Question 1

Which of the following are integral parts of the managerial process of crafting and executing strategy?

Accepted Answer

A) Deciding on the company's strategic intent,setting financial objectives,crafting a strategy,and choosing what business approaches and operating practices to employ 
B) Developing a proven business model,deciding on the company's strategic intent,and crafting a strategy 
C) Setting objectives,crafting a strategy,implementing and executing the chosen strategy,and deciding how much of the company's resources to employ in the pursuit of a sustainable competitive advantage 
D) Coming up with a statement of the company's mission and purpose,setting objectives,choosing what business approaches to employ,selecting a business model,and monitoring developments 
E) Developing a strategic vision,setting objectives,crafting a strategy,and initiating corrective adjustments 
A) Deciding on the company's strategic intent,setting financial objectives,crafting a strategy,and choosing what business approaches and operating practices to employ 
B) Developing a proven business model,deciding on the company's strategic intent,and crafting a strategy 
C) Setting objectives,crafting a strategy,implementing and executing the chosen strategy,and deciding how much of the company's resources to employ in the pursuit of a sustainable competitive advantage 
D) Coming up with a statement of the company's mission and purpose,setting objectives,choosing what business approaches to employ,selecting a business model,and monitoring developments 
E) Developing a strategic vision,setting objectives,crafting a strategy,and initiating corrective adjustments

Question 2

When a company is confronted with significant industry change that mandates radical revision of its strategic course,the company is said to have encountered a(n)

Accepted Answer

A) learning and growth perspective. 
B) strategic inflection point. 
C) strategic roadblock. 
D) new strategic opportunity. 
E) opportunity for corporate entrepreneurship. 
A) learning and growth perspective. 
B) strategic inflection point. 
C) strategic roadblock. 
D) new strategic opportunity. 
E) opportunity for corporate entrepreneurship.

Question 3

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 4

Operating strategies concern

Accepted Answer

A) what the firm's operating departments are doing to unify the company's functional and business strategies. 
B) the specific plans for building competitive advantage in each major department and operating unit. 
C) the relatively narrow strategic initiatives and approaches for managing key operating units within a business and for performing strategically significant operating tasks. 
D) how best to carry out the company's corporate strategy. 
E) how best to implement and execute the company's different business-level strategies. 
A) what the firm's operating departments are doing to unify the company's functional and business strategies. 
B) the specific plans for building competitive advantage in each major department and operating unit. 
C) the relatively narrow strategic initiatives and approaches for managing key operating units within a business and for performing strategically significant operating tasks. 
D) how best to carry out the company's corporate strategy. 
E) how best to implement and execute the company's different business-level strategies.

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

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 7

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

Accepted Answer

A) The 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) Long-run objectives will satisfy shareholder expectations for progress. 
D) Long-run objectives will force the company to deliver performance improvement in the current period. 
E) None of these are correct. 
A) The 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) Long-run objectives will satisfy shareholder expectations for progress. 
D) Long-run objectives will force the company to deliver performance improvement in the current period. 
E) None of these are correct.

Question 8

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 9

When companies adopt the strategy formulation,strategy execution process,the first step is to

Accepted Answer

A) monitor internal and external developments and initiate corrective adjustments to the business model when necessary. 
B) adopt a proven business model,decide on the company's top management team,and craft a strategy. 
C) execute the company's chosen strategy efficiently and effectively. 
D) set objectives and develop a profitable business model to meet those objectives. 
E) develop a strategic vision,mission,and values. 
A) monitor internal and external developments and initiate corrective adjustments to the business model when necessary. 
B) adopt a proven business model,decide on the company's top management team,and craft a strategy. 
C) execute the company's chosen strategy efficiently and effectively. 
D) set objectives and develop a profitable business model to meet those objectives. 
E) develop a strategic vision,mission,and values.

Question 10

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.

Question 11

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.

Question 12

A company's values relate to such things as

Accepted Answer

A) how it will balance its pursuit of financial objectives against the pursuit of its strategic objectives. 
B) how it will balance the pursuit of its business purpose/mission against the pursuit of its strategic vision. 
C) fair treatment,integrity,ethical behavior,innovativeness,teamwork,top-notch quality,superior customer service,social responsibility,and community citizenship. 
D) whether it will emphasize stock price appreciation or higher dividend payments to shareholders,and whether it will put more emphasis on the achievement of short-term performance targets or long-range performance targets. 
E) All of these choices are correct. 
A) how it will balance its pursuit of financial objectives against the pursuit of its strategic objectives. 
B) how it will balance the pursuit of its business purpose/mission against the pursuit of its strategic vision. 
C) fair treatment,integrity,ethical behavior,innovativeness,teamwork,top-notch quality,superior customer service,social responsibility,and community citizenship. 
D) whether it will emphasize stock price appreciation or higher dividend payments to shareholders,and whether it will put more emphasis on the achievement of short-term performance targets or long-range performance targets. 
E) All of these choices are correct.

