Chapter2Review - MGMT 425 Chapters 2 Review Questions 1....

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MGMT 425 Chapters 2 Review Questions 1. 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. 2. A company's strategic vision A. is 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. 3. 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.
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4. The difference between the concept of a company mission statement and the concept of a strategic vision is that A. a mission statement typically concerns a company's present business scope ("who we are and what we do") whereas the principal concern of a strategic vision is with the company's long term direction and future product- market-customer-technology focus. B. the mission is to make a profit, whereas a strategic vision concerns what business model to employ in
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This note was uploaded on 07/03/2011 for the course ECON 101 taught by Professor Ramiz during the Spring '11 term at Abilene Christian University.

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Chapter2Review - MGMT 425 Chapters 2 Review Questions 1....

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