Exam 2: Charting a Companys Direction: Its Vision, Mission, Objectives, and Strategy

A) Developing a strategic vision of where the company needs to head and what its future business makeup will be.
B) Setting objectives to convert the strategic vision into specific strategic and financial performance outcomes for the company to achieve.
C) Crafting a strategy to achieve the objectives and get the company where it wants to go.
D) Developing a profitable business model.
E) Executing the chosen strategy efficiently and effectively.

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A) identify the company's services and products.
B) specify the buyer's needs that the company seeks to satisfy.
C) identify the customer or market that the company intends to serve.
D) give the company its own identity.
E) All of these.

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A) Too specific,too inflexible,and can't be achieved in five years.
B) Unrealistic,unconventional,and un-businesslike.
C) Too broad,vague or incomplete,bland/uninspiring,not distinctive,and too reliant on superlatives.
D) Too broad,too narrow,and too risky.
E) Not customer-driven,out of step with emerging technological trends,and too ambitious.

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A) having operating strategies that are easy for company personnel to understand and execute.
B) combining the strategic vision and the company's values statement into a single document.
C) adopting a catchy slogan and then using it repeatedly to illuminate the direction and purpose of "where we are headed and why."
D) waiting until the company realizes its mission and ensures the existing corporate culture is compatible with the new vision and direction.
E) All of these.

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A) Increase revenues by more than the industry average.
B) Be among the top five companies in the industry in customer service.
C) Overtake key competitors on product performance or quality within three years.
D) Improve manufacturing performance by 5 percent within 12 months.
E) Obtain 150 new customers during the current fiscal year.

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A) Hiring and firing senior-level executives and working with the company's chief strategic planning officer to improve the company's strategy when performance comes up short of expectations.
B) Being inquiring critics and exercising strong oversight over the company's direction,strategy,and business approaches.
C) Evaluating the caliber of senior executives' strategy-making/strategy-executing skills.
D) Instituting a compensation plan for top executives that rewards them for actions and results that serve stakeholders' interests,most especially those of shareholders.
E) Overseeing the company's financial accounting and financial reporting practices.

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A) institute a balanced scorecard approach to measuring company performance,with the "balance" including a mixture of both old and new performance measures.
B) inform company personnel about forthcoming changes in the company's strategy.
C) reiterate the company's need for the new direction,while addressing employee concerns head-on,calming fears,lifting spirits,and providing them with updates and progress reports as events unfold.
D) explain all updates and merits of the company's business model to align strategy with employee concerns.
E) raise wages and salaries to win the support of company personnel for the company's new direction.

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A) Helping to avoid mediocre results.
B) Pushing company personnel to be more inventive and innovative.
C) Helping clarify the company's strategic vision and strategic intent.
D) Helping a company be more focused and intentional in its actions.
E) Spurring exceptional performance and helping build a firewall against contentment with modest performance gains.

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A well-stated objective is clear, specif...

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A) what it says about the company's future strategic course-"the direction we are headed and what our future product-market-customer-technology focus will be."
B) that it not stretch the company's resources too thin across different products,technologies,and geographic markets.
C) clarity and specificity about "who we are,what we do,and why we are here."
D) that it be flexible and in the mainstream.
E) that it be within the realm of what the company can reasonably expect to achieve within four years.

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A) diligent pursuit of operating excellence.
B) attentiveness to functional initiatives.
C) commitment to operating and marketing efficiency.
D) regular strategy reviews.
E) painstaking operating change management process.

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A) maps out the company's history.
B) links the company's financial targets to control mechanisms.
C) outlines the competitive moves and approaches to be used in achieving the desired business results.
D) challenges the company to maintain invariable objectives.
E) All of these.

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A) a mission concerns what to do to achieve short-term objectives,while a strategic vision concerns what to do to achieve long-term performance targets.
B) the mission is to make a profit,whereas a strategic vision concerns what business model to employ in striving to make a profit.
C) a mission statement deals with what to accomplish on behalf of shareholders,while a strategic vision concerns what to accomplish on behalf of customers.
D) a mission statement typically concerns a company's purpose and its present business scope ("who we are and what we do and why we are here") ,whereas the principal concern of a strategic vision portrays a company's aspirations for its future ("where are we going") .
E) a mission statement deals with "where we are headed," whereas a strategic vision provides the critical answer to "how will we get there?"

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A) whether and to what extent it intends to operate in an ethical and socially responsible manner.
B) how aggressively it will seek to maximize profits and enforce high ethical standards.
C) the beliefs and operating principles built into the company's "balanced scorecard" for measuring performance.
D) the beliefs,traits,and behavioral norms that company personnel are expected to display in conducting the company's business and pursuing its strategic vision and mission.
E) the beliefs,principles,and ethical standards that are incorporated into the company's strategic intent and business model.

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A) what the firm's operating departments are doing and plan to do to unify the company's functional and business strategies.
B) the specific plans for building competitive advantage in each major department and operating unit.
C) how to manage initiatives of strategic significance within each functional area,and adding detail and completeness) in ways that support functional strategies and the overall business strategy.
D) how best to carry out the company's corporate strategy.
E) how best to implement and execute the company's different business-level strategies.

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A) pushes the company to strive for lesser but adequate profitability levels,because the stretch objectives are considered unattainable.
B) is a widely held method for creating a "scorecard" for moderating company performance.
C) helps convert the mission statement into meaningful company values.
D) challenges company personnel to execute the strategy with greater enthusiasm,proficiency,and understanding.
E) is an effective tool for pushing the company to perform at its full potential and deliver the best possible results.

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