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

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A) knowing when to replace poorly performing subordinates and when to do a better job of coaching them to do the right things.
B) being able to discern whether to promote better achievement of strategic performance targets or whether to promote better achievement of financial performance targets.
C) deciding when adjustments are needed and what adjustments to make.
D) having the analytical skills to separate the problems due to a bad strategy from the problems due to bad strategy execution.
E) deciding whether the company would be better off making adjustments that curtail the achievement of strategic objectives or that curtail the achievement of financial objectives.

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A) the mission explains why it is essential to make a profit,whereas the strategic vision explains how the company will be a moneymaker.
B) a mission statement typically concerns a company's present business scope and purpose,whereas a strategic vision sets forth "where we are going and why."
C) a mission deals with how to please customers,whereas a strategic vision deals with how to please shareholders.
D) a mission statement deals with "where we are headed," whereas a strategic vision provides the critical answer to "how will we get there?"
E) a mission statement addresses "how we are trying to make a profit today," while a strategic vision concerns "how will we make money in the markets of tomorrow?"

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Both the achievement of strategic object...

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A) are more essential in achieving a company's strategic vision than are financial objectives.
B) relate to strengthening a company's overall marketing standing and competitive position.
C) are more difficult to achieve and harder to measure than financial objectives.
D) are generally less important than financial objectives.
E) help managers track an organization's true progress better than financial objectives.

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A) stretch objectives which challenge the organization to deliver stretch gains in performance.
B) mainstay objectives that although are easily attainable,and the company is obligated to meet,they are designed to spur motivation in the workforce.
C) financial objectives that drive standardization of cost-efficiency and unify stringent operating specifications.
D) a specifically detailed and integrated model of operating policies,practices,and procedures.
E) All of these.

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A) concerns deciding what approach the company should take to implement and execute its business model.
B) entails coming up with a fairly specific answer to "who are we,what do we do,and why are we here?".
C) is chiefly concerned with addressing what a company needs to do to successfully outcompete rivals in the marketplace.
D) involves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense.
E) entails coming up with a persuasive storyline of how the company intends to make money.

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A) entails putting equal emphasis on financial and strategic objectives.
B) entails putting balanced emphasis on profit and non-profit objectives.
C) prevents the drive for achieving financial objectives from overwhelming the pursuit of strategic objectives.
D) prevents the drive for achieving strategic objectives from overwhelming the pursuit of financial objectives.
E) strikes a "balance" between financial and strategic objectives.

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