BSG Chp2 Latest Update

A company's overall strategyAnsIs a collection of strategic initiatives and actions devised by managers (and sometimes key employees) up and down the whole organizational hierarchy. A company's values relate to such things asAnsFair treatment, honor and integrity, ethical behavior, innovativeness, teamwork, accountability, passion for top-notch quality and superior customer service, social responsibility, and community citizenship. A company's strategic planAnsLays out its future direction, business purpose, performance targets, and strategy--in other words, a strategic vision + mission + a set of objectives + strategy= a strategic plan. The primary roles/obligations of a companys board of directors in the strategy-making, strategyexecuting process includeAnsCritically appraising the company's direction, strategy, and business approaches and evaluating the caliber of senior executive's strategy-making and strategy-executing skills. A set of "stretch" financial and strategic objectivesAnsHelps a company avoid ho-hum results. Which of the following is the best example of a well-states strategic objective Increase profits by more than industry averageAnsIncrease profits by more than industry average A company that pursues and achieves strategic objectivesAnsIs frequently better able to improve its future financial performance (because of the stronger market standing and greater competitive vitality that flow from the achievement of well-chosen strategic objectives). Operating strategies concernAnsThe relatively narrow strategic initiatives and approaches for managing key operating units (plants, distribution center, geographic units) and strategically significant operating tasks (quality control, advertising campaigns, the management of specific brands, supply chain-related activities, and website sales and operations). Which of the following are characteristics of an effectively-worded strategic vision statementAnsGraphic, forward-looking and directional, and focused The difference between a company's mission statement and the concept of a strategic vision is thatAnsThe strategic vision portrays a company's future direction ("where we are going") whereas a companys mission typically describes its present business and purpose ("who we are, what we do, and why we are here"). Managerial jobs with strategy-making responsibilityAnsTypically extend throughout the managerial ranks and exist in every part of a company-- its business units, operating divisions, functional departments, manufacturing plants, and sales districts); indeed, the more that a company's operations cut across different products, industries, and geographical areas, the more that headquarters executives have little option but to delegate considerable strategy-making authority to down-the-line managers in charge of particular organizational units.