Question 1

Which one of the following is not a characteristic of an effectively worded strategic vision statement?

Accepted Answer

A)  directional (is forward-looking,describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future) 
B)  easy to communicate (is explainable in 10 to 15 minutes,can be reduced to a memorable slogan) 
C)  graphic (paints a picture of the kind of company management is trying to create and the market position or positions the company is striving to stake out) 
D)  consensus-driven (commits the company to a "mainstream" directional path that most all stakeholders will enthusiastically support) 
E)  focused (is specific enough to provide guidance to managers in making decisions and allocating resources) 
A)  directional (is forward-looking,describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future) 
B)  easy to communicate (is explainable in 10 to 15 minutes,can be reduced to a memorable slogan) 
C)  graphic (paints a picture of the kind of company management is trying to create and the market position or positions the company is striving to stake out) 
D)  consensus-driven (commits the company to a "mainstream" directional path that most all stakeholders will enthusiastically support) 
E)  focused (is specific enough to provide guidance to managers in making decisions and allocating resources) D

Question 2

Identify and briefly discuss at least two examples of faulty oversight by a company's board of directors in corporate governance and/or the strategy formulation,strategy execution process.

Accepted Answer

Answers may vary.

Question 3

A company's strategic vision concerns

Accepted Answer

A)  a company's directional path and future product-customer-market-technology focus. 
B)  why the company does certain things in trying to please its customers. 
C)  management's story line of how it intends to make a profit with the chosen strategy. 
D)  "who we are and what we do." 
E)  what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage. 
A)  a company's directional path and future product-customer-market-technology focus. 
B)  why the company does certain things in trying to please its customers. 
C)  management's story line of how it intends to make a profit with the chosen strategy. 
D)  "who we are and what we do." 
E)  what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage. A

Question 4

Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?

Accepted Answer

A)  ensuring that policies and procedures facilitate rather than impede effective execution 
B)  creating a company culture and work climate conducive to successful strategy implementation and execution 
C)  surveying employees on how employee job satisfaction can be improved 
D)  exerting the internal leadership needed to drive implementation forward 
E)  tying rewards and incentives directly to the achievement of performance objectives 
A)  ensuring that policies and procedures facilitate rather than impede effective execution 
B)  creating a company culture and work climate conducive to successful strategy implementation and execution 
C)  surveying employees on how employee job satisfaction can be improved 
D)  exerting the internal leadership needed to drive implementation forward 
E)  tying rewards and incentives directly to the achievement of performance objectives

Question 5

In a single-business company,the strategy-making hierarchy consists of

Accepted Answer

A)  business strategy,divisional strategies,and departmental strategies. 
B)  business strategy,functional strategies,and operating strategies. 
C)  business strategy and operating strategy. 
D)  managerial strategy,business strategy,and divisional strategies. 
E)  corporate strategy,divisional strategies,and departmental strategies. 
A)  business strategy,divisional strategies,and departmental strategies. 
B)  business strategy,functional strategies,and operating strategies. 
C)  business strategy and operating strategy. 
D)  managerial strategy,business strategy,and divisional strategies. 
E)  corporate strategy,divisional strategies,and departmental strategies.

Question 6

The difference between the concept of a company mission statement and the concept of a strategic vision is that

Accepted Answer

A)  a mission statement typically concerns a company's present business scope ("who we are and what we do"),whereas the principal concern of a strategic vision is with the company's future business scope (long-term direction and future product-customer-market-technology focus). 
B)  the mission is to make a profit,whereas a strategic vision concerns how to attract customers. 
C)  a mission statement deals with what to accomplish on behalf of shareholders and a strategic vision concerns what to accomplish on behalf of customers. 
D)  a mission statement concerns what to do to achieve short-run objectives and a strategic vision concerns what to do to achieve long-run performance targets. 
E)  a mission statement deals with "where we are headed," whereas a strategic vision provides the critical answer to "how will we get there." 
A)  a mission statement typically concerns a company's present business scope ("who we are and what we do"),whereas the principal concern of a strategic vision is with the company's future business scope (long-term direction and future product-customer-market-technology focus). 
B)  the mission is to make a profit,whereas a strategic vision concerns how to attract customers. 
C)  a mission statement deals with what to accomplish on behalf of shareholders and a strategic vision concerns what to accomplish on behalf of customers. 
D)  a mission statement concerns what to do to achieve short-run objectives and a strategic vision concerns what to do to achieve long-run performance targets. 
E)  a mission statement deals with "where we are headed," whereas a strategic vision provides the critical answer to "how will we get there."

