BUS 345 Ch.2

Which of the following summarizes the difference between a firms vision and mission?

A. A vision states what a firm wants to accomplish; a mission states how a firm plans to accomplish this vision. B. A vision states the ethical values of a firm; a mission states the monetary goals of a firm. C. A vision states how much a firm wants to earn; a mission states how these earnings will be accomplished. D. A vision states the management values of a firm; a mission states the values of the other workers.

Which of the following examples reflects the strongest vision?

A. At Fuentes Electronics, many employees get paid well but do not feel their work is important. B. At Fuentes Electronics, all employees are motivated to make the best microwave ovens on the market. C. At Fuentes Electronics, most employees want to create a better microwave oven than their closest competitor. D. At Fuentes Electronics, some employees do not understand the main goal of the company.

_____ is best described as a rational process in which executives at a company's headquarters take primary responsibility to program future success of the company they lead.

A. Bottom-up strategic approach B. Top-down strategic planning C. Reverse mentoring D. Emergent strategic plan

Which of the following summarizes the difference between corporate strategy and business strategy?

A. Corporate strategy deals with how to compete; business strategy deals with where to compete. B. Corporate strategy deals with when to compete; business strategy deals with how to compete. C. Corporate strategy deals with how to compete; business strategy deals with when to compete. D. Corporate strategy deals with where to compete; business strategy deals with how to compete.

Why is it better for firms to keep their vision statements customer-oriented rather than product- oriented?

A. Customer-oriented visions tend to have a more short-range view of changing environments. B. Customer-oriented visions tend to have a more myopic view of changing environments. C. Customer-oriented visions tend to be more flexible when adapting to changing environments. D. Customer-oriented visions tend to be more stable when dealing with changing environments.

According to the Level-5 leadership pyramid, a manager turns into an executive who is capable of building lasting greatness into the organization through a combination of willpower and humility when he or she reaches

A. Level 5. B. Level 3. C. Level 2. D. Level 1.

In Strategy Highlight 2.2, what type of strategy did Diana, the Starbucks store manager in southern California, use to develop the new iced beverage for her store?

A. She used a rational planning approach to strategy planning. B. She created a dominant strategy plan. C. She used scenario planning. D. She used an emergent strategy.

How do strong ethical values benefit a firm?

A. They lay the groundwork for a quick increase of profits and short-term success. B. They serve as the guardrails put in place to keep the company on track when pursuing its mission. C. They provide strong public relations, which can either benefit or hinder competitive advantage. D. They emphasize benefiting employees by significantly increasing profit.

The first step in the strategic management process is to

A. define a firms vision, mission, and values. B. understand the strategies of the competitors. C. put the guiding policies of a firm into practice. D. develop functional and business-level strategies.

Organizational values are the _____ that govern the behavior of individuals within a firm or organization.

A. economic measures B. ethical standards and norms C. political principles and policies D. social beliefs and actions

What is strategic leadership?

A. the ability to delegate authority to create an effective strategic management process B. the executives' use of power and influence to direct the activities of others when pursuing an organization's goals C. the ability to inspire managers and other employees to create the best product possible D. the executives' use of power and influence to inspire workers to take responsibility for the final product

Visionary companies are able to outperform their competitors because

A. their vision statements are more product-oriented. B. they provide more aspirational visions. C. their visions are exclusively financial. D. they isolate internal stakeholders in defining their visions.