MGMT 495 CHAPTER 2 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Which one of the following is NOT one of the five basic tasks of the strategy-making, strategy-
executing process? - Answers Developing a profitable business model.
A company's strategic plan: - Answers outlines the competitive moves and approaches to be used in
achieving the desired business results.
Which of the following tasks of the strategy-making, strategy-execution managerial process make up
the company's strategic plan? - Answers Developing a strategic vision, mission, and core values
Which of the following is an integral part of the managerial process of crafting and executing
strategy? - Answers Setting objectives and using them as yardsticks for measuring the company's
performance and progress.
Which of the following are integral parts of the managerial process of crafting and executing strategy?
- Answers Developing a strategic vision, setting objectives, and crafting a strategy
The strategy-making, strategy-executing process - Answers 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.
A company's strategic vision describes: - Answers management's aspirations for the future and
delineates the company's strategic course and long-term direction.
The real purpose of the company's strategic vision: - Answers serves as management's tool for giving
the organization a sense of direction.
A strategic vision constitutes management's view and conclusions about the company's: - Answers
long-term direction and what product-market-customer mix seems optimal.
The managerial task of developing a strategic vision for a company: - Answers involves deciding upon
what strategic course a company should pursue in preparing for the future and why this directional
path makes good business sense.
Which one of the following is NOT an accurate attribute of an organization's strategic vision? -
Answers Outlining how the company intends to implement and execute its business model.
Management's strategic vision for an organization: - Answers charts a strategic course for the
organization ("where we are going") and provides a rationale for why this directional path makes
good sense
Well-conceived visions are ________ and ____________ to a particular organization and they avoid
generic, feel-good statements that could apply to hundreds of organizations. - Answers distinctive;
specific
What a company's top executives are saying about where the company is headed long term and
about what the company's future product-market-customer-technology mix will be: - Answers
constitutes their strategic vision for the company
One of the important benefits of a well-conceived and well-stated strategic vision is to: - Answers
clearly communicate management's aspirations for the company to stakeholders and help steer the
energies of company personnel in a common direction.
The defining characteristic of a well-conceived strategic vision is: - Answers what it says about the
company's future strategic course—"the direction we are headed and what our future product-
market-customer-technology focus will be."
Which one of the following questions is NOT pertinent to company managers in thinking strategically
about what directional path should be taken by the company and about developing a strategic vision?
- Answers What business approaches and operating practices should we consider in trying to
implement and execute our business model?
Which one of the following questions is NOT something that company managers should consider in
choosing to pursue one strategic course or directional path versus another? - Answers Do we have a
better business model than key rivals?
Which of the following are characteristics of an effectively worded strategic vision statement? -
Answers Graphic, directional, and focused.
Which one of the following is NOT a characteristic of an effectively worded strategic vision statement?
- Answers Consensus-driven (commits the company to a "mainstream" directional path that almost
all stakeholders will enthusiastically support)
, Which of the following is NOT a common shortcoming when wording a company's vision statement?
When the statement is somewhat - Answers flexible—allowing for adjustments to reflect changing
circumstances.
Which of the following ARE common shortcomings of company vision statements? - Answers Too
broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives.
Breaking down resistance to a new strategic vision typically requires that management, on an as
needed basis: - Answers reiterate the company's need for the new direction, while addressing
employee concerns head-on, calming fears, lifting spirits, and providing them with updates and
progress reports as events unfold.
An engaging and convincing strategic vision - Answers should be done in language that inspires and
motivates company personnel to unite behind executive efforts to get the company moving in the
intended direction.
A strategic vision has enormous motivational value and can usually be stated adequately in one to
two paragraphs, and managers should be able to personally: - Answers paint a convincing and
inspiring picture of the company's journey and destination effectively.
The managerial task of effectively conveying the essence of the strategic vision is made easier by -
Answers adopting a catchy slogan and then using it repeatedly to illuminate the direction and purpose
of "where we are headed and why."
Effectively communicating the strategic vision down the line to lower-level managers and employees
has the value of: - Answers inspiring company personnel to unite behind managerial efforts to get the
company moving in the intended direction
Perhaps the most important benefit of a vivid, engaging, and convincing strategic vision is: - Answers
uniting company personnel behind managerial efforts to get the company moving in the intended
direction.
A sound, well-communicated strategic vision matters, and the related payoffs occur in several
respects, except in connection with - Answers avoiding strategic inflection points and management's
reaction in aligning decision choices.
Which of the following is the result of a well-conceived and communicated strategic vision? -
Answers A. Senior executives solidify their own view of the firm's long-term direction.
B. The risk of rudderless decision-making is minimized.
C. Organizational members support the changes internally that will help make the vision a reality.
D. Assists the organization in preparing for the future.
E. All of these.
A company's mission statement typically addresses which of the following questions? - Answers Who
are we and what do we do?
The difference between the concept of a company mission statement and the concept of a strategic
vision is that: - Answers a mission statement typically concerns a company's purpose and its present
business scope ("who we are and what we do and why we are here"), whereas the principal concern
of a strategic vision portrays a company's aspirations for its future ("where are we going").
The primary difference between a company's mission statement and the company's strategic vision is
that: - Answers a mission statement typically concerns a company's present business scope and
purpose, whereas a strategic vision sets forth "where we are going and why."
A company's mission statement should be sufficiently descriptive and should: - Answers A.
identify the company's services and products.
B.
specify the buyer's needs that the company seeks to satisfy.
C.
identify the customer or market that the company intends to serve.
