Chapter 2 Quiz + Answers Essay

1. When companies adopt the system-making and strategy murder process it requires they start bydeveloping a strategic vision, mission and values2. The strategic perplexity process is shaped byexternal factors such(prenominal) as the sedulousnesss economic and agonistic conditions and internal factors such as the gilds collection of resources and capabilities3. When a follow is confronted with significant industry change that mandates radical revision of its strategic course, the friendship is said to have encountereda strategic flection point4. A companions strategic plan consists ofa vision of w here(predicate) it is headed, a draw of makeance tar thumps, and a strategy to achieve them5. return managements views about where the come with is headed and what its incoming product-customer-market-technology will beconstitutes the strategic vision for the troupe6. Well-conceived visions argondistinctivespecific to a extra organizationfree of generic, feel-good linesnot i nnocuous one-sentence statements all told of these7. Effectively communicating the strategic vision cut the line to lower-level managers and employees has the value ofnot only explaining where we are going and why but, more importantly, in like manner invigorate and energizing social club personnel to unite to get the company moving in the intended committal8. A companys mission statement typically addresses which of the following questionsWho we are, what we do, and why we are here9. A companys values occupy to such things asfair treatment, integrity, ethical behavior, innovativeness, teamwork, top-notch quality, ace customer service, social responsibility, and community citizenship10. The managerial exercise of setting objectives includesconverting the strategic vision into specific exercise targetsusing the objectives as yardsticks for tracking the companys progress and exercisechallenging the organization to perform at its full potential and deliver the topper possible resultsestablishing deadlines for achieving mathematical process results11. A company necessitate monetary objectivesbecause without adequate profitability and financial strength, the companys ultimate survival is jeopardized12. Strategic objectives refer to strengthening a companys overall market standing and competitive vitality13. A balanced scorecard for measuring company performanceentails striking a balance between financial objectives and strategic objectives14. A balanced scorecard that includes both(prenominal) strategic and financial performance targets is a conceptually strong approach for judging a companys overall performance becausefinancial performance measures are lagging indicators that reflect the results of past decisions and organisational activities whereas strategic performance measures are leading indicators of a companysfuture financial performance15. A company needs performance targets or objectivesfor its operations as a whole and also for each of its separate businesses, product lines, functional departments, and psyche work units16. Business strategy concernsensuring consistency in strategic approach among the businesses of a diversified company17. In a single-business company, the strategy-making hierarchy consists ofbusiness strategy, functional strategies, and operating strategies18. Functional strategiesconcern the actions, approaches, and practices related to crabbed functions or processes within a business19. operational strategies concernthe relatively narrow strategic initiatives and approaches for managing underlying operating units within a business and for performing strategically significant operating tasks20. Management is compel to monitor new external developments, evaluate the companys progress, and make corrective adjustments in nine todecide whether to continue or change the companys strategic vision, objectives, strategy and/or strategy execution methods