Question 1

Which one of the following is not one of the five stages of an ongoing,continuous strategic management process?

Accepted Answer

A)  Forming a strategic vision of the company's future direction and focus 
B)  Setting objectives to measure progress toward achieving the strategic vision 
C)  Crafting a strategy to achieve the objectives and get the company where it wants to go 
D)  Developing a profitable business model 
E)  Implementing and executing the chosen strategy efficiently and effectively 
A)  Forming a strategic vision of the company's future direction and focus 
B)  Setting objectives to measure progress toward achieving the strategic vision 
C)  Crafting a strategy to achieve the objectives and get the company where it wants to go 
D)  Developing a profitable business model 
E)  Implementing and executing the chosen strategy efficiently and effectively D

Question 2

Identify and briefly discuss at least three obligations of a company's board of directors in corporate governance and the strategy-making,strategy-executing process.

Accepted Answer

The board of directors of a company plays a crucial role in corporate governance and the strategy-making, strategy-executing process. Three key obligations of the board of directors in this regard include:

1. Fiduciary Duty: The board of directors has a fiduciary duty to act in the best interests of the company and its shareholders. This includes making decisions that are in line with the company's long-term strategy and goals, and ensuring that the company operates ethically and responsibly. The board must also oversee the company's financial performance and ensure that it is being managed effectively.

2. Strategic Oversight: The board of directors is responsible for providing oversight and guidance on the company's strategic direction. This includes reviewing and approving the company's strategic plans, evaluating the risks and opportunities associated with the chosen strategies, and monitoring the implementation of these strategies. The board should also regularly assess the company's competitive position and industry trends to ensure that the chosen strategies remain relevant and effective.

3. Executive Compensation and Succession Planning: The board of directors is responsible for setting executive compensation and ensuring that it is aligned with the company's performance and long-term objectives. Additionally, the board is responsible for succession planning, including identifying and developing future leaders within the company. This ensures that the company has a strong leadership pipeline and is prepared for any changes in key executive positions.

In summary, the board of directors plays a critical role in corporate governance and the strategy-making, strategy-executing process by fulfilling their fiduciary duty, providing strategic oversight, and managing executive compensation and succession planning. These obligations are essential for ensuring the long-term success and sustainability of the company.

Question 3

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

Accepted Answer

Answer may vary

Question 4

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

Accepted Answer

A)  Focus is placed on improving performance in the near term. 
B)  Long-run objectives are necessary for achieving long-term performance and stand as a barrier to undue focus on short-term results. 
C)  This will satisfy shareholder expectations for progress. 
D)  This will force the company to deliver performance improvement in the current period. 
E)  None of these. 
A)  Focus is placed on improving performance in the near term. 
B)  Long-run objectives are necessary for achieving long-term performance and stand as a barrier to undue focus on short-term results. 
C)  This will satisfy shareholder expectations for progress. 
D)  This will force the company to deliver performance improvement in the current period. 
E)  None of these.

Question 5

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

Accepted Answer

A)  playing the lead role in forming the company's strategy and then directly supervising the efforts and actions of senior executives in implementing and executing the strategy. 
B)  providing guidance and counsel to the CEO in carrying out his/her duties as chief strategist and chief strategy implementer. 
C)  overseeing the company's financial accounting and reporting practices,evaluating the caliber of senior executives' strategy-making and strategy-executing skills,and instituting a compensation plan that rewards top executives for results that serve shareholder interests. 
D)  working closely with the CEO,senior executives,and the strategic planning staff to develop a strategic plan for the company. 
E)  reviewing and approving the company's business model and also reviewing and approving the proposals and recommendations of the CEO as to how to execute the business model. 
A)  playing the lead role in forming the company's strategy and then directly supervising the efforts and actions of senior executives in implementing and executing the strategy. 
B)  providing guidance and counsel to the CEO in carrying out his/her duties as chief strategist and chief strategy implementer. 
C)  overseeing the company's financial accounting and reporting practices,evaluating the caliber of senior executives' strategy-making and strategy-executing skills,and instituting a compensation plan that rewards top executives for results that serve shareholder interests. 
D)  working closely with the CEO,senior executives,and the strategic planning staff to develop a strategic plan for the company. 
E)  reviewing and approving the company's business model and also reviewing and approving the proposals and recommendations of the CEO as to how to execute the business model.

