Strategic Management Chapters 1 and 2 Quiz
A balanced scorecard for measuring company performance - ✔✔entails striking a
balance between financial objectives and strategic objectives
A company's values concern - ✔✔the beliefs, traits, and behavioral norms that
company personnel are expected to display in conducting the company's business and
pursuing its strategic vision and mission
A company's values relate to such things as - ✔✔fair treatment, integrity, ethical
behavior, innovativeness, teamwork, top-notch quality, superior customer service,
social responsibility, and community citizenship
A winning strategy is one that - ✔✔fits the company's internal and external situation,
builds sustainable competitive advantage, and boosts company performance
Effectively communicating the strategic vision down the line to lower-level managers
and employees has the value of - ✔✔not only
0 0% explaining "where we are going and
1 energizing company personnel to unite
why" but, more importantly, also inspiring and
to get the company moving in the intended direction
Ideally, a company's mission statement should be sufficiently descriptive and include
which of the following? - ✔✔Identify the company's services and products to give the
company its own identity, identify the customer or market that the company intends to
serve, relate to the buyer's needs that the company seeks to satisfy, and specify the
approach taken by the company to satisfy its customer's needs
In answering the question "How well does the strategy fit the company's situation?",
management must be willing and ready to address such issues as - ✔✔changing
market conditions, development of internal capabilities and competencies, and
allocation of financial resources
Management is obligated to monitor new external developments, evaluate the
company's progress, and make corrective adjustments in order to - ✔✔decide
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
