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Question
A car manufacturer controls its own system of dealerships to ensure retail outlets for its products. This is an example of backward integration.
Answer
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The three interrelated and principal activities of strategic management are: strategy analysis, strategy formulation, and strategy implementation.
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In contrast to the vision of an organization, its mission should:
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B. encompass both the purpose of the company as well as the basis of competition
C. encompass all the major rules and regulations of the corporate work force
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Examples of __________ include: To be the happiest place on earth (Disneyland), and Restoring patients to full life (Medtronic).
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The hierarchy of organizational goals is in this order (least specific to most specific):
A. vision statements, strategic objectives, mission statements
B. mission statements, strategic objectives, vision statements
C. vision statements, mission statements, strategic objectives
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Strategy formulation and implementation is a challenging ongoing process. To be effective, it should not involve:
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Members of boards of directors are:
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B. elected by the shareholders as their representatives
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D. only allowed to serve one term of four years
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__________ involves ensuring proper strategic controls and organizational designs.
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B. Corporate-level strategy
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Objectives in organizations should be clear, stated, and known by employees throughout the organization.
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Strategic objectives should be measurable, specific, appropriate, and realistic, but not constrained by time deadlines.
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B. Develop managerial role models.
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B. Traditional strategic controls are usually inappropriate.
C. Complacency about predetermined milestones can prevent adaptability.
D. Detailed plans are needed to maintain order.