HOSP 4060 test 1
The two characteristics of a mission statement are a declaration of attitude and
A customer orientation
The purpose of a mission statement is to declare
A reason for being A statement of purpose A statement of beliefs Whom it wants to serve
_______ is not part of an external audit
Analyzing financial ratios
______ can best be described as short-term in nature
Annual objectives
In the process of developing a mission statement, it is important to involve
As many managers as possible
The process of developing a vision and mission statement often includes which of these as the first activity
Asking managers to read selected articles about mission statements
Principles of conduct that guide decision-making are known as
Business ethics
On difference between the CPM and EFE is that
CPM includes both internal and external issues
Which group would be classified as a stakeholder
Communities Banks Suppliers Employees
Technological advancements can create new ______ advantages that are more powerful than existing advantages
Competitive
Anything that a firm does especially well compared to rival firms is referred to as
Competitive advantage
What is the first step in the comprehensive strategic management model
Developing vision and mission statement
During what stage of strategic management are a firms specific internal strengths and weaknesses determined
Formulation
What is the first step in designing an EFE matrix
Identifying key external factors in the industry
The industrial organization approach to competitive advantage advocates that external factors are _____ internal factors in a firm achieving competitive advantage
More important than
The ideal length of a vision statement is
One sentence
Which characteristic describes the most competitive companies in america
People make a difference Innovate or evaporate There is no substitute for quality and no grater threat than failing to be cost-competitive on a global basis Whether it's broke or not fix it
When the industry relies heavily on government contracts, which forecasts can be the most important part of an external audit
Political
According to porter, what is usually the most powerful of the five competitive forces
Rivalry among competing firms
What can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives
Strategic management
What are the means by which long term objectives will be achieved
Strategies
Which individuals are most responsible for the success and failure of an organization
Strategists
Which phase of strategic management is called the action phase
Strategy implementation
What is likely to happen is a mission or vision statement is developed during troubled times for a firm
The firm will experience a reverse in the decline of profitability
Americans are on the move in a population shift to
The south and west
_______ is not a basic mission of a competitive intelligence program
To identify industry executives who could be hired by the firm
What is not a reason given for poor or no strategic planning in organizations
Trust in management
A study by Rarick and Vitton found that firms with a formalized mission statement have the average return on shareholders equity compared to those firms whiteout a formalized mission statement
Twice
Usually external opportunities and threats are
Uncontrollable by a single organization
Which of these basic questions should a vision statement answer
What do we want to become