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

A) converting the strategic vision into specific performance targets-results and outcomes the organization wants to achieve.
B) using the objectives as yardsticks for tracking the company's progress and performance.
C) challenging and helping stretch the organization to perform at its full potential and deliver the best possible results.
D) pushing company personnel to be more inventive and to exhibit more urgency in improving the company's financial performance and business position.
E) All of these.

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A) Developing a strategic vision,setting objectives,and crafting a strategy.
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 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) Deciding on the company's strategic intent,setting financial objectives,crafting a strategy,and choosing what business approaches and operating practices to employ.

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A) is well informed about the company's performance and exercises their fiduciary duty to protect shareholders responsibly.
B) guides management in choosing a strategic direction and to make independent judgments about the validity and wisdom of managements proposed strategic actions.
C) evaluates the leadership skills of the CEO and other senior executives promote management actions the board believes are inappropriate or unduly risky.
D) has the courage to curb management actions deemed inappropriate or unduly risky,curtails insight and advice to management.
E) All of these.

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A) corporate strategy and a group of business strategies (one for each line of business the corporation has diversified into) .
B) corporate or managerial strategy,a set of business strategies,and divisional strategies within each business.
C) business strategies,functional strategies,and operating strategies.
D) corporate strategy,business strategies,functional strategies,and operating strategies.
E) its diversification strategy,its line of business strategies,and its operating strategies.

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A) management crafts and adopts a strategic plan.
B) it relentlessly pursues an ambitious strategic objective,concentrating the full force of its resources and competitive actions on achieving that objective.
C) it aggressively pursues financial objectives,establishing a priority on meeting the performance metrics and instilling a sense of urgency throughout the company.
D) management establishes a comprehensive set of financial objectives that meet stockholder expectations.
E) it capitalizes on its primary competitive advantage and ensures resources are allocated to maintain its strategy.

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A) "who we are and what we do."
B) why the company does certain things in trying to please its customers.
C) management's storyline of how it intends to make a profit with the chosen strategy.
D) management's aspirations for the future and delineates the company's strategic course and long-term direction.
E) what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.

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A) determines whether its strategic intent is proactive or reactive.
B) is subject to being changed much less frequently than either its objectives or its mission statement and thus serves as the base of its strategy-making pyramid.
C) should be based on a flexible strategic vision and strategic intent.
D) is customarily reviewed and approved level-by-level by the company board of directors.
E) is really a collection of strategic initiatives and actions devised by managers and key employees up and down the whole organizational hierarchy.

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A) is likely to weaken the achievement of its short-term and long-term financial objectives.
B) believes that the company's financial performance is not as important as it really is.
C) is generally not strongly focused on its true mission of making a profit.
D) is frequently in a better position to improve its future financial performance because of the increased competitiveness that flows from the achievement of strategic objectives.
E) is likely to be a weak financial performer because diverting resources to the pursuit of strategic objectives takes away from the achievement of financial performance targets.

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A) In most companies,strategy-making is the exclusive province of top management-owner-entrepreneurs,CEOs,and other very senior executives.
B) The more a company's operations cut across different products,industries,and geographical areas,the more that headquarters executives have little option but to delegate considerable strategy-making authority to down-the-line managers in charge of particular subsidiaries,product lines,geographic sales offices,and plants.
C) A company's board of directors generally takes the lead role in crafting a company's strategy.
D) In most of today's companies,the lead strategy-making role is being assumed by an elite group of corporate entrepreneurs.
E) Masterful strategies are nearly always the product of brilliant corporate entrepreneurs.

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A) long-term direction and what product-market-customer mix seems optimal.
B) business model and the kind of value that it is trying to deliver to customers.
C) story line of why the business will be a moneymaker.
D) defined challenge to understand "who they are and what they do."
E) long-term plan for outcompeting rivals and achieving a competitive advantage.

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A) ought to be done in writing rather than orally so as to leave no room for company personnel to misinterpret what the strategic vision really is.
B) should be done in language that inspires and motivates company personnel to unite behind executive efforts to get the company moving in the intended direction.
C) tends to be more effective when top management avoids trying to capture the essence of the strategic vision in a catchy slogan.
D) is most efficiently and effectively done by posting the strategic vision prominently on the company's website and encouraging employees to read it.
E) should be explained after the company's strategic intent,strategy,and business model has been conveyed to company personnel.

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Both a company's mission statement and i...

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A) primarily the responsibility of key executives rather than a task for a company's entire management team.
B) more of a collaborative group effort that involves all managers and sometimes key employees,as opposed to being the function and responsibility of a few high-level executives.
C) first and foremost the function and responsibility of a company's strategic planning staff.
D) first and foremost the function and responsibility of a company's board of directors.
E) first and foremost the function of a company's chief executive officer-who formulates strategic initiatives and submits them to the board of directors for approval.

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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) create compatible degrees of strategic intent among a company's different business functions.
E) determine how to support particular activities in ways that support the overall business strategy and competitive approach.

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