What are the important components of a strategy statement select all that apply?
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Human Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Other Quizlet setsChapter 5 stuff40 terms kadams8388 Elliott '12 Midterm Short Answers30 terms nickvc Anat 100 block theory 145 terms Kuldeepx02 networking exam 1 review47 terms TheDevouringOnePlus Crafting and executing a company's strategy is an ongoing process that consists of five interrelated stages: 1. Developing a strategic vision that charts the company's long term direction, a mission statement that describes the company's purpose and set of cre values to guide the pursuit of the vision and mission. 2. Setting objectives for measuring the company's performance and tracking its progress in moving in the intended long term direction. 3. Crafting a strategy for advancing the company along the path management has charted and achieving its performance objectives. 4. Executing the chosen strategy efficiently and effectively. 5. Monitoring development, evaluating performance, and initiating corrective adjustments in the company's vision and mission statement. To measure how well a company is moving in the intended direction, it is important to A. set objectives B. Rethink the basic guiding vision periodically C. Adjust core values to maximize profits. D. include a checklist in the mission statement. A which of the following are developed during the first stage in crafting a company strategy? check all the correct answers. A. A strategic vision B. A mission statement C. A set of core values. D. A loyal customer base. A B C An adjustment of strategy is most likely needed if the company is experiencing. Check all that applies. A. A drop in its market position B. difficulty in recruiting the most desirable employees C. competition from longtime business rivals. D. Repeated failure to achieve performance goals. A D As a company strategy is implemented, it will typically A. Show clear signs of either failing or succeeding within about a month. B. Work about the same throughout the company. C. Work well in some areas and not so well in others. D. Need extensive adjustment throughout the organization soon after the strategy is launched. C When conditions outside or inside the company change enough to cause substantial disruptions, managers should A. stay with the strategic plan and trust that it will work eventually. B. Halt the implementation of the strategic plan and resume later when conditions are more favorable. C. Make small changes to the strategic plan, but only if the changes will require little time or effort. D. reevaluate the organization's direction and strategy. D Which statements are true about assessing the effectiveness of a strategic plan? A. Manager should search diligently for ways the strategy can be improved. B. Managers should make adjustments in areas that aren't working well and continue strategies that are succeeding. C. Manager should focus on the general performance of the company instead of being very concerned about individual areas. D. Managers should evaluate how the strategy is working throughout the company. A B D Strategic objectives are goals concerned primarily with an organization's Check all that apply. A. competitive position B. Employee relations C. Market standing. D. Financial performance A C Who is ultimately responsible for the results that a company strategy produces? A. the chief managing officer (CMO) B. the chief executive officer (CEO) C. The chief operating officer (COO) D. The chief financial officer (CFO) B True of False: The crafting and implementing of company strategy is exclusively a function of the top management of an organization. False What is involved in corporate strategy? check all that apply: A. deciding which businesses to keep or divest B. improving the performance of all businessed owned by the company C. managing specific functions within each business owned by the company D. deciding which new markets to enter A B D Business strategy, in contrast to corporate strategy, involve which of the following? check all that apply. A. establishing a competitive advantage through cross-business synergies. B. managing all the businesses owned by a corporation C. Improving the performance of individual business units D. strengthening the market position of individual business units. C D Would would be most often involved in the crafting and implementation of functional strategies? A. The CEO of the corporation B. top executives in the corporation C. the general manager of the business D. the people in charge of each function C D A manager of a plant owned by a food and beverage company for producing canned goods develops a strategy for updating its productioin lines while maintaining its quality controls. This is an example of a(n) A. business strategy D Within the hierarchy of a company, a number of strategies are likely to have been developed and implemented by various people. Under what circumstances will the company perform most effectively? Check all that apply. A. Top executives clearly communicate a company's strategy to company personnel. B. All the strategies are unified. C. All employees understand the company's long-term direction D. Each unit works independently, doing whatever best suits that unit. A B C When management discovers that there