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25 Cards in this Set
- Front
- Back
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Which one of the following is not an integral part of the managerial process of crafting and executing strategy?
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choosing a strategic intent
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A company's strategic plan consists of
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management's vision mapping out where a company is headed, the company's financial and strategic objectives, and management's strategy to achieve the objectives and move the company along the chosen strategic path.
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A strategic vision for a company
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Describes"where we are going" by delineating the course and direction management has charted for the company's future product-customer-market-technology focus.
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The difference between a company's mission statement and the concept of a strategic vision is that
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a mission statement typically concerns an enterprise's present business scope and purpose-" who we are, what we do, and why we are here"- whereas the focus of a strategic vision is on the direction the company is headed and what its future product-customer-market- technology focus will be.
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Which one of the following is not a characteristic of an effectively-worded strategic vision statement(see table 2.2)
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Concrete and unambiguous(leaves no doubt as to what the company is trying to accomplish for shareholders)
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According to both the text discussion and the summary in Table 2.3, which of the following is not a common shortcoming of company vision statements?
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Lacking in analysis- based more on managerial emotion and excessive ambition than on what is realistically achievable.
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A company's objectives
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Convert the strategic vision into specific performance targets-well-stated objectives are quantifiable, or measurable, and contain a deadline for achievement.
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Establishing and achieving strategic objectives merits very high priority on management's agenda because
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strategic outcomes are leading indicators of a company's future financial performance and business prospects.
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A balanced scorecard for measuring performance
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entails setting both financial and strategic objectives and putting balanced emphasis on their achievement.
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Company objectives
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Need to be broken down into performance targets for each of its separate businesses, product lines, functional departments, and individual work units.
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According to both the text discussion and the summary in Table 2.3, which of the following is not a common shortcoming of company vision statements?
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Lacking in analysis- based more on managerial emotion and excessive ambition than on what is realistically achievable.
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A company's objectives
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Convert the strategic vision into specific performance targets-well-stated objectives are quantifiable, or measurable, and contain a deadline for achievement.
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Establishing and achieving strategic objectives merits very high priority on management's agenda because
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strategic outcomes are leading indicators of a company's future financial performance and business prospects.
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A balanced scorecard for measuring performance
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entails setting both financial and strategic objectives and putting balanced emphasis on their achievement.
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Company objectives
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Need to be broken down into performance targets for each of its separate businesses, product lines, functional departments, and individual work units.
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The task of crafting a strategy is
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a job for a company's whole management team- senior executives plus the managers of business units, operating divisions, functional departments, manufacturing plants, and sales districts( as per the strategy- making hierarchy shown in figure 2.1)
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Strategy-making is
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More of a collaborative group effort that involves managers and key employees throughout the company.
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As per Figure 2.2, the strategy-making hierarchy in a single business company consists of
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business-strategy, functional are strategies, and operating strategies.
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Functional strategies
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add detail to the overall business strategy and specify what resources and organizational.
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Operating strategies concern
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The specific actions a company's various operating departments plan to take to unify efforts to achieve a sustainable competitive.
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Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?
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Engaging the services of staffing firms to maintain the company's personnel data.
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Management is obligated to monitor new external developments, evaluate the company's progress, and make corrective adjustments in order to
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decide whether to continue or change the company's strategic vision, objectives, strategy and/or strategy execution methods.
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Leading and managing the strategy process calls upon managers to
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making sure the company has a good strategic plan, staying on top of what is happening, putting constructive pressure on the organization to achieve good results, pushing corrective actions, leading the development of stronger capabilities, and displaying ethical integrity and spearheading social responsibility initiatives.
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What separates companies that make a sincere effort to be good corporate citizens from companies that are content to do only what is legally required of them
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are company leaders who believe that making a profit is not good enough and that performance should also include social and environmental metrics.
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Which one of the following is not among the chief duties/responsabilities of a company's board of directors insofar as the strategy-making, strategy-executing process is concerned
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Directing senior executives as to what the company's long-term direction, objectives, business model, and strategy should be and, further, closely supervising senior executives in their efforts to implement and execute the strategy.
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