MGMT 3031- Business Strategy and Policy Exam Sheet with correct answers

Features of a mission statement correct answer Concern for public image Customers Products and/or services concern for public image correct answer Gives indication on whether the company is responsive to social, community and environmental concerns. 3 main processes in the strategic management and planning process correct answer strategy formulation strategy implementation strategy evaluation 3 main sources from which environmental uncertainty derive correct answer Diversity Complexity Speed of Change/Global Change Diversity correct answer Focuses on the many different influences that exists within the business environment Complexity correct answer Arises because many issues are interconnected in the business environment Speed of Change/Global Change correct answer Spurred by the acceleration of the computer telecommunications revolution Macro-environmental factors correct answer Political Economic Social/ Socio-cultural Technological Environmental Legal International GATT correct answer General Agreements on Tariffs and Trade WTO correct answer World Trade Organization CARICOM correct answer Caribbean Community and Common Market Components of social responsibility correct answer Economic responsibilities Legal responsibility Moral obligations