BUSI 4940
Simplified Exam Questions with 100% Correct Answers
Our main emphasis in the performance matrix is on the - Current position of the business
Quadrant 1 - The desired state in the performance matrix, in which operating performance
and organizational health are both positive
Organizations need a strong sense of direction - Vision brings coherence to the many
strategic and operating decisions that managers at all levels are constantly called upon to make.
All org. need a clear sense of what and who they are. A vision can revitalize a company.
There are three basic reasons for starting strategic analysis with work on visioning. - 1) To
resolve confusion over the purpose of the business; why it exists, 2) To revitalize it, and 3) You
might decide to prepare a mission statement when your business is operating reasonably well,
but you think that creating one might be useful to reinforce your existing informal "sense of
vision".
The challenge in developing a vision is - Simultaneously to raise people's sights, give them
direction, and stay realistic.
Collins and Porras state that "at the broadest level, vision consists of two major components -
A Guiding Philosophy that, in the context of expected future environments, leads to a Tangible
Image.
Guiding Philosophy - Has two elements, the core purpose and core values. The core values
are the starting point for the guiding philosophy.
Values - Represent the basic beliefs that govern individual and group behavior in an
organization.
, Core Purpose - Defines the reason for being and may never be fully realized, in contrast to
goals and objectives, which are formulated specifically to be achievable.
Mission Statement - A mission is a clear and compelling goal that serves to unify an
organizations' efforts. An effective mission must stretch and challenge the organization yet be
achievable. It is crisp, clear, and engaging. It reaches out and grabs people by the gut.
Henry Ford's vision - I will build a motor car for the great multitude. It will be so law in
price that no man making a good salary will be unable to own one and enjoy with his family the
blessing of hours of pleasure in god's great open spaces. The horse will have disappeared from
our highways, the automobile will be taken for granted...[and we will] give a large number of
men employment at good wages.
The vision, mission and value outcomes - 1) Settle some fundamental questions about the
purpose of the business; 2) Prompt and reinforce the day-to-day actions that are consistent with
their meaning; and 3) Provide direction in the formulation of the more specific strategy of the
firm.
There are three basic questions to put to an emerging vision - 1) Does it portray a desirable
and feasible destination?; 2) Does it do so without jeopardizing management's flexibility to
maneuver as circumstances change? and 3) Does it stretch the organization?
A vision should go further than what is doable with today's resources and capabilities. - It
should motivate people, it should inspire and enthuse the firm with a sense of purpose and the
need for exploration and discovery.
Visions that require organizations to stretch - Are ambitious conceptions of what they
organization will be in the future.
Simplified Exam Questions with 100% Correct Answers
Our main emphasis in the performance matrix is on the - Current position of the business
Quadrant 1 - The desired state in the performance matrix, in which operating performance
and organizational health are both positive
Organizations need a strong sense of direction - Vision brings coherence to the many
strategic and operating decisions that managers at all levels are constantly called upon to make.
All org. need a clear sense of what and who they are. A vision can revitalize a company.
There are three basic reasons for starting strategic analysis with work on visioning. - 1) To
resolve confusion over the purpose of the business; why it exists, 2) To revitalize it, and 3) You
might decide to prepare a mission statement when your business is operating reasonably well,
but you think that creating one might be useful to reinforce your existing informal "sense of
vision".
The challenge in developing a vision is - Simultaneously to raise people's sights, give them
direction, and stay realistic.
Collins and Porras state that "at the broadest level, vision consists of two major components -
A Guiding Philosophy that, in the context of expected future environments, leads to a Tangible
Image.
Guiding Philosophy - Has two elements, the core purpose and core values. The core values
are the starting point for the guiding philosophy.
Values - Represent the basic beliefs that govern individual and group behavior in an
organization.
, Core Purpose - Defines the reason for being and may never be fully realized, in contrast to
goals and objectives, which are formulated specifically to be achievable.
Mission Statement - A mission is a clear and compelling goal that serves to unify an
organizations' efforts. An effective mission must stretch and challenge the organization yet be
achievable. It is crisp, clear, and engaging. It reaches out and grabs people by the gut.
Henry Ford's vision - I will build a motor car for the great multitude. It will be so law in
price that no man making a good salary will be unable to own one and enjoy with his family the
blessing of hours of pleasure in god's great open spaces. The horse will have disappeared from
our highways, the automobile will be taken for granted...[and we will] give a large number of
men employment at good wages.
The vision, mission and value outcomes - 1) Settle some fundamental questions about the
purpose of the business; 2) Prompt and reinforce the day-to-day actions that are consistent with
their meaning; and 3) Provide direction in the formulation of the more specific strategy of the
firm.
There are three basic questions to put to an emerging vision - 1) Does it portray a desirable
and feasible destination?; 2) Does it do so without jeopardizing management's flexibility to
maneuver as circumstances change? and 3) Does it stretch the organization?
A vision should go further than what is doable with today's resources and capabilities. - It
should motivate people, it should inspire and enthuse the firm with a sense of purpose and the
need for exploration and discovery.
Visions that require organizations to stretch - Are ambitious conceptions of what they
organization will be in the future.
