Deck 1: A General Management Perspective

Question 1

The key difference between vision and strategy is that the vision

A) provides operational guidelines; strategy sets general priorities
B) provides the map; strategy sets the priorities
C) sets general priorities; strategy presents specific actions
D) provides broad direction; strategy sets general priorities

Answer 1

D

Question 2

Organizational performance is based on two sets of measures:

A) the strengths of the general manager and the profitability of the firm
B) the health of the organization and the financial performance of the firm
C) the safety record of the firm and the quality standards for the product
D) the satisfaction of the shareholders and the return on investment

Answer 2

B

Question 3

One of the reasons for developing a vision statement for an organization is to

A) match the competition
B) prevent confusion over the purpose of the business
C) satisfy the stakeholders
D) comply with corporate policy

Answer 3

B

Question 4

A vision consists of two components

A) statement of purpose and a metaphor for the business
B) goal statement and an objective
C) guiding philosophy and a tangible image
D) an action and an outcome

Question 5

One common source of visionary ideas is

A) employees
B) suppliers
C) competitors
D) industry analysts

Question 6

The core purpose and core values of an organization represent its

A) moral intent
B) code of conduct
C) compact with shareholders
D) guiding philosophy

Question 7

A good mission statement is one that

A) is brief and readily measured
B) challenges the organization
C) appeals to the shareholders
D) is easy to implement

Question 8

One common measure of organizational health is

A) employee satisfaction rates
B) positive media coverage of the Chief Executive Officer
C) number of training hours per employee
D) firm designated as a best company to work for

Question 9

A general management perspective is

A) a pre-requisite in order to become a manager
B) an understanding of the requirements of the strategic planning process
C) essential for all employees
D) a capacity for appreciating the issues associated with organizational performance

Question 10

The timeframe for achieving the organizational mission is

A) 1 to 2 years
B) 3 to 5 years
C) 5 to 10 years
D) over 10 years

Question 11

An enterprise where both operation and organizational performance are positive is what type of organization?

A) An organization in crisis.
B) A troubled organization.
C) A complacent organization.
D) A healthy organization.

Question 12

The basic tasks of the general manager are

A) planning, organizing, managing, and controlling
B) setting direction, creating strategy, implementing change, and assessing performance
C) developing and implementing the strategic plan and evaluating performance-to-plan
D) assessing the strengths and weaknesses of the organization and identifying opportunities and threats

Question 13

Good vision statements are best described as

A) feasible and challenging
B) feasible and readily implemented
C) desirable and resistant to change
D) desirable and singular in their purpose

Question 14

An enterprise where both operating and organizational performance are negative is what type of organization?

A) An organization in crisis.
B) A troubled organization.
C) A complacent organization.
D) A healthy organization.

Question 15

Two common measures of operating performance are

A) number of new product focus groups
B) employee turnover and retention rates
C) sales revenue and gross margin
D) fuel costs and labour rates

Question 16

One of the reasons senior managers are often unaware of the organizational health of their firm is they

A) do not survey their employees often enough
B) equate low turnover with employee satisfaction
C) receive filtered information from middle managers
D) are more concerned about the financial health of the organization

Question 17

One of the ways in which a general manager creates value for the organization is by

A) establishing effective working relationships with the media
B) identifying emerging opportunities for the organization
C) meeting the requirements of the regulators for full disclosure
D) sponsoring community-based charitable fund raising initiatives

Question 18

One of the purposes of the visioning process is to

A) satisfy the requirements of the Board of Directors for an up-to-date vision statement
B) maintain the lead over the competition
C) capture the imagination of the market
D) ensure the day to day actions of employees are consistent with the vision

Question 19

An enterprise where operating performance is positive and organizational health is negative is what type of organization?

A) An organization in crisis.
B) A troubled organization.
C) A complacent organization.
D) A healthy organization.

Question 20

An enterprise where operational performance is negative and organizational health is positive is what type of organization?