D.
give the company its own identity.
Which one of the following is NOT one of the five basic tasks of the strategy-making, strategy-
executing process? - Answers Developing a profitable business model.
A company's strategic plan: - Answers outlines the competitive moves and approaches to be used in
achieving the desired business results.
Which of the following tasks of the strategy-making, strategy-execution managerial process make up
the company's strategic plan? - Answers Developing a strategic vision, mission, and core values
Which of the following is an integral part of the managerial process of crafting and executing
strategy? - Answers Setting objectives and using them as yardsticks for measuring the company's
performance and progress.
Which of the following are integral parts of the managerial process of crafting and executing strategy?
- Answers Developing a strategic vision, setting objectives, and crafting a strategy
The strategy-making, strategy-executing process - Answers 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.
A company's strategic vision describes: - Answers management's aspirations for the future and
delineates the company's strategic course and long-term direction.
The real purpose of the company's strategic vision: - Answers serves as management's tool for giving
the organization a sense of direction.
A strategic vision constitutes management's view and conclusions about the company's: - Answers
long-term direction and what product-market-customer mix seems optimal.
The managerial task of developing a strategic vision for a company: - Answers involves deciding upon
what strategic course a company should pursue in preparing for the future and why this directional
path makes good business sense.
Which one of the following is NOT an accurate attribute of an organization's strategic vision? -
Answers Outlining how the company intends to implement and execute its business model.
Management's strategic vision for an organization: - Answers charts a strategic course for the
organization ("where we are going") and provides a rationale for why this directional path makes
good sense
Well-conceived visions are ________ and ____________ to a particular organization and they avoid
generic, feel-good statements that could apply to hundreds of organizations. - Answers distinctive;
specific
What a company's top executives are saying about where the company is headed long term and
about what the company's future product-market-customer-technology mix will be: - Answers
constitutes their strategic vision for the company
One of the important benefits of a well-conceived and well-stated strategic vision is to: - Answers
clearly communicate management's aspirations for the company to stakeholders and help steer the
energies of company personnel in a common direction.
The defining characteristic of a well-conceived strategic vision is: - Answers what it says about the
company's future strategic course—"the direction we are headed and what our future product-
market-customer-technology focus will be."
Which one of the following questions is NOT pertinent to company managers in thinking strategically
about what directional path should be taken by the company and about developing a strategic vision?
- Answers What business approaches and operating practices should we consider in trying to
implement and execute our business model?
Which one of the following questions is NOT something that company managers should consider in
choosing to pursue one strategic course or directional path versus another? - Answers Do we have a
better business model than key rivals?
Which of the following are characteristics of an effectively worded strategic vision statement? -
Answers Graphic, directional, and focused.
Which one of the following is NOT a characteristic of an effectively worded strategic vision statement?
- Answers Consensus-driven (commits the company to a "mainstream" directional path that almost
all stakeholders will enthusiastically support)
, Which of the following is NOT a common shortcoming when wording a company's vision statement?
When the statement is somewhat - Answers flexible—allowing for adjustments to reflect changing
circumstances.
Which of the following ARE common shortcomings of company vision statements? - Answers Too
broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives.
Breaking down resistance to a new strategic vision typically requires that management, on an as
needed basis: - Answers reiterate the company's need for the new direction, while addressing
employee concerns head-on, calming fears, lifting spirits, and providing them with updates and
progress reports as events unfold.
An engaging and convincing strategic vision - Answers should be done in language that inspires and
motivates company personnel to unite behind executive efforts to get the company moving in the
intended direction.
A strategic vision has enormous motivational value and can usually be stated adequately in one to
two paragraphs, and managers should be able to personally: - Answers paint a convincing and
inspiring picture of the company's journey and destination effectively.
The managerial task of effectively conveying the essence of the strategic vision is made easier by -
Answers adopting a catchy slogan and then using it repeatedly to illuminate the direction and purpose
of "where we are headed and why."
Effectively communicating the strategic vision down the line to lower-level managers and employees
has the value of: - Answers inspiring company personnel to unite behind managerial efforts to get the
company moving in the intended direction
Perhaps the most important benefit of a vivid, engaging, and convincing strategic vision is: - Answers
uniting company personnel behind managerial efforts to get the company moving in the intended
direction.
A sound, well-communicated strategic vision matters, and the related payoffs occur in several
respects, except in connection with - Answers avoiding strategic inflection points and management's
reaction in aligning decision choices.
Which of the following is the result of a well-conceived and communicated strategic vision? -
Answers A. Senior executives solidify their own view of the firm's long-term direction.
B. The risk of rudderless decision-making is minimized.
C. Organizational members support the changes internally that will help make the vision a reality.
D. Assists the organization in preparing for the future.
E. All of these.
A company's mission statement typically addresses which of the following questions? - Answers Who
are we and what do we do?
The difference between the concept of a company mission statement and the concept of a strategic
vision is that: - Answers a mission statement typically concerns a company's purpose and its present
business scope ("who we are and what we do and why we are here"), whereas the principal concern
of a strategic vision portrays a company's aspirations for its future ("where are we going").
The primary difference between a company's mission statement and the company's strategic vision is
that: - Answers a mission statement typically concerns a company's present business scope and
purpose, whereas a strategic vision sets forth "where we are going and why."
A company's mission statement should be sufficiently descriptive and should: - Answers A.
identify the company's services and products.
B.
specify the buyer's needs that the company seeks to satisfy.
C.
identify the customer or market that the company intends to serve.
D.
give the company its own identity.
