Quiz Chapter 2 Bus

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 Quiz Chapter 2 Bus
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  • 1. 
    Which one of the following is not one of the five basic tasks of the strategy-making, strategy-executing process?
    • A. 

      Forming a strategic vision of where the company needs to head and what its future business make-up 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. 

      Implementing and executing the chosen strategy efficiently and effectively


  • 2. 
    Which of the following is an integral part of the managerial process of crafting and executing strategy?
    • A. 

      Developing a proven business model

    • B. 

      Deciding how much of the company’s resources to employ in the pursuit of sustainable competitive advantage

    • C. 

      Setting objectives and using them as yardsticks for measuring the company’s performance and progress

    • D. 

      Communicating the company’s values and code of conduct to all employees

    • E. 

      Deciding on the company’s strategic intent


  • 3. 
    Which of the following are integral parts of the managerial process of crafting and executing strategy?
    • A. 

      Developing a strategic vision, setting objectives, and crafting a strategy

    • B. 

      Developing a proven business model, deciding on the company’s strategic intent, and crafting a strategy

    • C. 

      Setting objectives, crafting a strategy, implementing and executing the chosen strategy, and deciding how much of the company’s resources to employ in the pursuit of sustainable competitive advantage

    • D. 

      Coming up with a statement of the company’s mission and purpose, setting objectives, choosing what business approaches to employ, selecting a business model, and monitoring developments

    • E. 

      Deciding on the company’s strategic intent, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ


  • 4. 
    The strategy-making, strategy-executing process
    • A. 

      Is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives.

    • B. 

      Includes establishing a company’s mission,developing a business model aimed at making the company an industry leader,and crafting a strategy to implement and execute the business model.

    • C. 

      Embraces 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.

    • D. 

      S principally concerned with sizing up an organization's internal and external situation, so as to be prepared for the challenge of developing a sound business model.

    • E. 

      Is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved.


  • 5. 
    A company’s strategic vision concerns
    • A. 

      Who we are and what we do.”

    • B. 

      Why the company does certain things in trying to please its customers.

    • C. 

      Management’s storyline of how it intends to make a profit with the chosen strategy.

    • D. 

      A company’s directional path and future product-market-customer-technology focus.

    • E. 

      What future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.


  • 6. 
    A company’s strategic vision
    • A. 

      S management’s story line for how it plans to implement and execute a profitable business model.

    • B. 

      Sets forth what business the company is presently in and why it uses particular operating practices in trying to please customers.

    • C. 

      Delineates management’s aspirations for the business, providing a panoramic view of “where we are going” and a convincing rationale for why this makes good business sense.

    • D. 

      Defines “who we are and what we do.”

    • E. 

      Spells out a company’s strategic intent, its strategic and financial objectives, and the business approaches and operating practices that will underpin its efforts to achieve sustainable competitive advantage.


  • 7. 
    Developing a strategic vision for a company entails
    • A. 

      Prescribing a strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense.

    • B. 

      Describing its business model and the kind of value that it is trying to deliver to customers.

    • C. 

      Putting together a story line of why the business will be a moneymaker.

    • D. 

      Describing "who we are and what we do."

    • E. 

      Coming up with a long-term plan for outcompeting rivals and achieving a competitive advantage.


  • 8. 
    The managerial task of developing a strategic vision for a company
    • 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.


  • 9. 
    Which one of the following is not an accurate attribute of an organization's strategic vision?
    • A. 

      Providing a panoramic view of "where we are going"

    • B. 

      Outlining how the company intends to implement and execute its business model

    • C. 

      Pointing an organization in a particular direction and charting a strategic path for it to follow

    • D. 

      Helping mold an organization 's character and identity

    • E. 

      Describing the company’s future product-market-customer-technology focus


  • 10. 
    Management’s strategic vision for an organization
    • A. 

      Charts a strategic course for the organization (“where we are going”) and provides a rationale for why this directional path makes good sense.

    • B. 

      Describes in fairly specific terms the organization’s strategic intent, strategic objectives, and strategy.

    • C. 

      Spells out how the company will become a big moneymaker and boost shareholder value.

    • D. 

      Addresses the critical issue of “why our business model needs to change and how we plan to change it.”

    • E. 

      Spells out the organization’s strategic intent and the actions and moves that will be undertaken to achieve it.


  • 11. 
    What a company’s top executives are saying about where the company is headed and about what the company’s future product-customer-market-technology will be
    • A. 

      Indicates what kind of business model the company is going to have in the future.

    • B. 

      Constitutes their strategic vision for the company.

    • C. 

      Signals what the firm' s strategy will be.

    • D. 

      Serves to define the company’s mission.

    • E. 

      Indicates what the company’s long-term strategic plan is.


  • 12. 
     Oneof the important benefits of a well-conceived and well-stated strategic vision is to
    • 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.


  • 13. 
    The defining characteristic of a well-conceived strategic vision is
    • A. 

      What 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.”

    • B. 

      That it not stretch the company’s resources too thin across different products, technologies, and geographic markets.

    • C. 

      Clarity and specificity about “who we are, what we do, and why we are here.”

    • D. 

      That it be flexible and in the mainstream.

    • E. 

      That it be within the realm of what the company can reasonably expect to achieve within 2-4 years.


  • 14. 
    Which one of the following questions is not pertinent to company managers in thinking strategically about their company’s directional path and developing a strategic vision?
    • A. 

      Is the outlook for the company promising if it continues with its present product-market-technology-customer focus?

    • 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 are our ambitions for the company—what industry standing do we want the company to have?

    • E. 

      What, if any, new customer groups and/or geographic markets should the company get in position to serve?


  • 15. 
    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?
    • A. 

      Are changing market and competitive conditions acting to enhance or weaken the company’s business outlook?

    • B. 

      Is the company stretching its resources too thinly by trying to compete in too many markets or segments, some of which are unprofitable?

    • C. 

      Will our present business generate sufficient growth and profitability in the years ahead to please shareholders?

    • D. 

      What emerging market opportunities should the company pursue and which ones should not be pursued?

    • E. 

      Do we have a better business model than key rivals?


  • 16. 
    Which of the following are characteristics of an effectively-worded strategic vision statement?
    • 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


  • 17. 
    Which one of the following is not a characteristic of an effectively-worded strategic vision statement?
    • A. 

      Directional (is forward-looking, describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future)

    • B. 

      Easy to communicate (is explainable in 10-15 minutes, 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 most all stakeholders will enthusiastically support)

    • E. 

      Focused (is specific enough to provide guidance to managers in making decisions and allocating resources)


  • 18. 
    Which of the following is not a common shortcoming of company vision statements?
    • A. 

      Vague or incomplete—short on specifics

    • B. 

      Too narrow—doesn’t leave enough room for future growth

    • C. 

      Bland or uninspiring

    • D. 

      Not distinctive—could apply to most any company (or at least several others in the same industry)

    • E. 

      Too reliant on superlatives (best, most successful, recognized leader, global or worldwide leader, first choice of customers)


  • 19. 
    Which of the following are common shortcomings of company vision statements?
    • A. 

      Too specific, too inflexible, and can’t be achieved in 5 years

    • B. 

      Unrealistic, unconventional, and un-businesslike

    • C. 

      Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives

    • D. 

      Too broad, too narrow, and too risky

    • E. 

      Not customer-driven, out-of-step with emerging technological trends, and too ambitious


  • 20. 
    A company's mission statement typically addresses which of the following questions?
    • 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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