Crafting and Executing Strategy Concepts and cases 19th Thompson Strickland Gamble solutions manual and Test Bank

Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases solutions manual  and  Test Bank  with case assignment questions
 ^{© 2014}  by Arthur Thompson Margaret Peteraf John Gamble A. J. Strickland Iii

19th Edition • Active, In-Print • 888 Pages • Hardcover
9780078029509 • 0078029503

TEST bank ch2 Key
 

1.

Which one of the following is NOT one of the five basic tasks of the strategy-making, strategy-executing process?    A.  Developing a strategic vision of where the company needs to head and what its future business makeup will be. B.  Setting objectives 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.

AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #1 Topic: What Does the Strategy-Making, Strategy-Execution Process Entail?

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.  challenges the company to maintain invariable objectives. E.  All of these.

AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #2 Topic: What Does the Strategy-Making, Strategy-Execution Process Entail?

3.

Which of the following tasks of the strategy-making, strategy-execution managerial process make up the company's strategic plan?    A.  Developing a strategic vision, mission, and core values. B.  Executing the strategy. C.  Monitoring developments, evaluating performance, and initiating corrective adjustments. D.  All of these. E.  None of these.

AACSB: Analytic Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #3 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

4.

Which of the following is an integral part of the managerial process of crafting and executing strategy?    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.  Setting objectives and using them as yardsticks for measuring the company's performance and progress. D.  Communicating the company's values and code of conduct to all employees. E.  Deciding on the company's strategic intent.

AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #4 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

5.

Which of the following are integral parts of the managerial process of crafting and executing strategy?    A.  Developing a strategic vision, setting objectives, and crafting a strategy. B.  Developing a proven business model, deciding on the company's strategic intent, and crafting a strategy. C.  Setting objectives, 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, setting objectives, 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.

AACSB: Analytic Blooms: Remember Difficulty: 2 Medium Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #5 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

6.

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 challenges 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 in the process.

AACSB: Analytic Blooms: Remember Difficulty: 2 Medium Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #6 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

7.

A company's strategic vision describes:    A.  "who we are and what we do." B.  why the company does certain things in trying to please its customers. C.  management's storyline of how it intends to make a profit with the chosen strategy. D.  management's aspirations for the future and delineates the company's strategic course and long-term direction. E.  what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #7 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

8.

The real purpose of the company's strategic vision:    A.  is management's story line for how it plans to implement and execute a profitable business model. B.  sets forth what business the company is presently in and why it uses particular operating practices in trying to please customers. C.  serves as management's tool for giving the organization a sense of direction. D.  defines "who we are and what we do." E.  spells out a company's strategic intent, its strategic and financial objectives, and the business approaches and operating practices that will underpin its efforts to achieve sustainable competitive advantage.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #8 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

9.

A strategic vision constitutes management's view and conclusions about the company's:    A.  long-term direction and what product-market-customer mix seems optimal. B.  business model and the kind of value that it is trying to deliver to customers. C.  story line of why the business will be a moneymaker. D.  defined challenge to understand "who they are and what they do." E.  long-term plan for outcompeting rivals and achieving a competitive advantage.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #9 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

10.

The managerial task of developing a strategic vision for a company:    A.  concerns deciding what approach the company should take to implement and execute its business model. B.  entails coming up with a fairly specific answer to "who are we, what do we do, and why are we here?". C.  is chiefly concerned with addressing what a company needs to do to successfully outcompete rivals in the marketplace. D.  involves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense. E.  entails coming up with a persuasive storyline of how the company intends to make money.

AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #10 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

11.

Which one of the following is NOT an accurate attribute of an organization's strategic vision?    A.  Providing a panoramic view of "where we are going". B.  Outlining how the company intends to implement and execute its business model. C.  Pointing an organization in a particular direction and charting a strategic path for it to follow. D.  Helping mold an organization's character and identity. E.  Describing the company's future product-market-customer-technology focus.

AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #11 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

12.

Management's strategic vision for an organization:    A.  charts a strategic course for the organization ("where we are going") and provides a rationale for why this directional path makes good sense. B.  describes in fairly specific terms the organization's strategic intent, strategic objectives, and strategy. C.  spells out how the company will become a big moneymaker and boost shareholder value. D.  addresses the critical issue of "why our business model needs to change and how we plan to change it." E.  spells out the organization's strategic intent and the actions and moves that will be undertaken to achieve it.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #12 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

13.

Well-conceived visions are ________ and ____________ to a particular organization and they avoid generic, feel-good statements that could apply to hundreds of organizations.    A.  widespread; unique B.  recurring; customary C.  distinctive; specific D.  customary; familiar E.  universal; established

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #13 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

14.

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:    A.  indicates what kind of business model the company is going to have in the future. B.  constitutes their strategic vision for the company. C.  signals what the firm's strategy will be. D.  serves to define the company's mission. E.  indicates what the company's long-term strategic plan is.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #14 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values

15.

One of the important benefits of a well-conceived and well-stated strategic vision is to:    A.  clearly delineate how the company's business model will be implemented and executed. B.  clearly communicate management's aspirations for the company to stakeholders and help steer the energies of company personnel in a common direction. C.  set forth the firm's strategic objectives in clear and fairly precise terms. D.  help create a "balanced scorecard" approach to objective-setting and not stretch the company's resources too thin across different products, technologies, and geographic markets. E.  indicate what kind of sustainable competitive advantage the company will try to create in the course of becoming the industry leader.

AACSB: Analytic Blooms: Understand Difficulty: 1 Easy Learning Objective: 02-01 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. Thompson - Chapter 02 #15 Topic: Task 1: Developing a Strategic Vision, a Mission Statement, and a Set of Core Values