Exam 2: Strategy Formulation, Execution, and Governance

The achievement of financial objectives tends to be a lagging indicator of a company's performance while the achievement of strategic objectives tends to be a leading indicator of a company's future financial performance.True or false? Support and explain your answer.

Crafting strategy requires

A company's values relate to such things as

What are the two types of objectives included in the balanced scorecard? Define and provide five examples of each.

A balanced scorecard for measuring company performance

A well-conceived strategic vision helps prepare a company for the future.True or false? Explain and justify your answer.

Corporate strategy A. is primarily concerned with strengthening a company's market position and building competitive advantage. B. is subject to being changed much less frequently than either a company's objectives or its mission statement. C. should be based on a flexible strategic vision and mission. D. ensures consistency in strategic approach among businesses of a diversified,multibusiness corporation. E. determines balanced scorecard financial and strategic objectives.

Why should long-run objectives take precedence over short-run objectives?

What is the difference between a mission statement and a strategic vision?

Functional strategies

Operating strategies concern

Ideally,a company's mission statement should be sufficiently descriptive and include which of the following?

The primary roles/obligations of a company's board of directors in the strategy-making,strategy-executing process include

Explain why an organization needs a strategic vision.What purpose does a strategic vision serve?

What is the meaning of the term "balanced scorecard"? What are the merits of using a balanced scorecard in judging a company's performance?

Effectively communicating the strategic vision down the line to lower-level managers and employees has the value of

Functional strategies

Define and briefly explain what is meant by each of the following terms: a.strategic inflection point b.strategic vision c.strategic objective d.strategic plan e.balanced scorecard