Question 1

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 2

Which one of the following is not an accurate attribute of an organization's strategic vision?

Accepted Answer

A) Providing a clearly articulated view of "where we are going" 
B) Describing the company's future product-customer-market-technology focus 
C) Pointing an organization in a particular direction and charting a strategic path for it to follow 
D) Providing managers with a reference point for making strategic decisions 
E) Specifying how the company intends to implement and execute its business model 
A) Providing a clearly articulated view of "where we are going" 
B) Describing the company's future product-customer-market-technology focus 
C) Pointing an organization in a particular direction and charting a strategic path for it to follow 
D) Providing managers with a reference point for making strategic decisions 
E) Specifying how the company intends to implement and execute its business model

Question 3

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 4

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 or 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 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 or 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 reviewing and approving the proposals and recommendations of the CEO as to how to execute the business model.

Question 5

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 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 stakeholders will enthusiastically support) 
E) Focused (is specific enough to provide guidance to managers in making decisions and allocating resources)

Question 6

The strategy formulation,strategy execution 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 7

The corporate governance failure at Volkswagen in 2015 included all of the following except

Accepted Answer

A) a strong independent board of directors that was responsible for making independent judgments about the validity and wisdom of management's proposed strategic actions. 
B) inadequate monitoring of the CEO and other senior executives. 
C) fraudulent defeat devices that enabled diesel vehicles to pass stringent emissions tests. 
D) ineffective oversight of the accounting principles employed to accurately determine earnings. 
E) the company policy that precluded former executives from serving on its board. 
A) a strong independent board of directors that was responsible for making independent judgments about the validity and wisdom of management's proposed strategic actions. 
B) inadequate monitoring of the CEO and other senior executives. 
C) fraudulent defeat devices that enabled diesel vehicles to pass stringent emissions tests. 
D) ineffective oversight of the accounting principles employed to accurately determine earnings. 
E) the company policy that precluded former executives from serving on its board.

Question 8

Functional strategies

Accepted Answer

A) specify what actions a company should take to resolve specific strategic issues and problems. 
B) concern the actions,approaches,and practices related to particular functions or processes within a business. 
C) are concerned with how to unify the firm's several different operating strategies into a cohesive whole. 
D) are normally crafted by the company's CEO and other senior executives. 
E) are normally crafted by operating-level managers. 
A) specify what actions a company should take to resolve specific strategic issues and problems. 
B) concern the actions,approaches,and practices related to particular functions or processes within a business. 
C) are concerned with how to unify the firm's several different operating strategies into a cohesive whole. 
D) are normally crafted by the company's CEO and other senior executives. 
E) are normally crafted by operating-level managers.

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

Which one of the following is not an accurate attribute of an organization's strategic vision?

The strategic management process is shaped by

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

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

The strategy formulation,strategy execution process

The corporate governance failure at Volkswagen in 2015 included all of the following except

Functional strategies

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

Exam 2: Strategy Formulation,execution,and Governance

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

Which one of the following is not an accurate attribute of an organization's strategic vision?

The strategic management process is shaped by

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

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

The strategy formulation,strategy execution process

The corporate governance failure at Volkswagen in 2015 included all of the following except

Functional strategies

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