STR581: Ch 2: Charting a company's direction Questions With Complete Solutions, Graded A+

What does the strategy making, strategy executing process entail? - Answer-1. developing a strategic vision that charts the company's long term direction, a mission statement that describes the company's purpose, and a set of core values to guide the pursuit of the vision and mission 2. setting objectives for measuring the company's performance and tracking its progress in moving in the intended long term direction 3. crafting a strategy for advancing the company along the path management has charted and achieving its performance objectives 4. executing the chosen strategy efficiently and effectively 5. monitoring developments, evaluating performance, and initiating corrective adjustments in the company's vision and mission statement, objectives, strategy, or approach to strategy execution in light of actual experience, changing conditions, new ideas, and new opportunities. strategic vision - Answer-describes management's aspirations for the company's future and the course and direction charted to achieve them The real purpose of a vision statement is ... - Answer-to serve as a management tool for giving the organization a sense of direction mission statement - Answer-describes the scope and purpose of its present business A company mission statement.. - Answer-1. identifies the company's products and/or services 2. specifies the buyer needs that the company seeks to satisfy and the customer groups or markets that it serves 3. give the company its own identitycompany values - Answer-the beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission objectives - Answer-an organization's performance targets-- the specific results management wants to achieve well chosen objectives are: - Answer-1. specific 2. measurable 3. time limited 4. challenging 5. achievable