Question 7

The strategic management process is shaped by
A.
management's strategic vision,strategic and financial objectives,and strategy.
B.
the decisions made by the compensation and audit committees of the board of directors.
C.
external factors such as the industry's economic and competitive conditions and internal factors such as the company's collection of resources and capabilities.
D.
a company's customer value proposition and profit formula.
E.
actions to strengthen competitive capabilities and correct weaknesses,actions to strengthen market standing and competitiveness by acquiring or merging with other companies,and actions to enter new geographic or product markets.

Accepted Answer

The answer of The strategic management process is shaped by
A.
management's...

Question 8

Business strategy concerns

Accepted Answer

A)  strengthening the company's market position and building competitive advantage. 
B)  ensuring consistency in strategic approach among the businesses of a diversified company. 
C)  selecting a business model to use in pursuing business objectives. 
D)  selecting a set of financial and strategic objectives for a particular line of business. 
E)  choosing appropriate internal business processes for a specific line of business. 
A)  strengthening the company's market position and building competitive advantage. 
B)  ensuring consistency in strategic approach among the businesses of a diversified company. 
C)  selecting a business model to use in pursuing business objectives. 
D)  selecting a set of financial and strategic objectives for a particular line of business. 
E)  choosing appropriate internal business processes for a specific line of business.

Question 9

A company's strategic plan consists of

Accepted Answer

A)  its balanced scorecard and its business model. 
B)  a vision of where it is headed,a set of performance targets,and a strategy to achieve them. 
C)  its strategy and management's specific,detailed plans for implementing it. 
D)  a company's plans for improving value-creating internal processes. 
E)  a strategic vision,a strategy,and a business model. 
A)  its balanced scorecard and its business model. 
B)  a vision of where it is headed,a set of performance targets,and a strategy to achieve them. 
C)  its strategy and management's specific,detailed plans for implementing it. 
D)  a company's plans for improving value-creating internal processes. 
E)  a strategic vision,a strategy,and a business model.

Question 10

A company's mission statement typically addresses which of the following questions?

Accepted Answer

A)  Who are we? What do we do? and Why are we here? 
B)  What objectives and level of performance do we want to achieve? 
C)  Where are we going and what should our strategy be? 
D)  What approach should we take to achieve sustainable competitive advantage? 
E)  Why have we chosen a particular business model to achieve our objectives and our vision? 
A)  Who are we? What do we do? and Why are we here? 
B)  What objectives and level of performance do we want to achieve? 
C)  Where are we going and what should our strategy be? 
D)  What approach should we take to achieve sustainable competitive advantage? 
E)  Why have we chosen a particular business model to achieve our objectives and our vision?

Question 11

Which one of the following is not among the chief duties or responsibilities of a company's board of directors insofar as the strategy-making,strategy-executing process is concerned?

Accepted Answer

A)  Hire and fire senior-level executives and work with the company's chief strategic planning officer to improve the company's performance. 
B)  Inquire about and exercise strong oversight over the company's direction,strategy,and business approaches. 
C)  Evaluate the caliber of senior executives' strategy-making/strategy-executing skills. 
D)  Institute a compensation plan for top executives that rewards them for actions and results that serve stakeholders' interests and most especially those of shareholders. 
E)  Oversee the company's financial accounting and financial reporting practices. 
A)  Hire and fire senior-level executives and work with the company's chief strategic planning officer to improve the company's performance. 
B)  Inquire about and exercise strong oversight over the company's direction,strategy,and business approaches. 
C)  Evaluate the caliber of senior executives' strategy-making/strategy-executing skills. 
D)  Institute a compensation plan for top executives that rewards them for actions and results that serve stakeholders' interests and most especially those of shareholders. 
E)  Oversee the company's financial accounting and financial reporting practices.

Question 12

Explain why a company's strategy is really a bundle of strategies.

Accepted Answer

The answer of Explain why a company's strategy is really...

