Exam 2: Charting a Companys Direction

A) helping to avoid mediocre results.
B) pushing company personnel to be more inventive and innovative.
C) helping clarify the company's strategic vision and strategic intent.
D) helping a company be more focused and intentional in its actions.
E) spurring exceptional performance and helping build a firewall against contentment with modest performance gains.

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A) Who we are and what do we do?
B) What objectives and level of performance do we want to achieve?
C) Where are we going and what should our strategy be?
D) What approach should we take to achieve sustainable competitive advantage?
E) What business model should we employ to achieve our objectives and our vision?

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A) are needed only in those areas directly related to a company's short-term and long-term financial strength.
B) need to be broken down into performance targets for separate businesses, product lines, functional departments, and individual work units.
C) play the important role of establishing the direction toward which an organization needs to be headed.
D) are important because they help guide managers in deciding what the company's strategic intent should be.
E) should support, but not conflict with, the performance targets of lower-level organizational units.

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A) competitive edge
B) sustainable advantage
C) strategic intent
D) financial strength
E) strategic vision

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The defining characteristic of a strateg...

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Financial objectives relate to the finan...

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A) business strategy, divisional strategies, and departmental strategies.
B) business strategy, functional strategies, and operating strategies.
C) business strategy and operating strategy.
D) managerial strategy, business strategy, and divisional strategies.
E) corporate strategy, divisional strategies, and departmental strategies.

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A) hiring and firing senior-level executives and working with the company's chief strategic planning officer to improve the company's strategy when performance comes up short of expectations.
B) being inquiring critics and exercising strong oversight over the company's direction, strategy, and business approaches.
C) evaluating the caliber of senior executives' strategy-making/strategy-executing skills.
D) instituting a compensation plan for top executives that rewards them for actions and results that serve stakeholders' interests, most especially those of shareholders.
E) overseeing the company's financial accounting and financial reporting practices.

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A company's set of financial and strateg...

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A) increase revenues by more than the industry average.
B) be among the top five companies in the industry in customer service.
C) overtake key competitors on product performance or quality within three years.
D) improve manufacturing performance by 5 percent within 12 months.
E) obtain 150 new customers during the current fiscal year.

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A) identify the company's services and products.
B) specify the buyer's needs that the company seeks to satisfy.
C) identify the customer or market that the company intends to serve.
D) give the company its own identity.
E) explain "where we are headed."

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The process of crafting and executing a ...

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A) developing a strategic vision of where the company needs to head and what its future business makeup will be.
B) strategic management to convert the strategic vision into specific strategic and financial performance outcomes for the company to achieve.
C) crafting a strategy to achieve the objectives and get the company where it wants to go.
D) developing a profitable business model.
E) executing the chosen strategy efficiently and effectively.

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A good financial performance, by itself,...

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A) knowing when to replace poorly performing subordinates and when to do a better job of coaching them to do the right things.
B) being able to discern whether to promote better achievement of strategic performance targets or whether to promote better achievement of financial performance targets.
C) deciding when adjustments are needed and what adjustments to make.
D) having the analytic skills to separate the problems due to a bad strategy from the problems due to bad strategy execution.
E) deciding whether the company would be better off making adjustments that curtail the achievement of strategic objectives or that curtail the achievement of financial objectives.

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Each company manager has to think throug...

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A) balanced, responsible, and rational.
B) challenging, competitive, and "set in concrete."
C) graphic, directional, and focused.
D) realistic, customer-focused, and market-driven.
E) achievable, profitable, and ethical.

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A) are more essential in achieving a company's strategic vision than are financial objectives.
B) relate to strengthening a company's overall market standing and competitive position.
C) are more difficult to achieve and harder to measure than financial objectives.
D) are generally less important than financial objectives.
E) help managers track an organization's true progress better than financial objectives.

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