Mgmt 495 Chapter 2 Exam Questions With 100% Correct Answers 2024/2025

Mgmt 495 Chapter 2 Exam Questions With 100% Correct Answers 2024/2025 Which one of the following is NOT one of the five basic tasks of the strategy-making, strategy- executing process? - answerDeveloping a profitable business model. A company's strategic plan: - answeroutlines the competitive moves and approaches to be used in achieving the desired business results. Which of the following tasks of the strategy-making, strategy-execution managerial process make up the company's strategic plan? - answerDeveloping a strategic vision, mission, and core values Which of the following is an integral part of the managerial process of crafting and executing strategy? - answerSetting objectives and using them as yardsticks for measuring the company's performance and progress. Which of the following are integral parts of the managerial process of crafting and executing strategy? - answerDeveloping a strategic vision, setting objectives, and crafting a strategy The strategy-making, strategy-executing process - answerembraces 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. A company's strategic vision describes: - answermanagement's aspirations for the future and delineates the company's strategic course and long-term direction. The real purpose of the company's strategic vision: - answerserves as management's tool for giving the organization a sense of direction. A strategic vision constitutes management's view and conclusions about the company's: - answerlong-term direction and what product-market-customer mix seems optimal. The managerial task of developing a strategic vision for a company: - answerinvolves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense. Which one of the following is NOT an accurate attribute of an organization's strategic vision? - answerOutlining how the company intends to implement and execute its business model. Management's strategic vision for an organization: - answercharts a strategic course for the organization ("where we are going") and provides a rationale for why this directional path makes good sense Well-conceived visions are ________ and ____________ to a particular organization and they avoid generic, feel-good statements that could apply to hundreds of organizations. - answerdistinctive; specific What a company's top executives are saying about where the company is headed long term and about what the company's future product-market-customer-technology mix will be: - answerconstitutes their strategic vision for the company One of the important benefits of a well-conceived and well-stated strategic vision is to: - answerclearly communicate management's aspirations for the company to stakeholders and help steer the energies of company personnel in a common direction. The defining characteristic of a well-conceived strategic vision is: - answerwhat it says about the company's future strategic course—"the direction we are headed and what our future product- market-customer-technology focus will be." Which one of the following questions is NOT pertinent to company managers in thinking strategically about what directional path should be taken by the company and about developing a strategic vision? - answerWhat business approaches and operating practices should we consider in trying to implement and execute our business model? Which one of the following questions is NOT something that company managers should consider in choosing to pursue one strategic course or directional path versus another? - answerDo we have a better business model than key rivals? Which of the following are characteristics of an effectively worded strategic vision statement? - answerGraphic, directional, and focused. Which one of the following is NOT a characteristic of an effectively worded strategic vision statement? - answerConsensus-driven (commits the company to a "mainstream" directional path that almost all stakeholders will enthusiastically support) Which of the following is NOT a common shortcoming when wording a company's vision statement? When the statement is somewhat - answerflexible—allowing for adjustments to reflect changing circumstances. Which of the following ARE common shortcomings of company vision statements? - answerToo broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives. Breaking down resistance to a new strategic vision typically requires that management, on an as needed basis: - answerreiterate the company's need for the new direction, while addressing