Which one of the following is not one of the five stages of the strategic
management process?
A. Forming a strategic vision of the company's future
... [Show More] direction
and focus
B. Setting objectives to measure progress toward achieving the
strategic vision
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
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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. Setting objectives and using them as yardsticks for measuring the
company's performance and progress
C. Deciding how much of the company's resources to employ in the
pursuit of sustainable competitive advantage
D. Communicating the company's mission and purpose to all
employees
E. Deciding on the composition of the company's board of
directors
3. When companies adopt the strategy-making and strategy execution
process it requires they start by
A. developing a strategic vision, mission and
values
B. developing a proven business model, deciding on the company's top
management team, and crafting a strategy
C. setting objectives, developing a business model, crafting a strategy,
and deciding how much of the company's resources to employ in the
pursuit of sustainable competitive advantage
D. coming up with a statement of the company's mission and
communicating it to all employees, setting objectives, selecting a
business model, and monitoring developments and initiating
corrective adjustments to the business model when necessary
E. deciding on the company's board of directors, setting financial
objectives, crafting a strategy, and choosing what business
approaches and operating practices to employ
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4. The strategic management process is shaped by
A. management's strategic vision, strategic and financial objectives,
and strategy.
B. the decisions made by the compensation and audit committees of
the board of directors.
C. external factors such as the industry's economic and competitive
conditions and internal factors such as the company's collection of
resources and capabilities.
D. a company's customer value proposition and profit
formula.
E. actions to strengthen competitive capabilities and correct
weaknesses, actions to strengthen market standing and
competitiveness by acquiring or merging with other companies, and
actions to enter new geographic or product markets.
5. When a company is confronted with significant industry change that
mandates radical revision of its strategic course, the company is said
to have encountered
A. a learning and growth
perspective.
B. a strategic inflection
point.
C. a strategic
roadblock.
D. a new strategic
opportunity.
E. an opportunity for corporate
entrepreneurship.
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6. A company's strategic plan consists of
A. its balanced scorecard and its business
model.
B. a vision of where it is headed, a set of performance targets, and a
strategy to achieve them.
C. its strategy and management's specific, detailed plans for
implementing it.
D. a company's plans for improving value-creating internal
processes.
E. a strategic vision, a strategy, and a business
model.
7. 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 an organization's internal and
external situation, so as to be prepared for the challenge of
developing a sound business model.
E. is primarily the responsibility of top executives and the board of
directors; very few managers below this level are involved. [Show Less]