Exam 2: Charting a Companys Direction: Its Vision, Mission, Objectives, and Strategy

A) Balanced,responsible,and rational.
B) Challenging,competitive,and "set in concrete".
C) Graphic,directional,and focused.
D) Realistic,customer-focused,and market-driven.
E) Achievable,profitable,and ethical.

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A) Ensuring that policies and procedures impede effective execution.
B) Organizing the company along the lines of best practice.
C) Surveying employees on how they think costs can be reduced and how employee morale and job satisfaction can be improved.
D) Exerting the outside leadership needed to drive stabilization.
E) Tying rewards and incentives directly to profit and management level.

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A) Is the outlook for the company promising if it continues with its present product offerings?
B) Are changing market and competitive conditions acting to enhance or weaken the company's prospects?
C) What business approaches and operating practices should we consider in trying to implement and execute our business model?
D) What strategic course offers attractive opportunity for growth and profitability?
E) What,if any,new customer groups and/or geographic markets should the company get in position to serve?

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A) reducing the risks of rudderless decision-making.
B) helping the organization prepare for the future.
C) avoiding strategic inflection points and management's reaction in aligning decision choices.
D) helping to crystallize top management's own view about the firm's long-term direction.
E) providing a tool for winning the support of organizational members for internal changes that will help make the vision a reality.

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A) Senior executives solidify their own view of the firm's long-term direction.
B) The risk of rudderless decision-making is minimized.
C) Organizational members support the changes internally that will help make the vision a reality.
D) Assists the organization in preparing for the future.
E) All of these.

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A) entails addressing a series of how's: how to grow the business,how to please customers,how to outcompete rivals,how to respond to changing market conditions,and how to achieve strategic and financial objectives.
B) is primarily an exercise in deciding which of several freshly emerging market opportunities to pursue.
C) is mainly an exercise that should be dictated by what is comfortable to management from a risk perspective and what is acceptable in terms of capital requirements.
D) requires trying to copy the strategies of industry leaders as closely as possible.
E) is mainly an exercise in good planning.

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A) it assists managers in putting roughly equal emphasis on short-term and long-term performance targets.
B) it entails putting equal emphasis on good strategy execution and good business model execution.
C) a balanced scorecard approach pushes managers to avoid setting objectives that reflect the results of past decisions and organizational activities.
D) financial performance measures are lagging indicators that reflect the results of past decisions and organizational activities,whereas strategic performance measures are leading indicators of a company's future financial performance and business prospects.
E) it forces managers to put equal emphasis on financial and strategic objectives.

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A) Developing a strategic vision,mission,and core values.
B) Executing the strategy.
C) Monitoring developments,evaluating performance,and initiating corrective adjustments.
D) All of these.
E) None of these.

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A) Directional (is forward-looking,describes the strategic course that management has charted that will help the company prepare for the future) .
B) Easy to communicate (is explainable in 5-10 minutes,and can be reduced to a memorable slogan) .
C) Graphic (paints a picture of the kind of company management is trying to create and the market position(s) the company is striving to stake out) .
D) Consensus-driven (commits the company to a "mainstream" directional path that almost all stakeholders will enthusiastically support) .
E) Focused (provides guidance to managers in making decisions and allocating resources) .

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A) Increase earnings per share by 15 percent annually.
B) Gradually boost market share from 10 percent to 15 percent over the next several years.
C) Achieve lower costs than any other industry competitor.
D) Boost revenues by a percentage margin greater than the industry average.
E) Maximize total company profits and return on investment.

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A) clearly delineate how the company's business model will be implemented and executed.
B) clearly communicate management's aspirations for the company to stakeholders and help steer the energies of company personnel in a common direction.
C) set forth the firm's strategic objectives in clear and fairly precise terms.
D) help create a "balanced scorecard" approach to objective-setting and not stretch the company's resources too thin across different products,technologies,and geographic markets.
E) indicate what kind of sustainable competitive advantage the company will try to create in the course of becoming the industry leader.

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A) extend throughout the managerial ranks and exist in every part of a company-business units,operating divisions,functional departments,manufacturing plants,and sales districts.
B) are primarily located in the strategic planning departments of large corporations.
C) are relatively rare because most strategy-making is done by the members of a company's board of directors.
D) seldom exist within a functional department (e.g. ,marketing and sales) or in an operating unit (a plant or a district office) because these levels of the organization structure are well below the level where strategic decisions are typically made.
E) are found only at the vice-president level and above in most companies.

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A) Who are we and what do we do?
B) What objectives and level of performance do we want to achieve?
C) Where are we going and what should our strategy be?
D) What approach should we take to achieve sustainable competitive advantage?
E) What business model should we employ to achieve our objectives and our vision?

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