A) vague or incomplete-short on specifics.
B) flexible-is adjusted according to changing circumstances.
C) bland or uninspiring-short on inspiration.
D) generic-could apply to almost any company (or at least several others in the same industry) .
E) reliant on superlatives (best, most successful, recognized leader, global or worldwide leader, first choice of customers) .
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In their role as agents of shareholders,...View Answer
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A) corporate strategy and a group of business strategies (one for each line of business the corporation has diversified into) .
B) corporate or managerial strategy, a set of business strategies, and divisional strategies within each business.
C) business strategies, functional strategies, and operating strategies.
D) corporate strategy, business strategies, functional strategies, and operating strategies.
E) its diversification strategy, its line of business strategies, and its operating strategies.
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A) stretch objectives which challenge the organization to deliver stretch gains in performance.
B) mainstay objectives that although are easily attainable, and the company is obligated to meet, they are designed to spur motivation in the workforce.
C) financial objectives that drive standardization of cost-efficiency and unify stringent operating specifications.
D) a specifically detailed and integrated model of operating policies, practices, and procedures.
E) why the company does certain things in trying to please its customers.
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A) are needed only in those areas directly related to a company's short-term and long-term profitability.
B) need to be broken down into performance targets for each of its organizational levels-for separate businesses, product lines, functional departments, and individual work units.
C) play the important role of establishing the direction in which it needs to be headed.
D) are important because they help guide managers in deciding what the company's strategic intent should be.
E) should be set in a manner that does not conflict with the performance targets of lower-level organizational units.
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A) what it says about the company's future strategic course-"the direction we are headed and what our future product-market-customer focus will be."
B) that it not stretch the company's resources too thin across different products, technologies, and geographic markets.
C) clarity and specificity about "who we are, what we do, and why we are here."
D) that it be flexible and operate in the mainstream.
E) that it be within the realm of what the company can reasonably expect to achieve within four years.
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A) spur company personnel to help the company overtake key competitors on such important measures as net profit margins and return on investment.
B) communicate management's targets for financial performance and achieve strategic objectives.
C) indicate to employees whether the emphasis should be on earnings per share, return on investment, return on assets, or positive cash flow.
D) convince shareholders that top management is acting in their interests.
E) counterbalance its pursuit of strategic objectives and have a balanced scorecard for judging the caliber of its overall performance.
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A) In most companies, strategy-making is the exclusive province of top management-owner-entrepreneurs, CEOs, and other very senior executives.
B) The more a company's operations cut across different products, industries, and geographical areas, the more that headquarters executives have little option but to delegate considerable strategy-making authority to down-the-line managers in charge of particular subsidiaries, product lines, geographic sales offices, and plants.
C) A company's board of directors generally takes the lead role in crafting a company's strategy.
D) In most of today's companies, the lead strategy-making role is being assumed by an elite group of corporate entrepreneurs.
E) Masterful strategies are nearly always the product of brilliant corporate entrepreneurs.
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A) to help guide managers in deciding what strategic path to take in the event that a strategic inflection point is encountered.
B) because they give the company clear-cut strategic intent.
C) in order to unify the company's strategic vision and business model.
D) for its operations as a whole and also for each of its separate businesses, product lines, functional departments, and individual work units.
E) in order to prevent lower-level organizational units from establishing their own objectives.
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A) helping gain managerial consensus on what resources must be developed to successfully achieve strategic objectives.
B) uniting company personnel behind managerial efforts to get the company moving in the intended direction.
C) helping justify the company's mission of making a profit.
D) helping company personnel understand the logic of the company's business model.
E) keeping company personnel well-informed.
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A) is usually delegated to members of a company's board of directors.
B) includes establishing a company's mission, developing a business model aimed at making the company an industry leader, and crafting a strategy to implement and execute the business model.
C) embraces the tasks of developing a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then monitoring developments and initiating corrective adjustments in light of experience, changing conditions, and new opportunities.
