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

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

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)?