Question 1

One of the benefits of having a clear mission and vision is the promotion of a sense of shared expectations among all managers and employees.

Accepted Answer

A) True 
 B)False  True

Question 2

In order to motivate a workforce effectively, both profit and vision are needed.

Accepted Answer

A) True 
 B)False  True

Question 3

As indicated in the strategic-management model, a clear ________ is needed before alternative strategies can be formulated and implemented.

Accepted Answer

A)  short-term objective 
B)  implementation plan 
C)  audit policy 
D)  mission statement 
E)  evaluation strategy 
A)  short-term objective 
B)  implementation plan 
C)  audit policy 
D)  mission statement 
E)  evaluation strategy D

Question 4

Which question is NOT addressed in an effective mission statement?

Accepted Answer

A)  Is the firm committed to growth and financial soundness? 
B)  Are employees a valuable asset of the firm? 
C)  Geographically, where does the firm compete? 
D)  Who are the firm's customers? 
E)  What are the updated balances of leading accounts on the firm's balance sheet? 
A)  Is the firm committed to growth and financial soundness? 
B)  Are employees a valuable asset of the firm? 
C)  Geographically, where does the firm compete? 
D)  Who are the firm's customers? 
E)  What are the updated balances of leading accounts on the firm's balance sheet?

Question 5

Union Pacific's mission statement focuses on environmental stewardship rather than on transportation or railroads because good mission statements identify the utility of a firm's products to its customers.

Accepted Answer

A) True 
 B)False

Question 6

Stakeholders of an organization include stockholders, customers and creditors, but not competitors.

Accepted Answer

A) True 
 B)False

Question 7

All stakeholders' claims on an organization ________ pursued with equal emphasis.

Accepted Answer

A)  cannot be 
B)  should always be 
C)  are required to be 
D)  must ideally be 
E)  can usually be 
A)  cannot be 
B)  should always be 
C)  are required to be 
D)  must ideally be 
E)  can usually be

Question 8

Effective and carefully planned mission statements

Accepted Answer

A)  require major changes every few months. 
B)  require major changes every few quarters. 
C)  require major revision every few years. 
D)  do not require revision. 
E)  require infrequent major changes, but are always subject to revision. 
A)  require major changes every few months. 
B)  require major changes every few quarters. 
C)  require major revision every few years. 
D)  do not require revision. 
E)  require infrequent major changes, but are always subject to revision.

Question 9

According to Drucker, a business' mission is the foundation for all of the following EXCEPT

Accepted Answer

A)  priorities. 
B)  strategies. 
C)  plans. 
D)  employee wage rates. 
E)  work assignments. 
A)  priorities. 
B)  strategies. 
C)  plans. 
D)  employee wage rates. 
E)  work assignments.

Question 10

According to King and Cleland, carefully developed written mission statements provide a basis for organizing work, departments, activities, and segments around a common purpose.

Accepted Answer

A) True 
 B)False

Question 11

Which question is NOT answered in an effective mission statement?

Accepted Answer

A)  Is the firm committed to growth and financial soundness? 
B)  Are employees a valuable asset of the firm? 
C)  Geographically, where does the firm compete? 
D)  Who are the firm's customers? 
E)  Are the firm's profits adequate? 
A)  Is the firm committed to growth and financial soundness? 
B)  Are employees a valuable asset of the firm? 
C)  Geographically, where does the firm compete? 
D)  Who are the firm's customers? 
E)  Are the firm's profits adequate?

Question 12

A mission statement, is an enduring statement of purpose that distinguishes one organization from other similar enterprises.

Accepted Answer

A) True 
 B)False

Question 13

Vision and mission statements can often be found in the front of annual reports.

Accepted Answer

A) True 
 B)False

Question 14

A good mission statement effectively reflects the anticipations of customers and reveals the utility that various products or services offer customers. Give three examples of this.

Accepted Answer

Student answers may vary, but could incl

Question 15

Raising the question "What is our business" may cause a realization of fundamental disagreement among individuals who have worked together for a long time and who think they know each other.

Accepted Answer

A) True 
 B)False

Question 16

Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?

Accepted Answer

A)  Technology 
B)  Philosophy 
C)  Concern for public image 
D)  Customers 
E)  Self-concept 
A)  Technology 
B)  Philosophy 
C)  Concern for public image 
D)  Customers 
E)  Self-concept

Question 17

Who is referred to as "the father of modern management?"

