Business And Strategic Vision Quiz
- 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
Correct Answer
D. Developing a profitable business modelExplanation
Developing a profitable business model is not one of the five basic tasks of the strategy-making, strategy-executing process. The five basic tasks include forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the chosen strategy, and evaluating and adjusting the strategy as needed. While developing a profitable business model is an important aspect of strategic management, it is not specifically listed as one of the five basic tasks in this context.Rate this question:
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- 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
Correct Answer
C. Setting objectives and using them as yardsticks for measuring the company’s performance and progressExplanation
Setting objectives and using them as yardsticks for measuring the company’s performance and progress is an integral part of the managerial process of crafting and executing strategy. This involves establishing specific goals and targets that the company aims to achieve and using them as benchmarks to evaluate the company's performance and track its progress towards strategic success. By setting objectives, the company can align its actions and resources towards a common purpose and ensure that its strategic initiatives are on track. Regularly measuring performance against these objectives helps in identifying areas of improvement and making necessary adjustments to achieve strategic goals.Rate this question:
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- 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
Correct Answer
A. Developing a strategic vision, setting objectives, and crafting a strategyExplanation
The integral parts of the managerial process of crafting and executing strategy include developing a strategic vision, setting objectives, and crafting a strategy. These elements are crucial in guiding the organization towards its desired future state, determining the goals and targets to be achieved, and formulating a plan of action to achieve them. By developing a strategic vision, the organization can define its long-term direction and purpose. Setting objectives helps in determining specific, measurable targets that align with the strategic vision. Crafting a strategy involves formulating a comprehensive plan that outlines the actions and initiatives required to achieve the objectives and fulfill the strategic vision.Rate this question:
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- 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.
Correct Answer
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.Explanation
The correct answer explains that the strategy-making, strategy-executing process involves various tasks such as developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and monitoring developments. This implies that it is a comprehensive process that encompasses all these activities and requires continuous monitoring and adjustments based on experience, changing conditions, and new opportunities. It also suggests that this process is not limited to top executives and the board of directors, but involves various stakeholders within the organization.Rate this question:
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- 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.
Correct Answer
D. A company’s directional path and future product-market-customer-technology focus.Explanation
The correct answer is a company’s directional path and future product-market-customer-technology focus. This answer aligns with the definition of a strategic vision, which is a statement that outlines the long-term goals and direction of a company, including its target markets, products or services, and the technologies it plans to use. It also implies that the company's vision includes its intended customer base and the strategies it will employ to achieve a competitive advantage in the market.Rate this question:
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- 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.
Correct Answer
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.Explanation
The correct answer is that a company's strategic vision 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. This means that the strategic vision outlines the company's future goals and objectives, as well as the reasons behind them, in order to guide the company's actions and decisions towards achieving sustainable competitive advantage.Rate this question:
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- 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.
Correct Answer
A. Prescribing a strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense.Explanation
The correct answer is prescribing a strategic direction for the company to pursue and a rationale for why this strategic path makes good business sense. This explanation aligns with the definition of developing a strategic vision, which involves determining the direction in which the company should go and providing a logical explanation for why this direction is beneficial for the business. It involves setting goals and objectives that align with the company's mission and values, and creating a roadmap for achieving them.Rate this question:
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- 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.
Correct Answer
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.Explanation
The correct answer involves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense. This answer best captures the essence of developing a strategic vision, which involves making decisions about the future direction of the company and the reasons behind those decisions. It highlights the importance of considering long-term goals and ensuring that the chosen strategic course aligns with the overall business objectives.Rate this question:
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- 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
Correct Answer
B. Outlining how the company intends to implement and execute its business modelExplanation
The strategic vision of an organization is not primarily focused on outlining how the company intends to implement and execute its business model. Instead, it is focused on providing a panoramic view of "where we are going", pointing the organization in a particular direction and charting a strategic path for it to follow, helping mold the organization's character and identity, and describing the company's future product-market-customer-technology focus. The implementation and execution of the business model is typically addressed in the organization's strategic plan or operational strategies.Rate this question:
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- 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.
Correct Answer
A. Charts a strategic course for the organization (“where we are going”) and provides a rationale for why this directional path makes good sense.Explanation
The correct answer describes how management's strategic vision for an organization charts a strategic course for the organization and provides a rationale for why this directional path makes good sense. This means that the strategic vision outlines where the organization is going and explains why this direction is the right one. It helps to guide the organization's decisions and actions by providing a clear direction and justification for the chosen path.Rate this question:
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- 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.
