Podcast
Questions and Answers
Which component of a mission statement focuses on the firm's distinctive competence or major competitive advantage?
Which component of a mission statement focuses on the firm's distinctive competence or major competitive advantage?
- Markets
- Self-concept (correct)
- Technology
- Customers
What aspect does the philosophy component of a mission statement cover?
What aspect does the philosophy component of a mission statement cover?
- Geographical markets
- Basic beliefs and values of the firm (correct)
- Concerns for survival and profitability
- Products/Services
Which characteristic of a vision statement focuses on motivating and rallying stakeholders around a shared vision?
Which characteristic of a vision statement focuses on motivating and rallying stakeholders around a shared vision?
- Concise and Memorable
- Forward-looking
- Aspirational
- Inspirational (correct)
What does the concerns for survival, growth, and profitability component of a mission statement signify?
What does the concerns for survival, growth, and profitability component of a mission statement signify?
Which component of a mission statement indicates whether the firm is responsive to social, community, and environmental concerns?
Which component of a mission statement indicates whether the firm is responsive to social, community, and environmental concerns?
What characteristic of a vision statement describes its focus on the future and long-term goals of the organization?
What characteristic of a vision statement describes its focus on the future and long-term goals of the organization?
What is the purpose of a vision statement?
What is the purpose of a vision statement?
Who are the individuals most responsible for the success or failure of an organization?
Who are the individuals most responsible for the success or failure of an organization?
Which term refers to economic, social, and technological trends that could benefit or harm an organization in the future?
Which term refers to economic, social, and technological trends that could benefit or harm an organization in the future?
What is the primary focus of strategy evaluation?
What is the primary focus of strategy evaluation?
Which term describes anything that a firm does exceptionally well compared to its rivals?
Which term describes anything that a firm does exceptionally well compared to its rivals?
Why is it important to take corrective actions in strategic management?
Why is it important to take corrective actions in strategic management?
What are internal strengths and weaknesses of an organization?
What are internal strengths and weaknesses of an organization?
Which term refers to specific results that an organization seeks to achieve in pursuing its basic mission?
Which term refers to specific results that an organization seeks to achieve in pursuing its basic mission?
What are annual objectives in an organization?
What are annual objectives in an organization?
Why might some organizations not engage in strategic planning according to the text?
Why might some organizations not engage in strategic planning according to the text?
What is one of the reasons for not engaging in strategic planning mentioned in the text?
What is one of the reasons for not engaging in strategic planning mentioned in the text?
What is the primary purpose of a vision statement?
What is the primary purpose of a vision statement?
Why is it important for a vision statement to be short?
Why is it important for a vision statement to be short?
What is a common pitfall in strategic planning related to employees?
What is a common pitfall in strategic planning related to employees?
Why should the vision statement be established before the mission statement?
Why should the vision statement be established before the mission statement?
What happens if top managers make intuitive decisions that conflict with the formal plan?
What happens if top managers make intuitive decisions that conflict with the formal plan?
Why should many managers have input into developing the vision statement?
Why should many managers have input into developing the vision statement?
What factor can put a ceiling on the price that can be charged before consumers switch to a substitute product?
What factor can put a ceiling on the price that can be charged before consumers switch to a substitute product?
What can increase the intensity of competitiveness among firms in an industry?
What can increase the intensity of competitiveness among firms in an industry?
Which factor can affect the intensity of competition in an industry due to the cost of switching raw materials?
Which factor can affect the intensity of competition in an industry due to the cost of switching raw materials?
What can be considered a barrier to entry for new firms in an industry?
What can be considered a barrier to entry for new firms in an industry?
Which condition can lead to increasing competitive pressures for producers of eyeglasses and contact lenses?
Which condition can lead to increasing competitive pressures for producers of eyeglasses and contact lenses?
What can impact the intensity of competition in an industry due to a large number of suppliers or few good substitute raw materials?
What can impact the intensity of competition in an industry due to a large number of suppliers or few good substitute raw materials?
