Business Strategy Exam 1 questions from Connect (CH 2 FSC) Set 1

Which mission statement is written in the most effective manner? . - "to help people achieve their dreams" - "to make a profit every quarter of every year" - "to provide nutritious food at an affordable price, served with a smile" - "to inspire flights of fancy and be there whenever our customers need us"

"to provide nutritious food at an affordable price, served with a smile"

A company mission statement should do which of the following? Multiple select question. - Describe where the company expects to head in the future. - Identify the company's customers or markets. - Specify what services and products the company offers. - Establish the company's own identity.

- Identify the company's customers or markets. - Specify what services and products the company offers. - Establish the company's own identity.

Members of an organization are most likely to support a new strategic vision if the document Multiple select question. - is explained by top executives to as many people as possible. - explains where the organization is going and why. - is distributed throughout the organization. - is presented to higher-level managers only,

- Is explained by top executives to as many people as possible. - explains where the organization is going and why. - is distributed throughout the organization.

Which statements are true of a company's strategic vision? Multiple select question. - It is crafted by the company's top managers. - It explains why the vision makes sound business sense. - It steers the organization in a specific direction. - It achieves its effectiveness by being broad and vague.

- It is crafted by the company's top managers. - It explains why the vision makes sound business sense. - It steers the organization in a specific direction.

Which of the following are developed during the first stage in crafting a company strategy? Multiple select question. - a loyal customer base - a set of core values - a strategic vision - a mission statement

- a set of core values - a strategic vision - a mission statement

During the final stage of developing and implementing a company strategy, what factors often cause the company to adjust its objectives or mission statement? Multiple select question. - changing conditions - new opportunities - well-established company traditions - new ideas

- changing conditions - new opportunities - new ideas

It is generally best for companies to craft objectives that Multiple select question. - are broad and flexible. - include a deadline for achieving the objective. - can be measured. - will be relatively easy to accomplish.

- include a deadline for achieving the objective. - can be measured.

Which of the following are part of the fifth and final stage for crafting and executing a company's strategy? Multiple select question. - monitoring developments - beginning to define core values - adjusting the mission statement - evaluating performance

- monitoring developments - adjusting the mission statement - evaluating performance

A well-designed strategic vision is important to an organization because it Multiple select question. - motivates personnel at all levels to help achieve the vision. - helps top executives clarify their sense of direction. - lists specific objectives and ways to evaluate the organization's performance. - helps managers coordinate efforts toward common goals.

- motivates personnel at all levels to help achieve the vision. - helps top executives clarify their sense of direction. - helps managers coordinate efforts toward common goals.

A company's mission statement describes the organization's Multiple select question. - future strategic course. - aspirations. - present business. - present purpose.

- present business. - present purpose.

What are the best tactics to convince lower-level managers and employees to support the company's strategic vision? Multiple select question. - sharing updates and progress reports - emphasizing that employees must respect management's authority - avoiding arguments by revealing few details about the plan - explaining why the company is taking a particular direction

- sharing updates and progress reports - explaining why the company is taking a particular direction

While developing a strategic vision, a company's managers might change which of the following? Multiple select question. - the amount of money the company will pay its sales staff - the products the company will offer - the markets in which the company will compete - the type of customers the company will serve

- the products the company will offer - the markets in which the company will compete - the type of customers the company will serve

What purposes are served by a company slogan? Multiple select question. - to define the organization's direction - to motivate personnel to overcome obstacles - to present the company's strategic vision with supporting details - to help employees maintain focus on the company's purpose

- to define the organization's direction - to motivate personnel to overcome obstacles - to help employees maintain focus on the company's purpose

What is a company slogan? - a short paragraph that describes the company's history and accomplishments - a catchphrase invented and repeated by employees to convey their feelings about the company - a sentence that identifies the company's products or services - a brief phrase that summarizes the company's vision

a brief phrase that summarizes the company's vision

Who is the target audience of an organization's strategic vision statement? - top executives exclusively - only mid-level managers - everyone in the organization - clients and investors

everyone in the organization

A well-crafted vision statement should - be written in a lofty style to impress competitors. - explain where top executives plan to take the company in the future. - describe how the company looks in the style of a press release. - incorporate the opinions of managers from all levels of the organization.

explain where top executives plan to take the company in the future.

To mobilize employee support for a new strategic vision for a company, executives should - remind employees that they failed to make the company prosper under the old system. - avoid discussing employee concerns and instead talk about the effort spent in creating the new vision. - give convincing reasons for taking the organization in a new direction. - summarize the plan on the internal company website rather than discussing it in person with all employees.

give convincing reasons for taking the organization in a new direction.

The primary purpose of a vision statement is to - provide the company with a sense of direction. - show that the company is in the vanguard. - serve as a defense from lawsuits. - improve public relations.

provide the company with a sense of direction.

To measure how well a company is moving in the intended direction, it is important to - rethink the basic guiding vision periodically. - set objectives. - include a checklist in the mission statement. - adjust core values to maximize profits.

set objectives.

A sense of "where we are going" is called the company's - operational strategy. - core values. - strategic vision. - performance objectives.

strategic vision.

Which document spells out the direction a company will take as it anticipates future developments? - quarterly reports - statement of core values - the strategic vision - the mission statement

the strategic vision

When charting a company's direction, why do managers set objectives? - to help employees see the difference between the company's vision and mission - to establish a strategic hierarchy for the entire company - to establish performance targets that the managers hope to achieve, using the company's mission and vision - to help define the company's mission statement

to establish performance targets that the managers hope to achieve, using the company's mission and vision

What is the purpose of a company's strategic vision? - to produce a catalog of all the company's products - to steer the company toward long-term growth and profits - to predict what the market will look like in future decades - to expand the company's operations as broadly as possible

to steer the company toward long-term growth and profits