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.
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.
Which of the following are characteristics of an effectively worded strategic vision statement?
A. Graphic, directional, and focused
B. Challenging, competitive, and "set in concrete"
C. Balanced, responsible, and rational
D. Realistic, customer-focused, and market-driven
E. Achievable, profitable, and ethical
Which of the following are common shortcomings of company vision statements?
A. Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives
B. Unrealistic, unconventional, and unbusinesslike
C. Too specific, too inflexible, and can't be achieved in five years
D. Too broad, too narrow, and too risky
E. Not customer-driven, out-of-step with emerging technological trends, and too ambitious