A vision is aspirational, stating what the firm wants to be. True / False
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A vision is aspirational, stating what the firm wants to be.
True / False
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- Which of the following best describes vision? a. visions can help create competitive advantage if the vision is costumer-oriented. b. visions states how the mission will be accomplished c. vision is the moral principles to guide employee behavior. d. none of the aboveWhy is it important to set financial objectives? a. To overtake key competitors on such important measures as net profit margins and return on investment. b. Without adequate profitability and financial strength, the company's ultimate survival is jeopardized. c. To convince shareholders that top management is acting in their interests. d. To translate the company's business model into action items. e. To indicate to employees that financial objectives always take precedence over strategic objectives. Companies set strategic objectives: a. to achieve a company's strategic vision. b. because they are more difficult to achieve and harder to measure than financial objectives. c. to target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects. d. to help managers track an organization's true progress better than financial objectives. e. to indicate to employees that strategic objectives always take…Why does a company needs financial objectives? A) to convince shareholders that top management is acting in their interests. B) because without adequate profitability and financial strength, the company's ultimate survival is jeopardized. C) to indicate to employees that financial objectives always take precedence over strategic objectives. D) to translate the company's business model into action items. E) to overtake key competitors on such important measures as net profit margins and return on investment.
- A business plan or pitch should be used as a tool for: a. Planning the required steps for the company to bring its product to market and become financially viable b. Declaring and monitoring important goals, according to a specific timetable c. Framing and guiding communications, both internally and externally d. All of the aboveSubject: Strategic management MCQ's Which of the following is NOT true of vision statements? a) A vision statement should reveal the type of business the firm engages. b) Vision statements should be written from a customer perspective. c) Vision statements should indicate the expected amounts of profits the firm wants to make. d) A vision statement should describe a desired future state. e) "The vision statement needs to be doable, but challenging."When a company said in its mission “serve the best interests of shareowners, customers, and employees”: this indicates that the company used a …………………..mission statement. Select one: a. Distinctive b. Feasible c. Broad d. Narrow e. All the mentioned options are wrong
- A flexible budget: a. is another name for management by exception b. provides favorable operating results c. is based on the budgeted level of output d. is developed at the end of the period Clear my choiceA test of a good mission statement is its ability to pass the “person on a bus test.” In other words, an average person can identify the company after reading its mission statement. “The X company is to inspire and nurture the human spirit-one person, one cup and one neighbourhood at a time.” Assume you have all the necessary information that you need to prepare the write-up by answering the following questions: Does the statement identify the values linked with the organisation’s purpose and act as beliefs with which employees can feel proud?Vision – is a more realistic overview of the company’s aim and ambition. Why does the company exist? What does it aim to achieve through its existence? Select one: True False
- Is a strategic issue positive or negative? Positive, because once the strategic issue is addressed, it becomes the focus point of the business Positive, because the issue can be resolved and dealt with Negative, because the issue cannot be resolved Negative, because your company should not be having strategic issues Positive, because as long you are strategic, it will work out.Based on what is ideal such as from books, literatures, published articles, and from the principles of our module, evaluate which of the following statements are correct? Statement 1: The vision, mission and goals (VMGs) of the firm are intended for display and brand imaging while on the other hand, the planning phase reflects the current aspiration of the executives. Statement 2: When executives direct a decentralized firm, they keep the plans only for themselves and share only to those whom they like. Statement 3: Employees are generally intrinsically motivated therefore there is no need to establish programs for appreciations, rewards and merits. Statement 4: Controlling is ensuring that unlikeable employees will not partake in the activities and functions of the firm. Statement 5: Decision-making are only for executives and other stakeholders may not necessarily participate or to be considered in a decentralized firm. a. All b. 1, 2 and 3 c. 2, 3 and 4 d. 3, 4 and 5 e. 1, 3 and 5…Strategic management The strategy has its own "lingo" that we should know. Entry at least two words and include a definition +very short explanation Example: Strategy a detailed plan for achieving success in situations such as war, politics, business, industry, or sport, or the skill of planning for such situations. It means that is the activity we do while planning for something that where want to succeed.