Vision correct answers what an organization wants to achieve ultimately (aspiration)
Strategy is... correct answers Strategy is about performance.
Strategy is not tactics.
Strategy is the intended plan for the organization
Strategy involves leadership.
Values correct answers A statement of...
MGT 499 Exam 1 UKY(All Accurately solved)
Vision correct answers what an organization wants to achieve ultimately (aspiration)
Strategy is... correct answers Strategy is about performance.
Strategy is not tactics.
Strategy is the intended plan for the organization
Strategy involves leadership.
Values correct answers A statement of key values that an organization is committed to
Major Goals correct answers The measurable desired future state that an organization attempts to realize
Change is the...? correct answers Only constant
Strategic management correct answers Is an integrative management field that combines analysis,
formulation, and implementation in the quest for competitive advantage
Competitive advantage correct answers Superior performance relative to other competitors in the same
industry or the industry average
Sustainable Competitive Advantage correct answers Outperforming over a prolonged period
Competitive disadvantage correct answers when a firm underperforms its rivals or the industry average
A good vision correct answers A good vision should be inspiring and forward looking
In the for-profit sector companies measure their vision by correct answers measuring success primarily by
financial performance
Some companies are not financially motive when it comes to vision why?
EX: Kind Bar correct answers Product Oriented Vision
, Customer oriented vision
Product-oriented vision correct answers Product-oriented vision defines a business in terms of goods or
services.
Customer oriented vision correct answers Customer-oriented vision defines a business in terms of a utility
for customers
Dunkin Donuts and Starbucks Coffee shortening their names? correct answers They want to be more than
just Donuts or Coffee
Importance of customer-oriented vision correct answers In a rapidly changing environment, it is
important to maintain strategic flexibility by creating an inspiring, customer-centric vision that meets
changing customer needs
Vision and Mission correct answers Vision and mission are conceptually different in strategic
management process, but in real world, they are often used interchangeably.
(Mission is what an organization actually does)
Key characteristics of well-constructed goals: correct answers •Precise and measurable
•Address crucial issues
•Challenging but realistic
•Specify a time period
(values)
Key philosophies on which business has been built
Provide guidelines for: correct answers -How managers and employees should conduct themselves
-How they should do business
-What kind of organization they need to build
(Values)
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