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MGMT 650 Final Exam Answers

MGMT 650 Final Exam Answers

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MGMT 650 Final Exam Answers

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MGMT 650 Final Exam Answers

A clearly written goal statement can be of enormous benefit to a company in many ways. (15 points)

In order to get the best execution of its goals, a firm must get its employees to internalize those goals as opposed to just acting on their own interpretation of them.  Employees, especially on the “front lines of selling,” frequently need to make decisions that require they interpret the goals of management.

Internalizing means that the people who must accomplish the goal:

a) Memorized the goal

b) Understand what the firm wants to accomplish

c) Completely understand what management is seeking to accomplish

d) Know how to behave to contribute to that accomplishment.

 

When employees do not internalize, and management does not know they did not understand the goal, did not understand how to act to meet that goal, then the results turn out to be far from what management wants.

HERE IS A CASE FOR YOU TO Analyze in Parts (a) and (b) below:   

An appliance and TV department store’s Top Management wants to maximize its market penetration (market share) for large TV sales in a large city.  They feel that a good way to sell as many sets as possible is to encourage people to buy on credit and take the set home even if they are unsure of whether or not they can really afford such a large purchase.

Top management orders employees to encourage people to buy and take home anything that the shopper is unsure is about.  Management tells employees to inform customers to Try the set at home and if you don’t like it, you can return it within three days for a full refund.

Management hopes that only a small percentage of the buyers would actually return the sets for a refund—once they got the set home, they would be unwilling to give it up and return it.  (This strategy works fabulously well for selling women’s clothing.)  Thus, the store would achieve higher market penetration in the sales of the largest TV sets.  This, in turn, would give the store leverage over the supplier of the TV sets; the store would get better prices on all its TV

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