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

A) how to gain and sustain a competitive advantage for a single line of business.
B) defining what set of businesses to be in and why.
C) selecting a business model to use in pursuing business objectives.
D) selecting a set of stretch financial and strategic objectives for a particular line of business.
E) choosing the most appropriate strategic intent for a specific line of business.

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A) converting the strategic vision into specific performance targets-results and outcomes the organization wants to achieve.
B) using the objectives as yardsticks for tracking the company's progress and performance.
C) challenging and helping stretch the organization to perform at its full potential and deliver the best possible results.
D) pushing company personnel to be more inventive and to exhibit more urgency in improving the company's financial performance and business position.
E) delineating management's aspirations for the business and providing a panoramic view of "where we are going."

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A) institute a balanced scorecard approach to measuring company performance, with the "balance" including a mixture of both old and new performance measures.
B) inform company personnel about forthcoming changes in the company's strategy.
C) reiterate the company's need for the new direction, while addressing employee concerns head-on, calming fears, lifting spirits, and providing them with updates and progress reports as events unfold.
D) explain all updates and merits of the company's business model to align strategy with employee concerns.
E) raise wages and salaries to win the support of company personnel for the company's new direction.

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A) know when to continue with the present corporate culture and when to shift to a different and better corporate culture.
B) ferret out the causes and decide when adjustments are needed and what adjustments are needed for improved performance and operating excellence.
C) figure out whether to arrive at decisions quickly or slowly in choosing among the various alternative adjustments.
D) decide whether to try to fix the problems of poor strategy execution or simply shift to a strategy that is easier to execute correctly.
E) decide how to identify the problems that need fixing.

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Business strategy is concerned with stre...

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A) put 100 percent emphasis on the achievement of its short-term and long-term financial objectives.
B) recognize that the achievement of strategic objectives signals that the company is well positioned to sustain or improve its performance.
C) substitute financial intent for strategic intent and judiciously concentrate on the mission of making a profit.
D) not allocate any resources to the achievement of strategic objectives until it is very clear that the company can meet or beat its stretch financial performance targets.
E) avoid use of the balanced-scorecard philosophy since achievement of financial performance targets is obviously more important than the achievement of strategic performance targets.

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Well-stated objectives must be specific,...

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A) determines whether its strategic intent is proactive or reactive.
B) is subject to being changed much less frequently than either its objectives or its mission statement and thus serves as the base of its strategy-making pyramid.
C) should be based on a flexible strategic vision and strategic intent.
D) is customarily reviewed and approved level-by-level by the company board of directors.
E) is really a collection of strategic initiatives and actions devised by managers and key employees up and down the whole organizational hierarchy.

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The balanced scorecard is a widely used ...

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A) what the firm's operating departments are doing and plan to do to unify the company's functional and business strategies.
B) the specific plans for building competitive advantage in each major department and operating unit.
C) how to manage initiatives of strategic significance within each functional area, and adding detail and completeness in ways that support functional strategies and the overall business strategy.
D) how best to carry out the company's corporate strategy.
E) how best to implement and execute the company's different business-level strategies.

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A) long-term objectives should take precedence unless the short-term performance targets have unique importance.
B) long-term objectives should take precedence because of the need for future survival.
C) short-term objectives should take precedence because they focus attention on delivering performance improvement.
D) short-term objectives should take precedence unless the long-term performance targets are not achievable.
E) long-term objectives should never take precedence until the short-term objective is achieved.

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A) unify the company's various operating-level strategies.
B) specify how to build and strengthen the skills, expertise, and competencies needed to execute operating-level strategies successfully.
C) support and add power to the corporate-level strategy.
D) create compatible degrees of strategic intent among a company's different business functions.
E) determine how to support particular activities in ways that support the overall business strategy and competitive approach.

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A) Developing a strategic vision of where the company needs to head and what its future business makeup will be
B) Setting objectives to convert the strategic vision into specific strategic and financial performance outcomes for the company to achieve
C) Crafting a strategy to achieve the objectives and get the company where it wants to go
D) Developing a profitable business model
E) Executing the chosen strategy efficiently and effectively

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A) commits to using a particular business model to make money.
B) decides to adopt a particular strategy.
C) relentlessly pursues an ambitious strategic objective.
D) commits to pursuing balanced-scorecard objectives.
E) changes its long-term direction and decides to pursue a newly adopted strategic vision.

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Each company manager has to think throug...

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A) a mission statement 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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A) a mission concerns what to do to achieve short-term objectives, while a strategic vision concerns what to do to achieve long-term performance targets.
B) a mission statement focuses on the methods needed to make a profit, whereas a strategic vision concerns what business model to employ in striving to make a profit.
C) a mission statement deals with what to accomplish on behalf of shareholders, while a strategic vision concerns what to accomplish on behalf of customers.
D) a mission statement typically concerns a company's purpose and its present business scope, whereas the principal concern of a strategic vision is a company's aspirations for its future.
E) a mission statement deals with "where we are headed," whereas a strategic vision provides the critical answer to "how will we get there?"

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