Accepted Answer

A)  Cleland 
B)  Campbell 
C)  Drucker 
D)  McGinnis 
E)  Yeung 
A)  Cleland 
B)  Campbell 
C)  Drucker 
D)  McGinnis 
E)  Yeung

Question 18

According to Drucker, the most important time for a company to develop mission and vision statements is when the company is experiencing financial difficulty.

Accepted Answer

A) True 
 B)False

Question 19

A mission statement should be broad enough to reconcile differences among an organization's various stakeholders.

Accepted Answer

A) True 
 B)False

Question 20

When a company has been successful, the question "What is our business?" becomes less important.

Accepted Answer

A) True 
 B)False

One of the benefits of having a clear mission and vision is the promotion of a sense of shared expectations among all managers and employees.

In order to motivate a workforce effectively, both profit and vision are needed.

As indicated in the strategic-management model, a clear ________ is needed before alternative strategies can be formulated and implemented.

Which question is NOT addressed in an effective mission statement?

Union Pacific's mission statement focuses on environmental stewardship rather than on transportation or railroads because good mission statements identify the utility of a firm's products to its customers.

Stakeholders of an organization include stockholders, customers and creditors, but not competitors.

All stakeholders' claims on an organization ________ pursued with equal emphasis.

Effective and carefully planned mission statements

According to Drucker, a business' mission is the foundation for all of the following EXCEPT

According to King and Cleland, carefully developed written mission statements provide a basis for organizing work, departments, activities, and segments around a common purpose.

Which question is NOT answered in an effective mission statement?

A mission statement, is an enduring statement of purpose that distinguishes one organization from other similar enterprises.

Vision and mission statements can often be found in the front of annual reports.

A good mission statement effectively reflects the anticipations of customers and reveals the utility that various products or services offer customers. Give three examples of this.

Raising the question "What is our business" may cause a realization of fundamental disagreement among individuals who have worked together for a long time and who think they know each other.

Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?

Who is referred to as "the father of modern management?"

According to Drucker, the most important time for a company to develop mission and vision statements is when the company is experiencing financial difficulty.

A mission statement should be broad enough to reconcile differences among an organization's various stakeholders.

When a company has been successful, the question "What is our business?" becomes less important.

The Nature of Strategic Management

The External Assessment

The Internal Assessment

Strategies in Action

Strategy Analysis and Choice

Implementing Strategies: Management and Marketing Issues

Implementing Strategies: Finance and Accounting Issues

Strategy Evaluation and Governance

Business Ethics, Environmental Sustainability, and Social Responsibility

Global and International Issues

Filters

Exam 2: The Business Vision and Mission

One of the benefits of having a clear mission and vision is the promotion of a sense of shared expectations among all managers and employees.

In order to motivate a workforce effectively, both profit and vision are needed.

As indicated in the strategic-management model, a clear ________ is needed before alternative strategies can be formulated and implemented.

Which question is NOT addressed in an effective mission statement?

Union Pacific's mission statement focuses on environmental stewardship rather than on transportation or railroads because good mission statements identify the utility of a firm's products to its customers.

Stakeholders of an organization include stockholders, customers and creditors, but not competitors.

All stakeholders' claims on an organization ________ pursued with equal emphasis.

Effective and carefully planned mission statements

According to Drucker, a business' mission is the foundation for all of the following EXCEPT

According to King and Cleland, carefully developed written mission statements provide a basis for organizing work, departments, activities, and segments around a common purpose.

Which question is NOT answered in an effective mission statement?

A mission statement, is an enduring statement of purpose that distinguishes one organization from other similar enterprises.

Vision and mission statements can often be found in the front of annual reports.

A good mission statement effectively reflects the anticipations of customers and reveals the utility that various products or services offer customers. Give three examples of this.

Raising the question "What is our business" may cause a realization of fundamental disagreement among individuals who have worked together for a long time and who think they know each other.

Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?

Who is referred to as "the father of modern management?"

According to Drucker, the most important time for a company to develop mission and vision statements is when the company is experiencing financial difficulty.

A mission statement should be broad enough to reconcile differences among an organization's various stakeholders.

When a company has been successful, the question "What is our business?" becomes less important.

The Nature of Strategic Management

The External Assessment

The Internal Assessment

Strategies in Action

Strategy Analysis and Choice

Implementing Strategies: Management and Marketing Issues

Implementing Strategies: Finance and Accounting Issues

Strategy Evaluation and Governance

Business Ethics, Environmental Sustainability, and Social Responsibility

Global and International Issues

Filters