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chapter 2 - Your Results The correct answer for each...

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Your Results: The correct answer for each question is indicated by a . 1 INCORRECT Strategy-making is A) primarily the responsibility of the company founder or CEO. B) the responsibility of a company's chief executive officer and outside consultants. C) primarily the responsibility of a company's strategic planning staff. D) first and foremost the responsibility of a company's board of directors. E) more of a collaborative group effort that involves managers and key employees throughout the company. 2 CORRECT Which one of the following is not an integral part of the managerial process of crafting and executing strategy? A) Developing a strategic vision B) Choosing a strategic intent C) Setting objectives and crafting a strategy to achieve them D) Evaluating performance and initiating corrective adjustments in the company's long-term direction, objectives, strategy, or execution in light of actual experience, changing conditions, new ideas, and new opportunities E) Implementing and executing the chosen strategy efficiently and effectively 3 INCORRECT A strategic vision for a company A) involves how fast to pursue the chosen strategy and reach the targeted levels of performance. B) consists of thinking through what it will take to make the chosen strategy work as planned. C) Describes "where we are going" by delineating the course and direction management has charted for the company's future product-customer-market-technology focus. D) spells out how the company is going to get from where it is now to where it want to go and when it is expected to arrive. E) concerns management's view of how to transition the company's business model from where it is now to where it needs to be. 4 INCORRECT The difference between a company's mission statement and the concept of a strategic vision is that A) the mission statement lays out the desire to make a profit, whereas
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the strategic vision addresses what strategy the company will employ in trying to make a profit. B) a mission statement deals with "where we are headed " whereas a strategic vision provides the critical answer to "how will we get there?." C) a mission deals with what a company is trying to do and a vision concerns what a company ought to do. D) a mission statement typically concerns an enterprise's present business scope and purpose—"who we are, what we do, and why we are here"—whereas the focus of a strategic vision is on the direction the company is headed and what its future product- customer-market-technology focus will be. E) a mission is about what to accomplish for shareholders whereas a strategic vision concerns what to accomplish for customers. 5 CORRECT Which one of the following is not a characteristic of an effectively-worded strategic vision statement (see Table 2.1)?
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