Which of the following are reasons for crafting and executing strategies to be important managerial tasks?
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Strategy Questions and answers Chapter 1 Self-Test 1.Good strategy and good strategy execution are the most trustworthy signs of good management because management is ultimately responsible for a company's performance and because good execution of a good strategy is the most surefire recipe (but not a guarantee!) for good company performance. True False 2.Financial objectives are important because without acceptable financial performance an organization cannot have a good strategy nor is it likely to have the resources required for good strategy execution. True False 3.Strategic objectives relate to performance outcomes that improve a company's competitive strength and market position whereas financial objectives relate to such performance outcomes as profits, return on investment, cash flow, dividend growth, and financial strength. True False 4.Crafting strategy is an exercise in inside-out strategic thinking. True False 5.Crafting strategy is primarily an administrative task whereas implementing strategy is primarily an entrepreneurial task. True False 6.Which of the following are among the five tasks of strategic management? a. Forming a strategic vision of what the organization's future business b. Setting objectives c. Deciding which objectives are high priority and which are low priority d. Crafting a strategy to achieve the desired outcomes e. Doing outside-in strategic thinking f. Implementing and executing the strategy g. Evaluating performance, reviewing new developments, and initiating corrective adjustments in the organization's vision, long-term direction objectives, strategy, and/or implementation 7.A strategic vision for a company a. involves how fast to pursue the chosen strategy and reach the targeted levels of performance. b. consists of thinking through what it will take to make the chosen strategy work as planned. c. consists of management's view of the kind of company it is trying to create and its intent to stake out a specific business position. d. is pretty much the same thing as a company's strategy. e. concerns management's view of the company's future business makeup and long-term direction. 8.The objectives that managers set a. should spell out how fast the strategy is to be implemented. b. should require organizational stretch and disciplined effort. c. should include both short-range and long-range performance targets. d. ought to put more emphasis on achieving short-run performance targets than on long-run performance targets. e. indicate the company's intent to stake out a particular business position. f. should include both financial and strategic performance targets. 9.A company's strategy a. is a combination of planned actions and o-the-spot adaptive reactions to fresh developing industry and competitive events. b. is a company's means of achieving its objectives. c. is developed primarily at the same time the company is formed and then evolves slowly thereafter. d. is aimed more at achieving strategic objectives than at achieving financial objectives. e. tends to change less often and more slowly than either its strategic vision or its performance targets. f. reflects managerial choices among alternatives and signals organizational commitment to particular products, markets, competitive approaches, and ways of operating. Why are crafting and executing strategy important managerial tasks?it provides clear guidance as to what the company 's business model and strategic intent are , and helps keep managerial decision - making from being rudderless . E. it establishes how well executives perform these tasks and are the key determinants of executive compensation .
Which of the following statements best describes the process of crafting a business strategy?Which of the following statements best describes the process of crafting a business strategy? Crafting business strategy is based on the analysis of market conditions and the company's resources.
What is the most important part of strategic management quizlet?Commitment and understanding are the most important benefits of strategic management. The best thing strategists can do is develop strategic plans themselves and then present them to operating managers to execute.
Which of the following are things that management must do to maintain the value of the company's resources and capabilities choose every correct answer?What two elements must management address to maintain the value of the company's resources and capabilities? Continually modify existing assets. Maintain contact with the firm's customer base. Watch for the chance to develop new capabilities.
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