Question 6

When companies adopt the strategy-making and strategy execution process it requires they start by

Accepted Answer

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. 
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.

Question 7

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 8

Which of the following is an integral part of the managerial process of crafting and executing strategy?

Accepted Answer

A)  Developing a proven business model 
B)  Setting objectives and using them as yardsticks for measuring the company's performance and progress 
C)  Deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage 
D)  Communicating the company's mission and purpose to all employees 
E)  Deciding on the composition of the company's board of directors 
A)  Developing a proven business model 
B)  Setting objectives and using them as yardsticks for measuring the company's performance and progress 
C)  Deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage 
D)  Communicating the company's mission and purpose to all employees 
E)  Deciding on the composition of the company's board of directors

Question 9

Functional strategies

Accepted Answer

A)  unify the company's various operating-level strategies. 
B)  specify how to build and strengthen the skills,expertise,and competencies needed to execute operating-level strategies successfully. 
C)  support and add power to the corporate-level strategy. 
D)  add detail to the company's business-level strategy and specify what resources are needed to put the strategy into action. 
E)  create the chief elements of the company's strategy map. 
A)  unify the company's various operating-level strategies. 
B)  specify how to build and strengthen the skills,expertise,and competencies needed to execute operating-level strategies successfully. 
C)  support and add power to the corporate-level strategy. 
D)  add detail to the company's business-level strategy and specify what resources are needed to put the strategy into action. 
E)  create the chief elements of the company's strategy map.

Question 10

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 11

The managerial purpose of setting objectives includes

Accepted Answer

A)  converting the strategic vision into specific performance targets. 
B)  using the objectives as yardsticks for tracking the company's progress and performance. 
C)  challenging the organization to perform at its full potential and deliver the best possible results. 
D)  establishing deadlines for achieving performance results. 
E)  All of these. 
A)  converting the strategic vision into specific performance targets. 
B)  using the objectives as yardsticks for tracking the company's progress and performance. 
C)  challenging the organization to perform at its full potential and deliver the best possible results. 
D)  establishing deadlines for achieving performance results. 
E)  All of these.

Question 12

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

Accepted Answer

The answer of Define and briefly explain what is meant...

Question 13

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

Accepted Answer

The answer of What are the two types of objectives...

Question 14

A company needs performance targets or objectives

Accepted Answer

A)  for its operations as a whole and also for each of its separate businesses,product lines,functional departments,and individual work units. 
B)  because they provide parameters for the company's strategy map. 
C)  in order to unify the company's strategic vision and business model. 
D)  to help guide managers in deciding what strategic path to take in the event that a strategic inflection point is encountered. 
E)  in order to prevent lower-level organizational units from establishing their own objectives. 
A)  for its operations as a whole and also for each of its separate businesses,product lines,functional departments,and individual work units. 
B)  because they provide parameters for the company's strategy map. 
C)  in order to unify the company's strategic vision and business model. 
D)  to help guide managers in deciding what strategic path to take in the event that a strategic inflection point is encountered. 
E)  in order to prevent lower-level organizational units from establishing their own objectives.

