MGMT 4390 : What is Strategic Management, Mission & Vision Analysis
In the external analysis phase of the AFI strategy framework, what should managers ask?
"How do external forces affect our strategy and competitive advantage?"
What is the first step in the AFI strategy framework?
Analysis
What are the categories of expectations that society has of the business enterprise as described in the CSR framework?
Economic Philanthropic Legal Ethical
Which of the following elements of the pyramid of corporate social responsibility are required by society and shareholders?
Economic responsibilities Legal responsibilities
What should a successful vision do for an organization?
It should inspire employees. It should make employees feel that their work is important.
Which of the following statements regarding tasks in the AFI strategy framework is true?
The tasks are very interdependent.
What is strategic leadership?
The use of influence and power by executives to direct the activities of individuals while pursuing an organization's goals
A(n) Blank______ is a statement of principles to guide an organization as it works to achieve its vision and fulfill its mission.
core values statement
What is the primary focus of a customer-oriented vision statement?
developing goods and services that solve consumer problems
A core values statement provides information to employees regarding the company's Blank______.
ethics and morals
An inspiring vision helps employees Blank______.
find meaning in their work.
In the Blank______ step of the stakeholder impact analysis, firms identify their various social responsibilities to stakeholders.
fourth
In the second step of the stakeholder impact analysis, managers need to identify and understand stakeholders' Blank______.
interests and claims
Studies show that CEOs spend the majority of their time Blank______.
meeting people face-to-face
An organization's Blank______ is what an organization actually does, including the products and services it plans to provide and the markets in which it will compete.
mission
A Blank____ outlines what an organization does, while a vision outlines what the organization wants to do.
mission, mission statement
Which of the following elements of the pyramid of corporate social responsibilities are result from a society's expectations toward business?
philanthropic responsibilities ethical responsibilities
Which of the following is an important part of strategic leadership and is the strategic leader's ability to influence and direct individuals to do things?
power
A Blank______ vision statement defines a business by describing the goods or services it produces or offers.
product-oriented
Which of the following topics should be considered during the analysis phase of the AFI framework?
the firm's internal strengths and resources the firm's business model and competitive advantages the external environment and associated challenges the role of strategic leadership and the strategy process
Both strategy formulation and strategy implementation are aspects of Blank______.
the strategy process
According to upper-echelons theory, the way strategic leaders of a firm interpret a situation is influenced by which of the following?
the values and experiences of the firm's leaders
Upper-echelons theory views organizational outcomes as a reflection of the values of the Blank______.
top management team
According to the Blank______, effective leadership is the outcome of certain intrinsic talents as well as education.
upper-echelons theory
In crafting a strategic management plan, leaders must first determine the company's long-term objective. This means leaders must first define the organization's Blank______.
vision
In the strategic management process, which basic principle must be defined first?
vision
Which of the following terms best describes an organization's primary objective and what it ultimately wants to accomplish?
vision
Strategy formulation concerns the choice of strategy in terms of Blank______ to compete.
where and how