D) is principally concerned with sizing up an organization's internal and external situation, so as to be prepared for the challenges of developing a sound business model.
E) is primarily the responsibility of top executives and the board of directors; very few managers below this level are involved in the process.
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A) is management's story line for how it plans to implement and execute a profitable business model.
B) sets forth what business the company is presently in and why it uses particular operating practices in trying to please customers.
C) serves as management's tool for giving the organization a sense of direction.
D) defines "who we are and what we do."
E) spells out a company's strategic intent, its strategic and financial objectives, and the business approaches and operating practices that will underpin its efforts to achieve sustainable competitive advantage.
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A) coming up with compelling strategy proposals of their own to debate against those put forward by top management.
B) overseeing the company's financial accounting and financial reporting practices and evaluating the caliber of senior executives' strategy-making/strategy-executing skills.
C) taking the lead in developing the company's business model and strategic vision.
D) taking the lead in formulating the company's strategic plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives.
E) approving the company's operating strategies, functional-area strategies, business strategy, and overall corporate strategy.
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A) primarily the responsibility of key executives rather than a task for a company's entire management team.
B) more of a collaborative group effort that involves all managers and sometimes key employees, as opposed to being the function and responsibility of a few high-level executives.
C) first and foremost the function and responsibility of a company's strategic planning staff.
D) first and foremost the function and responsibility of a company's board of directors.
E) first and foremost the function of a company's chief executive officer, who formulates strategic initiatives and submits them to the board of directors for approval.
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A) In most companies, crafting strategy is a team effort, involving managers and often key employees at many organization levels.
B) Ultimate responsibility for leading the strategy-making task rests with the chief executive officer.
C) The task of crafting strategy is best done by a company's chief strategic planning officer, who should report directly to the company's CEO and board of directors.
D) It is the responsibility and duty of a company's board of directors to ensure that new strategy proposals can be defended as superior to alternatives and, ultimately, to approve or disapprove of the strategy formulated and proposed by the company's management.
E) In most of today's companies, every company manager has a strategy-making role, ranging from major to minor, for his or her area of responsibility.
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A) ought to put "who we were and what we are doing" in writing rather than orally so as to leave no room for company personnel to misinterpret what the strategic vision really is.
B) should be done in language that inspires and motivates company personnel to unite behind executive efforts to get the company moving in the intended direction.
C) tends to be more effective when top management avoids trying to capture the essence of the strategic vision in a catchy slogan.
D) is most efficiently and effectively done by posting the strategic vision prominently on the company's website and encouraging employees to read it.
E) should be explained after the company's strategic intent, strategy, and business model have been conveyed to company personnel.
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A) obligation and a reason for what a company does.
B) objective and a result of what a company does.
C) outlay and a rationale for what a company does.
D) obligation and a responsibility for what a company does.
E) outflow and a right of what a company does.
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A) concerns deciding what approach the company should take to implement and execute its business model.
B) entails coming up with a fairly specific answer to "who are we, what do we do, and why are we here?"
C) is chiefly concerned with addressing what a company needs to do to successfully outcompete rivals in the marketplace.
D) involves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense.
E) entails coming up with a concrete plan for how the company intends to make money.
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A) Ensuring that policies and procedures facilitate rather than impede effective execution
B) Creating a company culture and work climate conducive to successful strategy implementation and execution
C) Surveying employees' opinions on how costs can be reduced and how employee morale and job satisfaction can be improved
D) Exerting the internal leadership needed to drive implementation forward and keep improving on how the strategy is being executed
E) Motivating people and tying rewards and incentives directly to the achievement of performance objectives and good strategy execution
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A) is well informed about the company's performance and exercises its fiduciary duty to protect shareholders responsibly
B) guides management in choosing a strategic direction and makes independent judgments about the validity and wisdom of management's proposed strategic actions
C) evaluates the leadership skills of the CEO and other senior executives
D) has the courage to curb management actions deemed inappropriate or unduly risky
E) is responsible for leading the strategy-making, strategy-executing process
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