are strategic conflicts among the various levels of an organization, what should management do? Check all that apply. A. Not make changes unless the units are in direct competition with each other. B. Ensure all conflicts are resolved. C. Adapt high-level strategies to incorporate more-appealing ideas from lower levels. D. Consider which low-level strategies might be changed to accomodate high-level strategies. B C D Which will a typical strategic plan accomplish? check all that apply. A. Explore the history of the company in some detail. B. Allocate resources that will help implement the plan. C. Establish a time period for accomplishing goals. D. Be written in vague, broad language to allow managers to adapt it as needed. B C In a small, privately owned company, the strategic plan is most likely something that the owner has A. written down and share with everyone in the organization. B. Summarized in annual reports. C. Pondered without writing down D. posted on the company's website. C Why might top executives involve lower-level managers in crafting and implementing a company strategy? A. The company's operations are spread across various industries and geographic areas. B. the organization is so big and complex hat top management cannot keep track of all the parts that make up the strategy. C. the managers know more details about the operation of their specific operating units than the executives do. D. the organization benefits when its various units compete fiercely against each other. A B C Who is primarily responsible for business strategy within a multibusiness corporation? A. The head of each business unit B. Low-level managers C. Top executive in the corporation D. The CEO of the corporation A A toy-making business is part of a larger corporation that owns various other businesses. The toy-making firm develops a marketing strategy for its board games. This is an example of a(n) A. corporate strategy B. Business strategy C. Operating strategy D. Functional-area strategy. D Which elements form part of a company's strategic plan? Check all that apply. A. intended competitive moves B. Past accomplishments C. Basic business model D. Company direction A C D Which of the following are true about how the content of a company's strategic plan is typically shared with different audiences? check all that apply. A. a copy with detailed explanations is handed out to every employee of the company. B. Excerpts of the plan are posted on the company website. C. A summary of the plan is published in the company's annual report. D. The plan is circulated to the managers within the company. B C D To mobilize employee support for a new strategic vision for a company, executive should. A. Summarize the plan on the internal company website rather than discussing it in person with all employees. B. give convincing reasons for taking the organization in a new direction. C. avoid discussing employee concerns and instead talk about the effort spent in creating the new vision. D. remind employees that they failed to make the company prosper under the old system. B The most reliable leading indicators are A. Financial statements over at least the past three to five years. B. Core values that have become an essential component of the organization. C. A robust company vision and mission statement. D. Strategic outcomes that measure competitiveness and market position. D Organizing and guiding a new business activity is called A. industrialization B. Monopoly C. capitalism D. Entrpreneurship D At companies where core values are taken seriously, check all that apply. A. executives attempt to make the values an integral part of the corporate culture. B. Executives demonstrate the values in their own behavior. C. only lower-level personnel are expected to embrace the values. D. There is wide latitude about if and when personnel are held accountable for embodying those values. A B Honor, integrity, teamwork, superior customer service, and innovation are examples of company A. operating strategies. B. Functional -area strategies. C. objectives. D. Core values. D The most demanding and lengthy part of the strategy management process is A. developing a strategic vision. B. implementing the strategy. C. setting objectives. D. Crafting the strategy. B What are the obligations of a company's board of directors? check all that apply A. ensuring that the company's financial reports are accurate B. evaluating the strategic leadership abilities of the CEO. C. Evaluating the company direction and strategy. D. determining who should be promoted to managerial positions from within the company. A B C While developing a strategic vision, a company's managers might change which of the following. check all that apply. A. the markets in which the company will compete. B. The type of customers the company will serve C. The amount of money the company will pay its sales staff D. The products the company will offers. A B D Which factors do managers consider when establishing performance objectives? Check all that apply. A. The strategic visions of rival businesses B. The company's internal capabilities C. Economic conditions within the industry D. Competition from other businesses B C D Financial objectives are important for achieving A. financial
