,DOWNLOAD THE Test Bank for Crafting and Executing Strategy Concepts an
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Crafting and Executing Strategy, 22e (Thompson)
Chapter 2 Charting a Company's Direction
1) The five basic tasks of the strategy-making, strategy-executing process DO NOT include
A) developing a strategic vision of where the company needs to head and what its future business
makeup will be.
B) strategic management to convert the strategic vision into specific strategic and financial
performance outcomes for the company to achieve.
C) crafting a strategy to achieve the objectives and get the company where it wants to go.
D) developing a profitable business model.
E) executing the chosen strategy efficiently and effectively.
Answer: D
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: The Roles of Vision, Mission, and Values in the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
1
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,DOWNLOAD THE Test Bank for Crafting and Executing Strategy Concepts an
Cases 22nd Edition Thompson
2) A company's strategic plan
A) maps out the company's history.
B) links the company's financial targets to control mechanisms.
C) outlines the competitive moves and approaches to be used in achieving the desired business
results.
D) focuses on offering a more appealing product than rivals.
E) lists methods of making money in its chosen business.
Answer: C
Explanation: A strategic plan maps out where a company is headed, establishes strategic and
financial targets, and outlines the competitive moves and approaches to be used in achieving the
desired business results.
Difficulty: 1 Easy
Topic: Strategy and the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
3) An integral part of the managerial process of crafting and executing strategy includes
A) developing a proven business model.
B) deciding how much of the company's resources to employ in the pursuit of sustainable
competitive advantage.
C) developing a strategic vision.
D) communicating the company's values and code of conduct to all employees.
E) deciding on the company's strategic intent.
Answer: C
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; utilizing strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: Strategy and the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
2
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
mynursytest.store
, DOWNLOAD THE Test Bank for Crafting and Executing Strategy Concepts an
Cases 22nd Edition Thompson
4) Integral parts of the managerial process of crafting and executing strategy include
A) developing a strategic vision, strategic management, and crafting a strategy.
B) developing a proven business model, deciding on the company's strategic intent, and crafting
a strategy.
C) strategic management, crafting a strategy, implementing and executing the chosen 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 purpose, strategic management,
choosing what business approaches to employ, selecting a business model, and monitoring
developments.
E) deciding on the company's strategic intent, setting financial objectives, crafting a strategy, and
choosing what business approaches and operating practices to employ.
Answer: A
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; utilizing strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: The Roles of Vision, Mission, and Values in the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
3
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
mynursytest.store
Cases 22nd Edition Thompson
Crafting and Executing Strategy, 22e (Thompson)
Chapter 2 Charting a Company's Direction
1) The five basic tasks of the strategy-making, strategy-executing process DO NOT include
A) developing a strategic vision of where the company needs to head and what its future business
makeup will be.
B) strategic management to convert the strategic vision into specific strategic and financial
performance outcomes for the company to achieve.
C) crafting a strategy to achieve the objectives and get the company where it wants to go.
D) developing a profitable business model.
E) executing the chosen strategy efficiently and effectively.
Answer: D
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: The Roles of Vision, Mission, and Values in the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
1
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
mynursytest.store
,DOWNLOAD THE Test Bank for Crafting and Executing Strategy Concepts an
Cases 22nd Edition Thompson
2) A company's strategic plan
A) maps out the company's history.
B) links the company's financial targets to control mechanisms.
C) outlines the competitive moves and approaches to be used in achieving the desired business
results.
D) focuses on offering a more appealing product than rivals.
E) lists methods of making money in its chosen business.
Answer: C
Explanation: A strategic plan maps out where a company is headed, establishes strategic and
financial targets, and outlines the competitive moves and approaches to be used in achieving the
desired business results.
Difficulty: 1 Easy
Topic: Strategy and the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
3) An integral part of the managerial process of crafting and executing strategy includes
A) developing a proven business model.
B) deciding how much of the company's resources to employ in the pursuit of sustainable
competitive advantage.
C) developing a strategic vision.
D) communicating the company's values and code of conduct to all employees.
E) deciding on the company's strategic intent.
Answer: C
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; utilizing strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: Strategy and the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
2
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
mynursytest.store
, DOWNLOAD THE Test Bank for Crafting and Executing Strategy Concepts an
Cases 22nd Edition Thompson
4) Integral parts of the managerial process of crafting and executing strategy include
A) developing a strategic vision, strategic management, and crafting a strategy.
B) developing a proven business model, deciding on the company's strategic intent, and crafting
a strategy.
C) strategic management, crafting a strategy, implementing and executing the chosen 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 purpose, strategic management,
choosing what business approaches to employ, selecting a business model, and monitoring
developments.
E) deciding on the company's strategic intent, setting financial objectives, crafting a strategy, and
choosing what business approaches and operating practices to employ.
Answer: A
Explanation: The process of crafting and executing a company's strategy is an ongoing,
continuous process consisting of five interrelated stages: developing a strategic vision that charts
the company's long-term direction; utilizing strategic management for measuring the company's
performance and tracking its progress in moving in the intended long-term direction; crafting a
strategy for advancing the company along the path management has charted and achieving its
performance objectives; executing the chosen strategy efficiently and effectively; and monitoring
developments, evaluating performance, and initiating corrective adjustments in the company's
vision and mission statement, objectives, strategy, or approach to strategy execution in light of
actual experience, changing conditions, new ideas, and new opportunities.
Difficulty: 1 Easy
Topic: The Roles of Vision, Mission, and Values in the Strategic Management Process
Learning Objective: 02-01 Why it is critical for managers to have a clear strategic vision of
where the company needs to head.
Bloom's: Remember
AACSB: Knowledge Application
Accessibility: Keyboard Navigation
3
Copyright © 2020 McGraw-Hill Education. All rights reserved.
No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
mynursytest.store
