Question 1

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

Accepted Answer

A) not only explaining "where we are going and why" but,more importantly,also inspiring and energizing company personnel to unite to get the company moving in the intended direction. 
B) helping company personnel understand why making a profit is so important. 
C) making it easier for top executives to set strategic objectives. 
D) helping lower-level managers and employees better understand the company's business model. 
E) All of these choices are correct. 
A) not only explaining "where we are going and why" but,more importantly,also inspiring and energizing company personnel to unite to get the company moving in the intended direction. 
B) helping company personnel understand why making a profit is so important. 
C) making it easier for top executives to set strategic objectives. 
D) helping lower-level managers and employees better understand the company's business model. 
E) All of these choices are correct. A

Question 2

Ideally,a company's mission statement should be sufficiently descriptive and

Accepted Answer

A) provide scant indication of a company's services and products that give the company its own identity. 
B) identify the pressing agenda items for members of its board of directors. 
C) specify the allocation of resources that underlie the basis of its competitive advantage. 
D) relate to the future state of the organization that managers seek to attain. 
E) identify the specific customer or market that the company intends to serve. 
A) provide scant indication of a company's services and products that give the company its own identity. 
B) identify the pressing agenda items for members of its board of directors. 
C) specify the allocation of resources that underlie the basis of its competitive advantage. 
D) relate to the future state of the organization that managers seek to attain. 
E) identify the specific customer or market that the company intends to serve. E

Question 3

Proficient strategy execution

Accepted Answer

A) directly involves only the CEO and board of directors of the firm. 
B) is achieved unevenly,coming quickly in some areas and more slowly in others. 
C) entails accomplishing desired outcomes and then examining what went right and what went wrong. 
D) is an every-now-and-then task. 
E) is always the product of much organizational learning. 
A) directly involves only the CEO and board of directors of the firm. 
B) is achieved unevenly,coming quickly in some areas and more slowly in others. 
C) entails accomplishing desired outcomes and then examining what went right and what went wrong. 
D) is an every-now-and-then task. 
E) is always the product of much organizational learning. E

Question 4

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

Students should be able to outline these

Question 5

A single-business company has three levels of strategy.Name and describe each level.

Accepted Answer

The three levels of

Question 6

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 7

The obligations of an investor-owned company's board of directors in the strategy-making,strategy-executing process include

Accepted Answer

A) debating the merits of other compelling strategy proposals as opposed to those put forward by top management. 
B) taking the lead in formulating the company's strategic plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives. 
C) taking the lead in developing the company's business model and strategic vision. 
D) overseeing the company's financial accounting and financial reporting practices and evaluating the caliber of senior executives' strategy-making,strategy-executing skills. 
E) approving the company's operating strategies,functional-area strategies,business strategy,and overall corporate strategy. 
A) debating the merits of other compelling strategy proposals as opposed to those put forward by top management. 
B) taking the lead in formulating the company's strategic plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives. 
C) taking the lead in developing the company's business model and strategic vision. 
D) overseeing the company's financial accounting and financial reporting practices and evaluating the caliber of senior executives' strategy-making,strategy-executing skills. 
E) approving the company's operating strategies,functional-area strategies,business strategy,and overall corporate strategy.

Question 8

A company's values concern

Accepted Answer

A) whether and to what extent it intends to operate in an ethical and socially responsible manner. 
B) how aggressively it will seek to maximize profits and enforce high ethical standards. 
C) the beliefs and operating principles built into the company's "balanced scorecard" for measuring performance. 
D) the beliefs,traits,and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission. 
E) the beliefs,principles,and ethical standards that are incorporated into the company's strategic intent and business model. 
A) whether and to what extent it intends to operate in an ethical and socially responsible manner. 
B) how aggressively it will seek to maximize profits and enforce high ethical standards. 
C) the beliefs and operating principles built into the company's "balanced scorecard" for measuring performance. 
D) the beliefs,traits,and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission. 
E) the beliefs,principles,and ethical standards that are incorporated into the company's strategic intent and business model.

Question 9

A company needs performance targets or objectives

Accepted Answer

A) for its operations as a whole and 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) 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) to prevent lower-level organizational units from establishing their own objectives. 
A) for its operations as a whole and 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) 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) to prevent lower-level organizational units from establishing their own objectives.

Question 10

Management's strategic vision for an organization

Accepted Answer

A) charts a strategic course for the organization ("where we are going")and outlines the company's future product-customer-market-technology focus. 
B) describes in fairly specific terms the organization's business model,strategic objectives,and strategy. 
C) spells out how the company will become a big moneymaker and boost shareholder value. 
D) addresses the critical issue of "why our business model needs to change and how we plan to change it." 
E) spells out the organization's strategic moves that will be undertaken to achieve competitive advantage. 
A) charts a strategic course for the organization ("where we are going")and outlines the company's future product-customer-market-technology focus. 
B) describes in fairly specific terms the organization's business model,strategic objectives,and strategy. 
C) spells out how the company will become a big moneymaker and boost shareholder value. 
D) addresses the critical issue of "why our business model needs to change and how we plan to change it." 
E) spells out the organization's strategic moves that will be undertaken to achieve competitive advantage.