Question 15

A balanced scorecard that includes both strategic and financial performance targets is a conceptually strong approach for judging a company's overall performance because

Accepted Answer

A)  financial performance measures are lagging indicators that reflect the results of past decisions and organizational activities whereas strategic performance measures are leading indicators of a company's future financial performance. 
B)  it entails putting equal emphasis on good strategy execution and good business model execution. 
C)  a balanced scorecard approach pushes managers to avoid setting objectives that reflect the results of past decisions and organizational activities and,instead,to set objectives that will serve as leading indicators of a company's future financial performance. 
D)  it assists managers in putting roughly equal emphasis on short-term and long-term performance targets. 
E)  it more or less forces managers to put equal emphasis on financial and strategic objectives. 
A)  financial performance measures are lagging indicators that reflect the results of past decisions and organizational activities whereas strategic performance measures are leading indicators of a company's future financial performance. 
B)  it entails putting equal emphasis on good strategy execution and good business model execution. 
C)  a balanced scorecard approach pushes managers to avoid setting objectives that reflect the results of past decisions and organizational activities and,instead,to set objectives that will serve as leading indicators of a company's future financial performance. 
D)  it assists managers in putting roughly equal emphasis on short-term and long-term performance targets. 
E)  it more or less forces managers to put equal emphasis on financial and strategic objectives.

Question 16

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

Accepted Answer

A)  Who we are? what we do? and why we are 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)  What business model should we employ to achieve our objectives and our vision? 
A)  Who we are? what we do? and why we are 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)  What business model should we employ to achieve our objectives and our vision?

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

Which of the following are characteristics of an effectively worded strategic vision statement?

Accepted Answer

A)  Graphic,directional,and focused 
B)  Challenging,competitive,and "set in concrete" 
C)  Balanced,responsible,and rational 
D)  Realistic,customer-focused,and market-driven 
E)  Achievable,profitable,and ethical 
A)  Graphic,directional,and focused 
B)  Challenging,competitive,and "set in concrete" 
C)  Balanced,responsible,and rational 
D)  Realistic,customer-focused,and market-driven 
E)  Achievable,profitable,and ethical

Question 19

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 20

The strategic management process is shaped by

Accepted Answer

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. 
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.

Which one of the following is not one of the five stages of an ongoing,continuous strategic management process?

Identify and briefly discuss at least three obligations of a company's board of directors in corporate governance and the strategy-making,strategy-executing process.

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

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

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

When companies adopt the strategy-making and strategy execution process it requires they start by

A company's strategic plan consists of

Which of the following is an integral part of the managerial process of crafting and executing strategy?

Functional strategies

Business strategy concerns

The managerial purpose of setting objectives includes

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

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

A company needs performance targets or objectives

A balanced scorecard that includes both strategic and financial performance targets is a conceptually strong approach for judging a company's overall performance because

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

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

Which of the following are characteristics of an effectively worded strategic vision statement?

Strategic objectives

The strategic management process is shaped by

Strategy, Business Models, and Competitive Advantage

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy

Superior Strategy Execution-Another Path to Competitive Advantage

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Exam 2: Charting a Companys Direction: Vision and Mission, Objectives, and Strategy

Which one of the following is not one of the five stages of an ongoing,continuous strategic management process?

Identify and briefly discuss at least three obligations of a company's board of directors in corporate governance and the strategy-making,strategy-executing process.

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

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

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

When companies adopt the strategy-making and strategy execution process it requires they start by

A company's strategic plan consists of

Which of the following is an integral part of the managerial process of crafting and executing strategy?

Functional strategies

Business strategy concerns

The managerial purpose of setting objectives includes

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

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

A company needs performance targets or objectives

A balanced scorecard that includes both strategic and financial performance targets is a conceptually strong approach for judging a company's overall performance because

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

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

Which of the following are characteristics of an effectively worded strategic vision statement?

Strategic objectives

The strategic management process is shaped by

Strategy, Business Models, and Competitive Advantage

Evaluating a Companys External Environment

Evaluating a Companys Resources, Capabilities, and Competitiveness

The Five Generic Competitive Strategies

Strengthening a Companys Competitive Position: Strategic Moves, Timing, and Scope of Operations

Strategies for Competing in International Markets

Corporate Strategy: Diversification and the Multibusiness Company

Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy

Superior Strategy Execution-Another Path to Competitive Advantage

Filters