ch2 - ch2 Student What Does the Strategy-Making...

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ch2 Student: ___________________________________________________________________________ What Does the Strategy-Making, Strategy-Executing Process Entail? 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. Setting objectives and using them as yardsticks for measuring the company's performance and progress C. Deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage D. Communicating the company's mission and purpose 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? 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, new ideas and new opportunities D. Is 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 Developing a Strategic Vision 1
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