EXAM STUDY MATERIALS 8/7/2024 11:29 AM
Strategic Management Chapters 1 and 2
Quiz. Exam Questions With Correct Answers
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 - answer✔✔changing market
conditions, development of internal capabilities and competencies, and allocation of financial
resources
Which of the following is not a common shortcoming of company vision statements? -
answer✔✔focused and narrow - exclusive to a specific direction
Ideally, a company's mission statement should be sufficiently descriptive and include which of
the following? - answer✔✔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
Which of the following is not an element of a company's realized business strategy? -
answer✔✔adhering to abandoned strategy elements
Which of the following statements about a company's strategy is true? - answer✔✔strategy as its
essence is about competing differently - doing what rival firms do not do or cannot do
A company's values relate to such things as - answer✔✔fair treatment, integrity, ethical
behavior, innovativeness, teamwork, top-notch quality, superior customer service, social
responsibility, and community citizenship
The primary roles/obligations of a company's board of directors in the strategy-making, strategy-
executing process include - answer✔✔overseeing the company's financial accounting and
reporting practices, evaluating the caliber of senior executives' strategy-making and strategy-
executing skills, and instituting a compensation plan that rewards top executives for results that
serve shareholder interests
A balanced scorecard for measuring company performance - answer✔✔entails striking a balance
between financial objectives and strategic objectives
Effectively communicating the strategic vision down the line to lower-level managers and
employees has the value of - answer✔✔not only explaining "where we are going and why" but,
Strategic Management Chapters 1 and 2
Quiz. Exam Questions With Correct Answers
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 - answer✔✔changing market
conditions, development of internal capabilities and competencies, and allocation of financial
resources
Which of the following is not a common shortcoming of company vision statements? -
answer✔✔focused and narrow - exclusive to a specific direction
Ideally, a company's mission statement should be sufficiently descriptive and include which of
the following? - answer✔✔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
Which of the following is not an element of a company's realized business strategy? -
answer✔✔adhering to abandoned strategy elements
Which of the following statements about a company's strategy is true? - answer✔✔strategy as its
essence is about competing differently - doing what rival firms do not do or cannot do
A company's values relate to such things as - answer✔✔fair treatment, integrity, ethical
behavior, innovativeness, teamwork, top-notch quality, superior customer service, social
responsibility, and community citizenship
The primary roles/obligations of a company's board of directors in the strategy-making, strategy-
executing process include - answer✔✔overseeing the company's financial accounting and
reporting practices, evaluating the caliber of senior executives' strategy-making and strategy-
executing skills, and instituting a compensation plan that rewards top executives for results that
serve shareholder interests
A balanced scorecard for measuring company performance - answer✔✔entails striking a balance
between financial objectives and strategic objectives
Effectively communicating the strategic vision down the line to lower-level managers and
employees has the value of - answer✔✔not only explaining "where we are going and why" but,
