers sell their labor for a wage or a salary was largely a smooth and relatively painless process. 2. The first national unions in the U.S. began to develop during the early 1900's. 3. The first unions in the U.S. were focused at the local level, representing a single craft or trade. 4. The National Labor Union was one large union that directly represented workers from many trades, crafts, and industries. 5. The Great Uprising of 1877 was successful in improving labor relations between workers and winning wage increases and reductions in hours of work.