Question 11

Which of the following is not a common shortcoming of company vision statements?

Accepted Answer

A) Vague or incomplete-short on specifics 
B) Focused and narrow-exclusive to a specific direction 
C) Bland or uninspiring 
D) Not distinctive-could apply to almost any company (or at least several others in the same industry) 
E) Too reliant on superlatives (best,most successful,recognized leader,global or worldwide leader,first choice of customers) 
A) Vague or incomplete-short on specifics 
B) Focused and narrow-exclusive to a specific direction 
C) Bland or uninspiring 
D) Not distinctive-could apply to almost any company (or at least several others in the same industry) 
E) Too reliant on superlatives (best,most successful,recognized leader,global or worldwide leader,first choice of customers)

Question 12

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

Feedback: According to the illustration

Question 13

Well-stated objectives are

Accepted Answer

A) succinct and concise so as to identify the company's risk and return options. 
B) representative of customers' aspirations for company performance. 
C) directly related to the dividend payout ratio for stockholder returns. 
D) broad and take into account views of all the stakeholders. 
E) specific,quantifiable or measurable,and challenging,and contain deadlines for achievement. 
A) succinct and concise so as to identify the company's risk and return options. 
B) representative of customers' aspirations for company performance. 
C) directly related to the dividend payout ratio for stockholder returns. 
D) broad and take into account views of all the stakeholders. 
E) specific,quantifiable or measurable,and challenging,and contain deadlines for achievement.

Question 14

When things are not going well,the corrective adjustments that top executives need to make include

Accepted Answer

A) discerning whether or not to promote better achievement of strategic performance targets ahead of financial performance targets. 
B) deciding whether the company would be better off making adjustments that curtail the achievement of strategic objectives or that curtail the achievement of financial objectives. 
C) knowing when to replace poorly performing subordinates and when to do a better job of coaching them to do the right things. 
D) having the analytic skills to separate the problems due to a bad strategy from the problems due to bad strategy execution. 
E) deciding when adjustments are needed and what adjustments to make. 
A) discerning whether or not to promote better achievement of strategic performance targets ahead of financial performance targets. 
B) deciding whether the company would be better off making adjustments that curtail the achievement of strategic objectives or that curtail the achievement of financial objectives. 
C) knowing when to replace poorly performing subordinates and when to do a better job of coaching them to do the right things. 
D) having the analytic skills to separate the problems due to a bad strategy from the problems due to bad strategy execution. 
E) deciding when adjustments are needed and what adjustments to make.

Question 15

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

Accepted Answer

A clearly articulated strategic vision c

Question 16

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

Accepted Answer

The balanced scorecard is a widely used

Question 17

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 18

Which of the following is the best example of a well-stated financial objective?

Accepted Answer

A) Gradually boost market share from 10 percent to 15 percent over the next several years. 
B) Achieve lower costs than any other industry competitor. 
C) Boost revenues by a percentage margin greater than the industry average. 
D) Increase earnings per share by 15 percent annually. 
E) Maximize total company profits and return on investment. 
A) Gradually boost market share from 10 percent to 15 percent over the next several years. 
B) Achieve lower costs than any other industry competitor. 
C) Boost revenues by a percentage margin greater than the industry average. 
D) Increase earnings per share by 15 percent annually. 
E) Maximize total company profits and return on investment.

Question 19

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 20

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

Accepted Answer

The balanced scorecard is a widely used

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

Ideally,a company's mission statement should be sufficiently descriptive and

Proficient strategy execution

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

A single-business company has three levels of strategy.Name and describe each level.

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

The obligations of an investor-owned company's board of directors in the strategy-making,strategy-executing process include

A company's values concern

A company needs performance targets or objectives

Management's strategic vision for an organization

Which of the following is not a common shortcoming of company vision statements?

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.

Well-stated objectives are

When things are not going well,the corrective adjustments that top executives need to make 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?

Strategic objectives

Which of the following is the best example of a well-stated financial objective?

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

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

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 Executionanother Path to Competitive Advantage

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Exam 2: Strategy Formulation,execution,and Governance

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

Ideally,a company's mission statement should be sufficiently descriptive and

Proficient strategy execution

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

A single-business company has three levels of strategy.Name and describe each level.

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

The obligations of an investor-owned company's board of directors in the strategy-making,strategy-executing process include

A company's values concern

A company needs performance targets or objectives

Management's strategic vision for an organization

Which of the following is not a common shortcoming of company vision statements?

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.

Well-stated objectives are

When things are not going well,the corrective adjustments that top executives need to make 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?

Strategic objectives

Which of the following is the best example of a well-stated financial objective?

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

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

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 Executionanother Path to Competitive Advantage

Filters