Correct Answer
B. Constitutes their strategic vision for the company.Explanation
The answer "constitutes their strategic vision for the company" is correct because when top executives talk about where the company is headed and the future product-customer-market-technology, they are essentially outlining their long-term goals and aspirations for the company. This strategic vision provides a roadmap for the company's future direction and guides decision-making and resource allocation.Rate this question:
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- 12.
One of 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.
Correct Answer
B. Clearly communicate management’s aspirations for the company to stakeholders and help steer the energies of company personnel in a common direction.Explanation
A well-conceived and well-stated strategic vision serves to clearly communicate management's aspirations for the company to stakeholders and helps steer the energies of company personnel in a common direction. By clearly articulating the company's goals and objectives, the strategic vision ensures that everyone within the organization is aligned and working towards a shared purpose. This helps to avoid confusion and misalignment, and promotes a sense of unity and focus among employees. Additionally, by communicating these aspirations to stakeholders, such as investors, customers, and partners, the company can inspire confidence and support in its strategic direction.Rate this question:
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- 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.
Correct Answer
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.”Explanation
A well-conceived strategic vision should clearly communicate the direction the company is heading in and what its future focus will be in terms of product, market, customers, and technology. This means that the vision should provide a clear roadmap for the company's strategic course and guide its decision-making process. It should not be too broad or vague, but rather offer clarity and specificity about the company's identity, purpose, and goals. Additionally, the vision should be realistic and achievable within a reasonable timeframe of 2-4 years.Rate this question:
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- 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?
Correct Answer
C. What business approaches and operating practices should we consider in trying to implement and execute our business model?Explanation
This question is not pertinent to company managers in thinking strategically about their company's directional path and developing a strategic vision because it focuses on the implementation and execution of the business model, rather than the overall direction and vision of the company. The other questions address important aspects such as the company's outlook, market conditions, industry standing, and potential customer groups and markets, which are more relevant to strategic thinking.Rate this question:
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- 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?
Correct Answer
E. Do we have a better business model than key rivals?Explanation
The question "Do we have a better business model than key rivals?" is not something that company managers should consider in choosing to pursue one strategic course or directional path versus another. This question focuses solely on comparing the company's business model to its rivals, rather than considering factors such as changing market conditions, resource allocation, growth and profitability, and emerging market opportunities.Rate this question:
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- 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
Correct Answer
C. Graphic, directional, and focusedExplanation
An effectively-worded strategic vision statement should be graphic, meaning it paints a clear and vivid picture of the desired future state. It should also be directional, providing a sense of purpose and guiding the organization towards its goals. Lastly, it should be focused, meaning it is specific and concise, avoiding ambiguity and ensuring clarity of intent. These characteristics help to communicate the vision effectively and align the organization towards a common goal.Rate this question:
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- 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)
Correct Answer
D. Consensus-driven (commits the company to a “mainstream” directional path that most all stakeholders will enthusiastically support)Explanation
An effectively-worded strategic vision statement should be directional, easy to communicate, graphic, and focused. However, it should not necessarily be consensus-driven. This means that the statement does not have to commit the company to a "mainstream" path that all stakeholders will enthusiastically support. Instead, it should provide a clear direction for the company's strategic course and help guide decision-making and resource allocation.Rate this question:
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- 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)
Correct Answer
B. Too narrow—doesn’t leave enough room for future growthExplanation
This answer suggests that a common shortcoming of company vision statements is being too narrow and not leaving enough room for future growth. This means that the vision statement is too focused on the present and does not consider the potential changes and expansion that may occur in the future. A vision statement should be broad enough to encompass the company's long-term goals and aspirations, allowing for flexibility and adaptability as the business evolves.Rate this question:
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- 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
Correct Answer
C. Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives -
- 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?"
Correct Answer
A. "Who are we and what do we do?"Explanation
The correct answer is "Who are we and what do we do?" because a company's mission statement is a concise statement that defines the purpose of the company and its core activities. It identifies the company's identity and the nature of its business. This question addresses the fundamental question of the company's existence and its primary function. The other options, such as objectives, strategy, competitive advantage, and business model, are important considerations for a company, but they are not directly addressed in a mission statement.Rate this question:
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Mar 21, 2023Quiz Edited by
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Apr 12, 2010Quiz Created by
Bdc016
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