Question 1

The task of stitching together a strategy

Accepted Answer

Stitching together a strategy involves addressing several hows such as how to grow the business, please customers, outcompete rivals, respond to changing market conditions, and achieve strategic and financial objectives. It is not primarily an exercise in deciding market opportunities, being comfortable with risk, copying industry leaders' strategies, or just good planning.

Question 2

The managerial purpose of setting objectives includes

Accepted Answer

All of these options are correct. Setting objectives helps to convert the strategic vision into specific performance targets, use objectives as yardsticks for tracking progress, challenge the organization to perform at its full potential, and establish deadlines for achieving performance results.

Question 3

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

Accepted Answer

Long-run objectives are necessary for achieving long-term performance and stand as a barrier to undue focus on short-term results. While short-term objectives may deliver some immediate benefits, they may not be sustainable in the long run. Therefore, focusing on long-term objectives is essential for long-term success and performance.

Question 4

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

Accepted Answer

Monitoring external developments and evaluating the company's progress are crucial in determining whether to continue with the current strategy or make changes to the company's strategic vision, objectives, strategy, and execution methods. The other options may also be important, but they are not the primary obligation of management in this context.

Question 5

A balanced scorecard for measuring company performance

Accepted Answer

A balanced scorecard entails striking a balance between financial objectives and strategic objectives. It recognizes that financial performance is not the only indicator of company success and includes metrics related to customers, internal processes, and learning and growth. By striking a balance between financial and non-financial metrics, a balanced scorecard provides a more comprehensive view of company performance.

Question 6

Functional strategies

Accepted Answer

Functional strategies are concerned with specific functions or processes within a business, such as marketing, operations, or human resources. They focus on the actions and approaches needed to effectively execute the overall business strategy.

Question 7

Strategic objectives

Accepted Answer

Strategic objectives relate to improving a company's overall market standing and competitive vitality, which is crucial for long-term success. While financial objectives are important, they are often short-term focused and do not address the bigger picture of a company's competitive position. Strategic objectives may be harder to achieve and measure, but they are ultimately more essential for achieving a company's long-term vision.

Question 8

Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?

Accepted Answer

Surveying employees on how employee job satisfaction can be improved is not a principal managerial task associated with managing the strategy execution process. The other options (A, B, D, and E) are all important tasks associated with managing the strategy execution process.

Question 9

Corporate strategy

Accepted Answer

The answer of Corporate strategy
...

Question 10

Functional strategies

Accepted Answer

The answer of Functional strategies
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Question 11

Operating strategies concern

Accepted Answer

Operating strategies are relatively narrow strategies that focus on managing key operating units within a business and performing strategically significant operating tasks. They are specific plans for executing the company's overall business strategy. Option A refers to functional strategies, option B refers to departmental strategies, and options D and E are broader strategies that encompass operating strategies.

Question 12

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

Accepted Answer

In a single-business company, the strategy-making hierarchy typically involves business strategy at the top level, which outlines the overall approach to compete in the market. Functional strategies come next, detailing the approach in specific areas like marketing, finance, and operations. Operating strategies are at the bottom, focusing on day-to-day processes and tasks.

Question 13

A company's values concern

Accepted Answer

A company's values refer to the beliefs, traits, and behavioral norms that are expected of its personnel when conducting business and pursuing the company's strategic vision and mission. These values usually reflect the company's culture and guide its decision-making processes. They are essential for establishing a company's identity and reputation, as well as for building trust among stakeholders. While choices A, B, C, and E may relate to a company's values, only D specifically refers to them.

Question 14

Crafting strategy requires

Accepted Answer

Crafting strategy is a complex process that involves the input and participation from managers across the organization, from different positions and levels. It requires collaboration and teamwork to establish a comprehensive and effective strategy. Therefore, choice A is the best answer. Although executive management and the CEO/board members may play critical roles in strategy development, they alone cannot create a successful strategy. Participation by all employees can also be a vital component of strategy implementation, but it is not necessarily required for crafting strategy. Therefore, choices B, C, D, and E are incorrect.

Question 15

A balanced scorecard that includes both strategic and financial performance targets is a conceptually strong approach for judging a company's overall performance because

Accepted Answer

A balanced scorecard approach is conceptually strong because it includes both strategic and financial performance targets. Financial performance measures are important, but they are lagging indicators that reflect the results of past decisions and organizational activities. In contrast, strategic performance measures are leading indicators of a company's future financial performance. By considering both types of measures, the balanced scorecard approach can provide a more comprehensive view of a company's overall performance, and help managers make decisions that balance short-term and long-term objectives.

Question 16

Company objectives

Accepted Answer

Company objectives need to be broken down into performance targets for each separate business, product line, functional department, and individual work unit. This helps to ensure that everyone is working towards the same overall company goals and can help managers determine where to focus their efforts to achieve these objectives. It also allows for specific measurements of progress towards objectives at various levels within the organization. Options A, C, D, and E are not accurate and/or complete descriptions of the role and importance of company objectives.

Question 17

A company's values relate to such things as

Accepted Answer

The values listed in choice C are commonly recognized as important values of a company, such as fair treatment, ethical behavior, and social responsibility. Choices A, B, and D relate more to financial and strategic decisions and priorities, which may be influenced by values but are not necessarily values in and of themselves. Therefore, C is the best choice.

Question 18

A company needs financial objectives

Accepted Answer

Financial objectives are necessary because they ensure the profitability and financial stability of the company, which are essential for its survival in the long run. Without adequate profitability and financial strength, the company's ultimate survival is jeopardized.

Question 19

Business strategy concerns

Accepted Answer

Business strategy concerns mainly involve strengthening the company's market position and building competitive advantage, making it the best choice. Although the other options may also be important in some instances, they are not as overarching as building competitive advantage.

Question 20

A company needs performance targets or objectives

Accepted Answer

Performance targets or objectives are important for the entire organization, as well as for its separate businesses, product lines, functional departments, and individual work units, so that everyone is working towards a common goal and can measure their progress.

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

The task of stitching together a strategy

The managerial purpose of setting objectives includes

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

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

A balanced scorecard for measuring company performance

Functional strategies

Strategic objectives

Which of the following is not among the principal managerial tasks associated with managing the strategy execution process?

Corporate strategy

Functional strategies

Operating strategies concern

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

A company's values concern

Crafting strategy requires

A balanced scorecard that includes both strategic and financial performance targets is a conceptually strong approach for judging a company's overall performance because

Company objectives

A company's values relate to such things as

A company needs financial objectives

Business strategy concerns

A company needs performance targets or objectives