Charting a Company's Direction: Vision and Mission, Objectives, and Strategy

Which one of the following is not one of the five stages of the strategic management process? A. Forming a strategic vision of the company's future direction and focus B. Setting objectives to measure progress toward achieving the strategic vision C. Crafting a strategy to achieve the objectives and get the company where it wants to go D. Developing a profitable business model E. Implementing and executing the chosen strategy efficiently and effectively Full file at 2. Which of the following is an integral part of the managerial process of crafting and executing strategy? A. Developing a proven business model B. Setting objectives and using them as yardsticks for measuring the company's performance and progress C. Deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage D. Communicating the company's mission and purpose to all employees E. Deciding on the composition of the company's board of directors 3. When companies adopt the strategy-making and strategy execution process it requires they start by A. developing a strategic vision, mission and values B. developing a proven business model, deciding on the company's top management team, and crafting a strategy C. setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage D. coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary E. deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ Full file at 4. The strategic management process is shaped by A. management's strategic vision, strategic and financial objectives, and strategy. B. the decisions made by the compensation and audit committees of the board of directors. C. external factors such as the industry's economic and competitive conditions and internal factors such as the company's collection of resources and capabilities. D. a company's customer value proposition and profit formula. E. actions to strengthen competitive capabilities and correct weaknesses, actions to strengthen market standing and competitiveness by acquiring or merging with other companies, and actions to enter new geographic or product markets. 5. When a company is confronted with significant industry change that mandates radical revision of its strategic course, the company is said to have encountered A. a learning and growth perspective. B. a strategic inflection point. C. a strategic roadblock. D. a new strategic opportunity. E. an opportunity for corporate entrepreneurship. Full file at 6. A company's strategic plan consists of A. its balanced scorecard and its business model. B. a vision of where it is headed, a set of performance targets, and a strategy to achieve them. C. its strategy and management's specific, detailed plans for implementing it. D. a company's plans for improving value-creating internal processes. E. a strategic vision, a strategy, and a business model. 7. The strategy-making, strategy-executing process A. is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives. B. includes establishing a company's mission, developing a business model aimed at making the company an industry leader, and crafting a strategy to implement and execute the business model. C. embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then monitoring developments and initiating corrective adjustments in light of experience, changing conditions, and new opportunities. D. is principally concerned with sizing up an organization's internal and external situation, so as to be prepared for the challenge of developing a sound business model. E. is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved.