GLO-BUS EXAM 1 MOCK TEST AND STUDY
MATERIAL WITH BUSINESS SIMULATION AND
PERFORMANCE SCENARIOS
◉ According to Figure 1.1, which of the following is NOT something
to look for in identifying a company's strategy.
Answer: Actions to strengthen the company's competitive position
by laying off a portion of its work force or paying down its long-term
debt
◉ A creative, distinctive strategy that sets a company apart from
rivals and delivers superior value to customers.
Answer: is a company's most reliable ticket for winning a
competitive advantage over rivals
◉ Chapter 2.
Answer: Chapter 2
◉ A set of "stretch" financial and strategic objectives.
Answer: helps a company avoid ho-hum results
◉ Which of the following is the best example of a well-stated
strategic objective?.
,Answer: Within 2 years, achieve costs per unit sold that are 10%
below the current industry average of $4.75 per unit
◉ A company's strategic plan.
Answer: lays out its future direction, business purpose, performance
targets, and strategy--in other words, a strategic vision + mission + a
set of objectives + a strategy = a strategic plan
◉ The obligations of an investor-owned company's board of
directors in the strategy-making, strategy-executing process include.
Answer: overseeing the company's financial accounting and
financial reporting practices and instituting a compensation plan for
top executives
◉ Which one of the following approaches to objective-setting should
definitely be avoided?.
Answer: Setting targets that carry no adverse consequences for
organizational members if actual performance falls short of targeted
perforamnce
◉ The strategy-making, strategy-executing process.
Answer: includes the tasks of developing a strategic vision, mission
and core values; setting objectives; crafting a strategy to achieve the
performance objectives and move the company along the chosen
path; implementing and executing the strategy; and monitoring
, developments, evaluating performance, and intiating corrective
adjustments
◉ A company's strategy-making hierarchy.
Answer: typically involves three organizational levels in single-
business companies and four organizational levels in multi-buisness
or diversified companies (as shown in Figure 2.2)
◉ A company's values, or core values, concern.
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
◉ Which of the following are characteristics of an effectively-worded
strategic vision statement?.
Answer: Feasible, memorable, makes good business sense, and has
some wiggle room
◉ A company with strategic intent is one that.
Answer: concentrates the full force of its resources and competitive
actions on achieving an ambitious strategic outcome
◉ The difference between a company's mission statement and the
concept of a strategic vision is that.
MATERIAL WITH BUSINESS SIMULATION AND
PERFORMANCE SCENARIOS
◉ According to Figure 1.1, which of the following is NOT something
to look for in identifying a company's strategy.
Answer: Actions to strengthen the company's competitive position
by laying off a portion of its work force or paying down its long-term
debt
◉ A creative, distinctive strategy that sets a company apart from
rivals and delivers superior value to customers.
Answer: is a company's most reliable ticket for winning a
competitive advantage over rivals
◉ Chapter 2.
Answer: Chapter 2
◉ A set of "stretch" financial and strategic objectives.
Answer: helps a company avoid ho-hum results
◉ Which of the following is the best example of a well-stated
strategic objective?.
,Answer: Within 2 years, achieve costs per unit sold that are 10%
below the current industry average of $4.75 per unit
◉ A company's strategic plan.
Answer: lays out its future direction, business purpose, performance
targets, and strategy--in other words, a strategic vision + mission + a
set of objectives + a strategy = a strategic plan
◉ The obligations of an investor-owned company's board of
directors in the strategy-making, strategy-executing process include.
Answer: overseeing the company's financial accounting and
financial reporting practices and instituting a compensation plan for
top executives
◉ Which one of the following approaches to objective-setting should
definitely be avoided?.
Answer: Setting targets that carry no adverse consequences for
organizational members if actual performance falls short of targeted
perforamnce
◉ The strategy-making, strategy-executing process.
Answer: includes the tasks of developing a strategic vision, mission
and core values; setting objectives; crafting a strategy to achieve the
performance objectives and move the company along the chosen
path; implementing and executing the strategy; and monitoring
, developments, evaluating performance, and intiating corrective
adjustments
◉ A company's strategy-making hierarchy.
Answer: typically involves three organizational levels in single-
business companies and four organizational levels in multi-buisness
or diversified companies (as shown in Figure 2.2)
◉ A company's values, or core values, concern.
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
◉ Which of the following are characteristics of an effectively-worded
strategic vision statement?.
Answer: Feasible, memorable, makes good business sense, and has
some wiggle room
◉ A company with strategic intent is one that.
Answer: concentrates the full force of its resources and competitive
actions on achieving an ambitious strategic outcome
◉ The difference between a company's mission statement and the
concept of a strategic vision is that.
