Deck 3: Strategic Direction

Question 1

The mission, vision, and values statement of the Mandarin Oriental Hotel Group is an excellent example of the major components of _____.

A) strategic analysis
B) strategic management
C) strategic thinking
D) strategic monitoring
E) strategic direction

Answer 1

strategic direction

Question 2

The central components of strategic direction are _____.

A) vision, definition and values
B) vision, creativity and mission
C) mission, formulation and policy
D) analysis, direction and formulation
E) analysis, formulation and implementation

Answer 2

vision, definition and values

Question 3

Strategic direction is established and communicated through tools including all of those below except _____.

A) visions
B) missions
C) business definitions
D) values
E) formal strategic plans

Answer 3

formal strategic plans

Question 4

The power of various stakeholders is impacted by all of the following except _____.

A) economic power
B) political power
C) legal power
D) profitability power
E) contractual power

Question 5

The term for forces at work to maintain the status quo is _____.

A) economic power
B) structural inertia
C) legal power
D) over diversification
E) economies of scope

Question 6

One of the most common means to communicate strategic direction is in the ____.

A) written mission statement
B) written vision statement
C) written value statement
D) written outcomes statement
E) written goals

Question 7

As organizations are founded ______.

A) it is important that their mission statement be extensive and well defined
B) it is important that their mission statements be written down so that all employees can refer to it
C) they often have mission statements that are simple and not written down
D) they do not need a mission statement
E) all stakeholders should be considered as the mission statement is developed

Question 8

The first step in creating a clear sense of mission is to _____.

A) define the authority of the top management team
B) define decision making relationships
C) define the business
D) define the financial outcomes desired
E) define the means by which employees performance will be judged

Question 9

Typically, the first step in creating a clear sense of mission is to _____.

A) analyze the external environment
B) understand the nature of the business
C) formulate strategic direction
D) formulate a mission statement
E) create a strategic vision

Question 10

Marriott International's mission statement _____.

A) is inadequate
B) will constrain the firm's strategic choices
C) is too detailed
D) is broadly defined
E) is far too complex

Question 11

A study of hotel vision statements conducted at Cornell University by calling 1-800 numbers found _____.

A) a large percentage of reservationists knew their company's vision
B) a large percentage of reservationists looked up the vision of the hotel chain
C) most reservationists were rude
D) a large percentage of reservationists did not know the vision of their company
E) vision statements were clearly understood and communicated to the caller

Question 12

An organization with a vision has _____.

A) a sense of what it wants to be in the future
B) a strategic plan for the future
C) a tactic for executing on strategy
D) a happy workforce
E) a first-rate strategy for tomorrow

Question 13

The component parts of social responsibility include all of the following except _____.

A) economic responsibilities
B) legal responsibility
C) personal survival responsibility
D) moral obligations
E) discretionary responsibilities

Question 14

Firms that pursue social responsibility are ____.

A) much more profitable
B) no significant difference in performance from firms with less social responsibility
C) moderately more profitable
D) moderately less profitable
E) much less profitable

Question 15

Enterprise strategy refers to ____.

A) another term for social responsibility
B) the strategy for the individual business unit
C) the combining of business responsibility and business ethics in the firm
D) the combining of ethical and strategic thinking in firm
E) the strategy of the group that owns the story line for the Starship Enterprise

Question 16

The universalist theory of ethics _____.

A) views the purpose of business organizations is to maximize profits
B) believes laws reflect society and compliance with laws reflects ethical behavior
C) believes everyone should act in accordance with religious teachings
D) focuses on the outcome of the decision, decisions that generate the greatest good for greatest number of people should be pursued
E) focuses on intent of the decision; i.e. weight the decision against the screen "Would I be willing for everyone else in the world to make the same decision?"

Question 17

The utilitarian theory of ethics _____.

A) views the purpose of business organizations is to maximize profits
B) believes that laws reflect society and compliance with laws reflects ethical behavior
C) believes that everyone should act in accordance with religious teachings
D) focuses on the outcome of the decision, decisions that generate the greatest good for greatest number of people should be pursued
E) focuses on intent of the decision; i.e. weight the decision against the screen "Would I be willing for everyone else in the world to make the same decision?"

Question 18

The economic theory of ethics _____.

A) views the purpose of business organizations is to maximize profits
B) believes that laws reflect society and compliance with laws reflects ethical behavior
C) believes that everyone should act in accordance with religious teachings
D) focuses on the outcome of the decision, decisions that generate the greatest good for greatest number of people should be pursued
E) focuses on intent of the decision; i.e. weight the decision against screen "Would I be willing for everyone else in the world to make the same decision?"

Question 19

Examining ethics around the world _____.

A) ethics of workers from different parts of the world are very similar
B) there are only slight differences among workers in different parts of the world
C) there can be significant differences among workers in different parts of the world
D) firms should not be concerned about any differences that may occur
E) American values are predominant

Question 20

As organizations grow larger and internationalize _____.

A) they seek to minimize values so as to not offend anyone
B) they ensure the values of the dominate country are promoted so there is less conflict
C) take some values from all different nations in equal portions to limit conflict
D) do not concern themselves with the values of different sets of workers since they do not impact performance
E) develop values that are friendlier to a wider set of international constituents

Question 21

A code of ethics is concerned with _____.

A) communicating values to employees and other stakeholders
B) communicating values to employees
C) communicating values to stakeholders outside the firm
D) communicating to lawyers and judges that the firm has established rules in case it is sued
E) communicating values to potential international joint venture partners

Question 22

Discuss the three perspectives from which a business should be defined.

Question 23

Discuss the different theoretical models of ethics that impact firm decisions.

Question 24

What four parts must be determined in establishing the firm's strategic direction?

Question 25

What are the four uses of mission statements?

Question 26

Describe the four component parts of social responsibility.