Strategic Business

Review Questions – Chapter 2

1. Which one of the following is not one of the five basic tasks of the strategy-making, strategy-executing process?

A) Forming a strategic vision of where the company needs to head and what its future business make-up will be

B) Setting objectives to convert the strategic vision into specific strategic and financial performance outcomes for the company to achieve

C) Crafting a strategy to achieve the objectives and get the company where it wants to go

D) Developing a profitable business model

E) Implementing and executing the chosen strategy efficiently and effectively

Answer:

2. Which of the following is an integral part of the managerial process of crafting and executing strategy?

A) Developing a proven business model

B) Deciding how much of the company’s resources to employ in the pursuit of sustainable competitive advantage

C) Setting objectives and using them as yardsticks for measuring the company’s performance and progress

D) Communicating the company’s values and code of conduct to all employees

E) Deciding on the company’s strategic intent

Answer:

3. The strategy-making, strategy-executing process

A) is usually delegated to members of a company's board of directors so as not to infringe on the time of busy executives.

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...