Question 1

What is the difference between a mission statement and a strategic vision?

Accepted Answer

The answer of What is the difference between a mission...

Question 2

The leadership challenges that top executives face in making corrective adjustments when things are not going well include

Accepted Answer

Top executives must have the ability to recognize when adjustments are necessary and to determine the appropriate adjustments to make. This requires a combination of strategic thinking, analytical skills, and the ability to balance conflicting priorities. A and D are also important factors but are components of the broader challenge of making adjustments. B and E are not necessarily part of the same leadership challenge and do not directly address the issue of correcting poor performance.

Question 3

Which is more important-a company's mission statement or its strategic vision? Explain.

Accepted Answer

The answer of Which is more important-a company's mission statement...

Question 4

Define and briefly explain what is meant by each of the following terms:
a)strategic vision
b)stretch objectives
c)strategic objective
d)balanced scorecard
e)strategic intent
f)strategic plan

Accepted Answer

The answer of Define and briefly explain what is meant...

Question 5

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

Accepted Answer

Surveying employees on how they think costs can be reduced and how employee morale and job satisfaction can be improved is not a principal managerial task associated with managing the strategy execution process. The other tasks listed are essential for effective strategy execution.

Question 6

Operating strategies concern

Accepted Answer

Operating strategies primarily focus on managing key operating units and performing strategically significant tasks in a way that supports the overall business and functional strategies. It is a relatively narrow concept that is concerned with the day-to-day operations and execution of plans to achieve the desired outcomes. Thus, option C is the best choice. The other options describe broader approaches to strategy formulation and implementation at the corporate or business level.

Question 7

The task of top executives in making corrective adjustments includes

Accepted Answer

The task of top executives in making corrective adjustments includes deciding when adjustments are needed and what adjustments to make. This involves analyzing the situation, identifying problems and areas that require improvement, evaluating the effectiveness of existing strategies, and making decisions on how to proceed. While the other options listed may also be factors that need to be considered, they are not as central to the task of making corrective adjustments as knowing when and how to make those adjustments.

Question 8

The obligations of an investor-owned company's board of directors in the strategy-making,strategy-executing process include

Accepted Answer

The board of directors is responsible for overseeing the company's financial practices and evaluating the senior executives' skills in strategy-making and execution. They ensure that the company's strategic direction aligns with shareholder interests and regulatory requirements.

Question 9

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 10

What is the managerial value of a good strategic vision?

Accepted Answer

The answer of What is the managerial value of a...

Question 11

The primary roles/obligations of a company's board of directors in the strategy-making,strategy-executing process include

Accepted Answer

The primary roles/obligations of a company's board of directors include overseeing the company's direction, strategy, and business approaches and evaluating the caliber of senior executives' strategy-making and strategy-executing skills. The board is responsible for providing oversight but not for directly supervising the efforts and actions of senior executives, nor for developing the strategic plan. The board reviews and approves proposals and recommendations but does not directly engage in strategy-making or strategy execution. Therefore, option C is the best choice.

Question 12

What are the five phases of the strategy-making,strategy-executing process and what does each one involve?

Accepted Answer

The answer of What are the five phases of the...

Question 13

Strategic intent refers to a situation where a company

Accepted Answer

Strategic intent refers to a situation where a company relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective. This involves a long-term commitment to achieving a specific goal or position in the marketplace, which guides the company's decision-making and resource allocation.

Question 14

A company with strategic intent

Accepted Answer

A company with strategic intent usually has an exceptionally bold and grandiose long-term objective and an unshakable commitment to concentrating its full resources and strategy on achieving that objective. This means that they have a clear alignment between strategic objectives and strategy, and they embrace an aggressive strategy and plan for growing their business. They also focus more on achieving their strategic objectives than their financial objectives.

Question 15

Explain why an organization needs a strategic vision.What purpose does a strategic vision serve?

Accepted Answer

The answer of Explain why an organization needs a strategic...

Question 16

A well-conceived strategic vision helps prepare a company for the future.True or false? Explain and justify your answer.

Accepted Answer

A well-conceived strategic vision is distinctive and specific to a particular organization; it avoids generic, feel-good statements like "We will become a global leader and the first choice of customers in every market we serve." The real purpose of a vision statement is to serve as a management tool for giving the organization a sense of direction. A well-thought-out, forcefully communicated strategic vision pays off in several respects: (1)it crystallizes senior executives' own views about the firm's long-term direction; (2)it reduces the risk of rudderless decision making; (3)it is a tool for winning the support of organization members to help make the vision a reality; (4)it provides a beacon for lower-level managers in setting departmental objectives and crafting departmental strategies that are in sync with the company's overall strategy; and (5)it helps an organization prepare for the future. When top executives are able to demonstrate significant progress in achieving these five benefits, the first step in organizational direction setting has been successfully completed.

Question 17

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

Accepted Answer

The answer of Management is obligated to monitor new external...

Question 18

Which one of the following is not among the chief duties/responsibilities of a company's board of directors insofar as the strategy-making,strategy-executing process is concerned?

Accepted Answer

The board of directors does not typically work directly with the chief strategic planning officer to improve the company's strategy; this is more of a management responsibility.

Question 19

The primary role of a functional strategy is to

Accepted Answer

The primary role of a functional strategy is to support the overall business strategy and competitive approach. Functional strategies focus on how different business functions can contribute to achieving the company's overall goals and objectives. They help align specific activities and resources within each function to ensure they support the business strategy in a coordinated and effective manner. While other options may also be important, supporting the overall business strategy is the primary role of a functional strategy.

Question 20

A company's strategic plan consists of

Accepted Answer

A company's strategic plan typically includes its vision for the future, specific performance targets to achieve that vision, and a strategy for reaching those targets. While objectives are often a part of the plan, they are not the only component, so choice (A) is too narrow. Choice (C) refers specifically to management's plans for implementing the strategy, which is typically only one part of the overall strategic plan. Choice (D) includes elements that may be incorporated into a strategic plan, but does not necessarily encompass everything that would be included. Choice (E) is also too narrow, as it focuses primarily on the business model aspect of a strategic plan.

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