Business Policy Midterm Quiz 1 Questions
What are 3 characteristics of effective goals?
1. clear and easy to understand 2. recognized by everyone as important 3. achievable but challenging
During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?
A) formulation
What is the first step in understanding how you spend your time?
Creating a log of activities throughout the week
The vision statement answers which question?
E. What do we want to become?
As indicated in the strategic management model, a clear ________ is needed before alternate strategies can be formulated and implemented.
E. mission statement
A vision statement is, in essence, a company's game plan.
False
According to Peter Drucker, asking the question "What is our business?" is synonymous with asking the question "What is our vision?"
False
If an organization chooses to have both mission and a vision, the mission statement should be established first.
False
In order to be seen as a high performer you should accept any task before you consider whether you have the time to do it
False
Once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage for an extended period of time.
False
Once you have set your goals there is no need to review them until they are completed
False
Taking on your subordinate's work leads to good employee development
False
The mission statement should be short- preferably one sentence
False
Top down is the BEST way to create goals
False
You should never say no to your boss no matter how much work he or she puts on your desk
False
A declaration of an organization's "reason for being" is the mission statement.
True
A sense of shared expectations among all levels and generations of employees is promoted with a mission statement.
True
Activities that don't support your goals should be eliminated
True
An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process.
True
Analytical and intuitive thinking should complement each other.
True
Anything the firm does especially well compared to rival firm could be considered a competitive advantage.
True
Goals should support the strategy of the firm.
True
In order to motivate a workforce effectively, both profit and vision are needed.
True
Mission statements are sometimes difficult to derive because top management may disagree over company objectives.
True
One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the bases for current strategies.
True
Resource allocation is included in strategy- formulation activities
True
Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment, and sacrifice.
True
The underpinning of strategic management hinge on managers gaining an understanding of competitors, markets, prices, suppliers, distributors, governments, creditors, shareholders and customers worldwide.
True
Vision and mission statements can often be found in the front of annual reports.
True
If your task of goal is large and seems overwhelming what is an effective way to manage your approach to achieving that goal?
break down your goal into smaller tasks, assign the value of each task, prioritize / eliminate