strength A B C Stretch objectives are helpful because they Check all that apply. A. Allow the company some extra time to accomplish its goal when unexpected obstacles slow the work. B. prevent employees from settling for a comfortable level of performance. C. Motivate employees to be more productive. D. Help an organization perform at its full potential. B C D employees at various level within an organization are best served by performance objectives that A. relate specifically to what their departments are doing. B. relate in a broad way to the entire organization. C. Relate to the individual workers only. D. Relate to management only. A What is a company slogan? A. A sentence that identifies the company's products or services. B. A short paragraph that describes the company's history and accomplishments C. A brief phrase that summarizes the company's vision. D. A catch phrase invented and repeated by employees to convey their feeling about the company C Which document spells out the direction a company will take as it anticipates future developments? A. quarterly report B. statement of core values C. the mission statement D. the strategic vision D The company's mission statement describes the organization's A. future strategic course. B. present purpose. C. Present business D. aspirations B C A well-designed strategic vision is important to an organization because it check all that apply. A. help managers coordinate efforts toward common goals. B. Help top executives clarify their sense of direction. C. motivates personnel at all levels to help achieve the vision. d. List specific objectives and ways to evaluate the organization's performance. A B C
A company mission statement should do which of the following? A. describe where the company expects to head in the future B. Identify the company's customers or markets. C. Establish the company's own identity. D. Specify what services and products the company offers. B C D Why should the mission statement not focus on the company's goal of making a profit? A. making a profit will actually distract the company from achieving worthwhile goals. B. Customers think it is in bad taste to admit that the business is seving them for profit. C. All commercial businesses aim to make a profit. D. Making a profit is best seen as a result of the company's actual mission. C D Which actions are often helpful for a company when it adopts a value statements? A. combing its value, vision, and mission in one document. B. posting the finished values statement on the company's website. C. mimicking the values of its most formidable competitor D. distributing an early draft of the documents to clients so that they can give feedback. A B What is a stretch objective? A. A performance strategy that seeks to include as many personnel as possible B. A performance target that will require significant effoirt to achieve C. A managerial tactic that involves adding numerous goods and services to what the company has traditionally offered. D. a goal that can be adjusted to accomodate changing conditions. B What is the purpose of a company's strategic vision? A. To expand the company's operation as broadly as possible. B. to produce a catalog of all the company's products. C. To steer the company toward long term growth and profits. D. To predict what the market will look like in future decades. C a well-crafted vision statement should A. explain where top executives plan to take the company in the future. B. Describe how the company looks in the style of a press release. C. be written in a lofty style to impress competitors. D. incorporate the opinions of managers from all levels of the organizations. A What is strategic intent? A. a statement that includes the company's vision, mission, and objectives. B. A strong sense of purpose that managers must have before they begin crafting a vision statement. C. A mission statement that outlines the company's marketing strategy. D. Using all of a company's abilities to achieve an ambitious goal. D Which of the following are short-term objectives? A. Three year objectives B. Quarterly objectives C. Five-year objectives. D. Annual objectives. B D Who is the target audience of an organization's strategic vision statement? A. clients and investors B. Only mid-level managers C. Everyone in the organization D. top executive exclusively C What are components of a strategy?The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.
What are the five components of strategy?These five elements of strategy include Arenas, Differentiators, Vehicles, Staging, and Economic Logic. This model was developed by strategy researchers, Donald Hambrick and James Fredrickson. To achieve key objectives, every business must assemble a series of strategies.
What are the three components of a strategy?Strategy is comprised of three parts: Vision, Goals, and Initiatives: Vision describes who the customers are, what customers need, and how you plan to deliver a unique offering. Goals are quantifiable and define what you want to achieve in the next quarter, year, or 18 months.
Why are strategy statements important?Creating a strategy statement that clearly outlines an organization's plans helps employees understand their purpose within the company. Strategy statements are a beneficial way to communicate individual expectations, develop successful marketing plans and set financial and customer service goals.
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