Question 13

When companies adopt the strategy making,strategy execution process,it requires they start by
A.
developing a strategic vision,mission,and values.
B.
developing a proven business model,deciding on the company's top management team,and crafting a strategy.
C.
setting objectives,developing a business model,crafting a strategy,and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.
D.
coming up with a statement of the company's mission and communicating it to all employees,setting objectives,selecting a business model,and monitoring developments and initiating corrective adjustments to the business model when necessary.
E.
deciding on the company's board of directors,setting financial objectives,crafting a strategy,and choosing what business approaches and operating practices to employ.

Accepted Answer

The answer of When companies adopt the strategy making,strategy execution...

Question 14

The task of stitching together a strategy

Accepted Answer

A)  entails addressing a series of "hows": how to grow the business,how to please customers,how to outcompete rivals,how to respond to changing market conditions,and how to achieve strategic and financial objectives. 
B)  is primarily an exercise in deciding which of several freshly emerging market opportunities to pursue. 
C)  should be dictated by what is comfortable to management from a risk perspective and what is acceptable in terms of capital requirements. 
D)  requires trying to copy the strategies of industry leaders as closely as possible. 
E)  is mainly an exercise in good planning. 
A)  entails addressing a series of "hows": how to grow the business,how to please customers,how to outcompete rivals,how to respond to changing market conditions,and how to achieve strategic and financial objectives. 
B)  is primarily an exercise in deciding which of several freshly emerging market opportunities to pursue. 
C)  should be dictated by what is comfortable to management from a risk perspective and what is acceptable in terms of capital requirements. 
D)  requires trying to copy the strategies of industry leaders as closely as possible. 
E)  is mainly an exercise in good planning.

Question 15

Proficient strategy execution

Accepted Answer

A)  is always the product of much organizational learning. 
B)  is achieved unevenly,coming quickly in some areas and more slowly in others. 
C)  entails vigilantly searching for ways to improve performance. 
D)  is an ongoing process,not an every-now-and-then task. 
E)  All of these choices are correct. 
A)  is always the product of much organizational learning. 
B)  is achieved unevenly,coming quickly in some areas and more slowly in others. 
C)  entails vigilantly searching for ways to improve performance. 
D)  is an ongoing process,not an every-now-and-then task. 
E)  All of these choices are correct.

Question 16

Strategic objectives

Accepted Answer

A)  are more essential in achieving a company's strategic vision than are financial objectives. 
B)  are generally less important than financial objectives. 
C)  are more difficult to achieve and harder to measure than financial objectives. 
D)  relate to strengthening a company's overall market standing and competitive vitality. 
E)  help managers track an organization's true progress better than do financial objectives. 
A)  are more essential in achieving a company's strategic vision than are financial objectives. 
B)  are generally less important than financial objectives. 
C)  are more difficult to achieve and harder to measure than financial objectives. 
D)  relate to strengthening a company's overall market standing and competitive vitality. 
E)  help managers track an organization's true progress better than do financial objectives.

Question 17

Top management's views about where the company is headed and what its future product-customer-market-technology will be

Accepted Answer

A)  indicates what kind of business model the company is going to have in the future. 
B)  constitutes the strategic vision for the company. 
C)  signals what the firm's strategy will be. 
D)  serves to define the company's mission. 
E)  indicates what the company's long-term strategic plan is. 
A)  indicates what kind of business model the company is going to have in the future. 
B)  constitutes the strategic vision for the company. 
C)  signals what the firm's strategy will be. 
D)  serves to define the company's mission. 
E)  indicates what the company's long-term strategic plan is.

Question 18

The strategy-making,strategy-executing process

Accepted Answer

A)  is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives. 
B)  includes establishing a company's mission,developing a business model aimed at making the company an industry leader,and crafting a strategy to implement and execute the business model. 
C)  embraces the tasks of developing a strategic vision,setting objectives,crafting a strategy,implementing and executing the strategy,and then monitoring developments and initiating corrective adjustments in light of experience,changing conditions,and new opportunities. 
D)  is principally concerned with sizing up an organization's internal and external situation,so as to be prepared for the challenge of developing a sound business model. 
E)  is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved. 
A)  is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives. 
B)  includes establishing a company's mission,developing a business model aimed at making the company an industry leader,and crafting a strategy to implement and execute the business model. 
C)  embraces the tasks of developing a strategic vision,setting objectives,crafting a strategy,implementing and executing the strategy,and then monitoring developments and initiating corrective adjustments in light of experience,changing conditions,and new opportunities. 
D)  is principally concerned with sizing up an organization's internal and external situation,so as to be prepared for the challenge of developing a sound business model. 
E)  is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved.

