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