Question Pool 2

Question Pool 2 - Question Pool: Strategic Management, 12e...

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Question Pool: Strategic Management, 12e (Thompson) Chapter 02 1. Charting a company's future course begins with senior management a. deciding what its aspirations are for the company's future profitability and the future well-being of shareholders. b. thinking strategically about the road ahead and drawing conclusions about "where do we go from here, what changes lie ahead in the business landscape, and what difference will these changes make to the company's present business." c. coming up with a catchy phrase or slogan that conveys to customers, investors, and employees how the company intends to be competitively successful. d. choosing what performance targets the company should to try to achieve and what the deadline is for achieving them. e. crafting a long-term strategic plan for the organization and deciding what actions to take to implement it. 2. 3. Company mission statements a. are more important than a strategic vision about what strategic course a company should pursue. b. entail making choices about "where we ought to be headed and why." c. are a good starting point for forming a strategic vision. d. explain why it is important for the company to earn a profit and why the pursuit of attractive profits is the core of a company's business mission. e. explain why management has chosen a particular business model to serve as a beacon for company operations. 4. 5. The elements of forming a company's strategic vision include a. understanding what business the company is presently in and having a clear view of "who we are, what we do, and where we are now." b. deciding on a long-term course, making choices about "where we are going," and charting a strategic path for the company to pursue. c. communicating the strategic vision in clear, exciting terms that arouse organizational commitment. d. All of these. e. None of the above the key to an effective strategic vision is a senior executive team with the courage to exercise bold entrepreneurship and decisive strategic leadership. 6. 7. A company's mission is not to make a profit because a. making a profit is an objective and a result of what the company does. b. "making a profit" says nothing about the business arena in which profits are to be sought.
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c. mission statements centered on making a profit are incapable of distinguishing one type of profit-seeking enterprise from another. d. All of these. e. Just A and B are correct. 8. 9. Company mission statements a. are best stated in generic terms that could apply to any company in the industry. b. should be highly personalized and set an organization apart from others in its industry in the sense of specifying its own identity, business emphasis, and path for development. c.
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Question Pool 2 - Question Pool: Strategic Management, 12e...

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