Question 19

Which of the following are common shortcomings of company vision statements?

Accepted Answer

A)  too broad,vague or incomplete,bland/uninspiring,not distinctive,and too reliant on superlatives 
B)  unrealistic,unconventional,and unbusinesslike 
C)  too specific,too inflexible,and can't be achieved in five years 
D)  too broad,too narrow,and too risky 
E)  not customer-driven,out-of-step with emerging technological trends,and too ambitious 
A)  too broad,vague or incomplete,bland/uninspiring,not distinctive,and too reliant on superlatives 
B)  unrealistic,unconventional,and unbusinesslike 
C)  too specific,too inflexible,and can't be achieved in five years 
D)  too broad,too narrow,and too risky 
E)  not customer-driven,out-of-step with emerging technological trends,and too ambitious

Question 20

A company needs financial objectives

Accepted Answer

A)  to overtake key competitors on such important measures as net profit margins and return on investment. 
B)  because without adequate profitability and financial strength,the company's ultimate survival is jeopardized. 
C)  to indicate to employees that financial objectives always take precedence over strategic objectives. 
D)  to convince shareholders that top management is acting in their interests. 
E)  to translate the company's business model into action items. 
A)  to overtake key competitors on such important measures as net profit margins and return on investment. 
B)  because without adequate profitability and financial strength,the company's ultimate survival is jeopardized. 
C)  to indicate to employees that financial objectives always take precedence over strategic objectives. 
D)  to convince shareholders that top management is acting in their interests. 
E)  to translate the company's business model into action items.

Which one of the following is not a characteristic of an effectively worded strategic vision statement?

Identify and briefly discuss at least two examples of faulty oversight by a company's board of directors in corporate governance and/or the strategy formulation,strategy execution process.

A company's strategic vision concerns

Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?

In a single-business company,the strategy-making hierarchy consists of

The difference between the concept of a company mission statement and the concept of a strategic vision is that

Business strategy concerns

A company's strategic plan consists of

A company's mission statement typically addresses which of the following questions?

Which one of the following is not among the chief duties or responsibilities of a company's board of directors insofar as the strategy-making,strategy-executing process is concerned?

Explain why a company's strategy is really a bundle of strategies.

The task of stitching together a strategy

Proficient strategy execution

Strategic objectives

Top management's views about where the company is headed and what its future product-customer-market-technology will be

The strategy-making,strategy-executing process

Which of the following are common shortcomings of company vision statements?

A company needs financial objectives

Strategy,Business Models, and Competitive Advantage

Evaluating a Companys External Environment

Evaluating a Company Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strength-Ending a Company Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multi-Business Company

Ethics,Corporate Social Responsibility,Environmental Sustainability, and Strategy

Super Strategy Execution-Another Path to Competitive Advantage

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Exam 2: Strategy Formulation, Execution, and Governance

Which one of the following is not a characteristic of an effectively worded strategic vision statement?

Identify and briefly discuss at least two examples of faulty oversight by a company's board of directors in corporate governance and/or the strategy formulation,strategy execution process.

A company's strategic vision concerns

Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?

In a single-business company,the strategy-making hierarchy consists of

The difference between the concept of a company mission statement and the concept of a strategic vision is that

Business strategy concerns

A company's strategic plan consists of

A company's mission statement typically addresses which of the following questions?

Which one of the following is not among the chief duties or responsibilities of a company's board of directors insofar as the strategy-making,strategy-executing process is concerned?

Explain why a company's strategy is really a bundle of strategies.

The task of stitching together a strategy

Proficient strategy execution

Strategic objectives

Top management's views about where the company is headed and what its future product-customer-market-technology will be

The strategy-making,strategy-executing process

Which of the following are common shortcomings of company vision statements?

A company needs financial objectives

Strategy,Business Models, and Competitive Advantage

Evaluating a Companys External Environment

Evaluating a Company Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strength-Ending a Company Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multi-Business Company

Ethics,Corporate Social Responsibility,Environmental Sustainability, and Strategy

Super Strategy Execution-Another Path to Competitive Advantage

Filters