Using your knowledge of smart goals. select the best goal.

1. Writing SMART goals (Connect, Perform) 1. Writing SMART goals (Connect, Perform) 1) Usin 1) Using your knowledge of SMART goals, select the best goal a. I will hire some salespeople to help with the new product release b. After the new product is released, I will hire some new salespeople c. I will hire three new salespeople prior to our next product 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 using four quarts of 10W-30 oil in my car by September 15
To erect a four-foot-high stone retaining wall around the outer perimeter of the pool
2. Complete the following exercise by choosing they key terms 1) Part of the planning process, this term refers to the long-term approach an organizaton will take to achieve its goals and 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 helps organizations identify their internal strengths and weaknesses as well as their external opportunities and threats. a. synergy b. SWOT analysis c. diversification d. BCG matrix 3. Use your knowledge of strategic planning to select the words or phrases that bes complete the following senteces. 1) A SWOT analysis, which takes place during strategy ________________, is an important part of the strategic planning process 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 classified as a strength for the team? a. Several Giants players have had extraordinary seasons, but now some of them are not playing as well as they did when they were younger. b. The Giants’ starting pitchers are exceptionally strong and young and can potentially keep the Giants at the top of the league for years to come c. During the off season, the Los Angeles Dodgers signed players whose skills match or exceed Giants players’ skills. d. There are a number of free-agent outfielders who are available for signing by the Giants this year. Many of them have better statistics than the current team members. 5. Considering all of the factors listed in the preceding SWOT analysis question, what strategy would make the most sense for the Giantsin the upcoming season? a. Assume that as the players age, they will continue to produce at their current levels. b. Sign a free-agent outfielder tobolster the current roster and sign the young pitchers to long-term contract. c. Trade the Giants’ young pitchers to another team for minor-league prospects who aren’t ready for the major league. d. Keep the Giant’s intact and do not hire any new players beause the team was good enough to win the World Series. Identify whether each statement in the following is true or false
Statement True False
1. A company that creates a distinctive product is likely to use a differentiation strategy
2. Differentitation strategies increase competition because they reduce customer loyalty
3. A company that actively tries to become more efficient is likely to be pursuing aa cost leadership strategy

Answer

1. The answer is option “c” – I will hire three new salespeople prior to our next product release. The objective or the goal here is specific i.e hiring of 3 new salespeople. The goal is measurable i.e you want to hire 3 new salespeople. It would have been unmeasurable if the goal had been i want to hire many sales people or few sales people. The goal seems to be attainable as hiring of 3 sales people can be done without much difficulty. The goal is result oriented. You want to hire salespeople prior to the next product release. The obvious desired result is promotion, marketing and sales of the new product. The goal is time bound – the time frame here is before the next product release. 2 (i) the goal of changing tyres and oil is not clearly result oriented. It is specific – change of oil and tyres, which type of oil and tyres. It is measurable in terms of 1 set of new tyres and 4 quarts of oil. It is time bound – by September 15. However it is not clearly result oriented.

(ii) the goal of erecting 4 feet wall is specific and measurable. But the problem is it is not time bound. The goal does not state by when will the wall be erected.

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