Question 13

Functional area strategies

Accepted Answer

A) are concerned with how to unify the firm's several different operating strategies into a cohesive whole. 
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) concern the actions,approaches,and practices to be employed in managing particular functions within a business. 
E) are normally crafted by operating-level managers. 
A) are concerned with how to unify the firm's several different operating strategies into a cohesive whole. 
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) concern the actions,approaches,and practices to be employed in managing particular functions within a business. 
E) are normally crafted by operating-level managers.

Question 14

Management is obligated to monitor new external developments,evaluate the company's progress,and make corrective adjustments in order to

Accepted Answer

A) determine whether the company has a balanced scorecard for judging its performance. 
B) decide whether to continue or change the company's strategic vision,objectives,strategy and/or strategy execution methods. 
C) determine what changes should be made to its customer value proposition. 
D) determine whether the company's business model is well matched to changing market and competitive circumstances. 
E) stay on track in achieving the company's mission and strategic vision. 
A) determine whether the company has a balanced scorecard for judging its performance. 
B) decide whether to continue or change the company's strategic vision,objectives,strategy and/or strategy execution methods. 
C) determine what changes should be made to its customer value proposition. 
D) determine whether the company's business model is well matched to changing market and competitive circumstances. 
E) stay on track in achieving the company's mission and strategic vision.

Question 15

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 unprofessional 
C) Too specific,too inflexible,and cannot 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 unprofessional 
C) Too specific,too inflexible,and cannot 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 16

Corporate strategy

Accepted Answer

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. 
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.

Question 17

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 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

Which of the following questions is not pertinent to company managers in thinking strategically about what directional path should be taken by the company and about developing a strategic vision?

Accepted Answer

A) What business approaches and operating practices should we consider in trying to implement and execute our business model? 
B) Is the outlook for the company promising if it continues with its present product offerings? 
C) What strategic course offers attractive opportunity for growth and profitability? 
D) What,if any,new customer groups and/or geographic markets should the company get in position to serve? 
E) Are changing market and competitive conditions acting to enhance or weaken the company's prospects? 
A) What business approaches and operating practices should we consider in trying to implement and execute our business model? 
B) Is the outlook for the company promising if it continues with its present product offerings? 
C) What strategic course offers attractive opportunity for growth and profitability? 
D) What,if any,new customer groups and/or geographic markets should the company get in position to serve? 
E) Are changing market and competitive conditions acting to enhance or weaken the company's prospects?

Question 20

A benefit of a vivid,engaging,and convincing strategic vision is

Accepted Answer

A) avoiding the need for consensus in support of top management's own view about the company's long-term direction. 
B) increasing risk of rudderless decision making by managers at all levels of the organization. 
C) creating debate among company personnel behind managerial efforts to get the company moving in the intended direction. 
D) helping an organization prepare for to make short-term moves in the marketplace. 
E) providing a beacon for lower-level managers in forming departmental missions. 
A) avoiding the need for consensus in support of top management's own view about the company's long-term direction. 
B) increasing risk of rudderless decision making by managers at all levels of the organization. 
C) creating debate among company personnel behind managerial efforts to get the company moving in the intended direction. 
D) helping an organization prepare for to make short-term moves in the marketplace. 
E) providing a beacon for lower-level managers in forming departmental missions.

Which of the following are integral parts of the managerial process of crafting and executing strategy?

When a company is confronted with significant industry change that mandates radical revision of its strategic course,the company is said to have encountered a(n)

A company's strategic plan consists of

Operating strategies concern

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

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

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

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?

When companies adopt the strategy formulation,strategy execution process,the first step is to

A company needs financial objectives

The strategic management process is shaped by

A company's values relate to such things as

Functional area strategies

Management is obligated to monitor new external developments,evaluate the company's progress,and make corrective adjustments in order to

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

Corporate strategy

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

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

Which of the following questions is not pertinent to company managers in thinking strategically about what directional path should be taken by the company and about developing a strategic vision?

A benefit of a vivid,engaging,and convincing strategic vision is

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

Which of the following are integral parts of the managerial process of crafting and executing strategy?

When a company is confronted with significant industry change that mandates radical revision of its strategic course,the company is said to have encountered a(n)

A company's strategic plan consists of

Operating strategies concern

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

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

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

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?

When companies adopt the strategy formulation,strategy execution process,the first step is to

A company needs financial objectives

The strategic management process is shaped by

A company's values relate to such things as

Functional area strategies

Management is obligated to monitor new external developments,evaluate the company's progress,and make corrective adjustments in order to

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

Corporate strategy

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

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

Which of the following questions is not pertinent to company managers in thinking strategically about what directional path should be taken by the company and about developing a strategic vision?

A benefit of a vivid,engaging,and convincing strategic vision is

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