chapter 2a

chapter 2a - 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 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 2 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) 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 for the company—a strategic vision thus points an organization in a particular direction and charts a strategic path for it to follow in preparing for the future. 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. 3 INCORRECT Which of the following is not an important consideration in deciding to commit to one directional path versus another? A) Are changes underway in the market and competitive landscape acting to enhance or weaken the company's prospects? B) Where should we head in order to prove that our business model is viable and that our strategy is working? C) Will the company's present business generate sufficient growth and profitability in the years ahead to please shareholders? D) What, if any, new geographic markets and/or customer groups should the company get in position to serve? E) What are our ambitions for the company—what industry standing do we want the company to have?
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4 CORRECT 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)
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This note was uploaded on 10/02/2011 for the course FIN 685 taught by Professor Grady during the Spring '11 term at Texas A&M.

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

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