A) An organization in crisis.
B) A troubled organization.
C) A complacent organization.
D) A healthy organization.

Question 21

Two aspects of the general manager's job that must be addressed before the strategy-making process can begin are

A) setting direction and developing the business plan
B) analyzing the environment and identifying opportunities and threats
C) developing the business plan and obtaining Board of Directors' approval to implement
D) assessing performance and setting direction

Question 22

Reasons that management fail to understand where the business stands in terms of organizational health may include

A) negative feedback to upper-level managers may be implicitly or explicitly discouraged
B) lower return on equity than originally planned
C) high levels of employee retention
D) market share

Question 23

Anonymous employee surveys are often used to gauge organizational health.

Question 24

The job of the general manager is

A) setting direction and developing the business plan
B) creating, capturing and appropriately distributing value for the enterprise
C) ensuring the organization is maximizing internal capabilities
D) assessing performance and setting direction

Question 25

Failure to translate a vision into a strategy is sometimes known as

A) corporate slide
B) organizational lag
C) faulty implementation
D) strategic drift

Question 26

The general manager should set direction, create strategy, implement change, and control the process.

Question 27

Typical measures of operating performance are

A) profitability, market performance and problem solving
B) profitability, financial position and market performance
C) profitability, financial position and sustainability
D) profitability, market performance and sustainability

Question 28

What kind of plan results from the strategic analysis process?

A) operational
B) marketing
C) business
D) finance

Question 29

Before a general manager embarks on the strategy-making process, they need to understand and know the starting position of the organization. This is accomplished via

A) receiving feedback from all levels of management in the firm
B) analyzing the environment and identifying opportunities and threats
C) developing the business plan
D) creating a meaningful and solid assessment of company performance

Question 30

Organizational learning is considered an operating measure.

Question 31

Market share is an example of an operating performance measure.

Question 32

When assessing the operating performance of a company, a typical Financial Position indicator includes

A) key expense ratios
B) return on equity
C) leverage ratios
D) market share

Question 33

A general manager is an individual who has responsibility for all functional aspects of the business.

Question 34

The performance matrix is often considered when classifying operating performance and organizational health.

Question 35

Collectively, the vision, mission, and values of an organization are intended to

A) directs the governance of the Board of Directors
B) maintain the lead over the competition
C) inspire the organization and provide direction on how to achieve its goals
D) direct the operations and ensure consistent results over time

Question 36

Organizational performance is based on two sets of measures: operational performance and financial health.

Question 37

A complacent organization has positive organizational and operating performance.

Question 38

The general manager is expected to create value for the organization.

Question 39

Strategic planning is

A) the development of a multi-year operational plan
B) the development of a plan for a new product launch
C) an approach to performance evaluation based on how the strategy was implemented
D) an approach to strategic analysis based on how the strategy is developed

Question 40

The general manager is required to establish a long term direction for the organization.

Question 41

Strategy is about inspiring and motivating an organization.

Question 42

Strongly held core values can become a liability over time.

Question 43

Core purpose defines the reason an organization exists.

Question 44

A mission is a clear and compelling goal that serves to unify an organization.

Question 45

A formal mission statement may have limited utility if it is not embraced by everyone within the organization.

Question 46

Linking the vision with organizational strategy is a critical task of the general manager.

Question 47

Goals and objectives differ from the core purpose of the organization because they are intended to be achievable and the core purpose may never be fully realized.

Question 48

A firm could be considered to be in crisis if both operating performance and organizational health are negative.

Question 49

All organizations need a clear sense of what and who they are.

Question 50

The vision for the organization is intended to provide direction and guidance.

Question 51

One of the differences between vision and strategy is the time-frame.

Question 52

A troubled organization has positive operating performance and negative organizational health.

Question 53

Successful companies often have an enduring set of core values.

Question 54

Values represent the basic beliefs that govern individual and group behaviour in an organization.

Question 55

A good vision statement should be one that is readily achievable.