Chap 10

Question 1

Refers to activities or processes, which ensure that comprehensive plans formulated at the three levels of management are efficiently executed to achieve the goals and objectives of a company

Answer 1

Strategy implementation

Question 2

Exist because of the adapted formal structure, which is reflected in an organizational chart

Answer 2

Formal relationships

Question 3

Created because of informal groups, existing and operating in a company

Answer 3

Informal relationships

Question 4

Exists when there are only few or no layers of management between the managers and employees

Answer 4

Flat structure

Question 5

A company is divided into small units with specific functions, such as marketing finance, human resources in production and operations

Answer 5

Functional structure

Question 6

Business activities are divided, according to market, product, service or region

Answer 6

Divisional structure

Question 7

Hybrid of the functional and divisional structures

Answer 7

Matrix structure

Question 8

A tool that collects and uses information to assist management in monitoring and reviewing the activities and performances of different functional units to see if they are directed toward the attainment of goals and objectives of a company

Answer 8

Management control system

Question 9

Greatly influences the degree and seriousness of strategic management implementation

Answer 9

Leadership style

Question 10

Motivates employees to perform outstandingly. It provides job security and opportunities for a career advancement.

Answer 10

Reward and career system

Question 11

Refers to the relationships among shareholders, the Board of Directors, and the management in terms of functions, rules, responsibilities, and accountabilities

Answer 11

Corporate governance

Question 12

Owners of a corporation

Answer 12

Shareholders

Question 13

Implemented by the top level management

Answer 13

Crafted corporate level strategy

Question 14

Cover the overall direction of an entire company

Answer 14

VMGOSP crafted at the Corporate Level

Question 15

Defines what it wants to achieve in the future. It answers the question “What does the business want to become?”

Answer 15

Vision

Question 16

Describes what a company should do to meet its vision. It defines the purpose of the existence of a company and answers the question, “what is our business now?”

Answer 16

Mission

Question 17

Covers a wider range of customers to serve or several product lines offer

Answer 17

Broad mission statement

Question 18

This mission statement is most appropriate in an unstable industry where companies should focus on what they do best

Answer 18

Narrow mission statement

Question 19

Intends to include all stakeholders, but does not identify whose interests shall be given at most importance

Answer 19

Broad mission statement

Question 20

The action words of the vision and mission

Answer 20

Goals and objectives

Question 21

Broad statement on how to achieve the vision of a company

Answer 21

Goals

Question 22

Specific end results that a company wants to achieve within a specified timeframe

Answer 22

Objectives

Question 23

A plan formulated to effectively achieve a company’s mission and objectives

Answer 23

Strategy

Question 24

Internal broad guidelines intended to support the formulation of a strategy

Answer 24

Policies

Question 25

Backbone of the vision and mission statements

Answer 25

Corporate level strategy

Question 26

Overall direction of a company

Answer 26

Vision

Question 27

Purpose of a company’s existence

Answer 27

Mission

Question 28

Broad results to accomplish

Answer 28

Goals

Question 29

Specific results to achieve

Answer 29

Objectives

Question 30

Plans to achieve the goals and objectives

Answer 30

Strategy

Question 31

Broad guidelines to support the strategy

Answer 31

Policies

Question 32

Types of business organization

Answer 32

Sole proprietorship
Partnership
Corporation

Question 33

Business organization may engage in:

Answer 33

Merchandising
Service
Manufacturing

Question 34

Elements that influence the ability of a business organization to divide and coordinate its various activities:

Answer 34

Patterns of relationship
Management control system
Leadership style
Reward and career system
Corporate governance

Question 35

A Corporate Level strategy is implemented through the formulation of the following

Answer 35

Vision and mission
Goals and objectives
Strategy and policies

Question 36

Key aspects of strategy implementation at the Corporate Level:

Answer 36

Structural alignment
Resource allocation
Leadership and culture
Performance management
Communication training
Strategic control system
Organizational learning
Risk management

Question 37

Crucial in developing plans or strategies to be executed in a certain level

Answer 37

Structural alignment

Question 38

Support strategic objectives of an entity. Strategize what investments should be prioritized

Answer 38

Resource allocation

Question 39

Blood of the business

Answer 39

Financial resources

Question 40

Involves instilling various norms that encourage behaviors and attitudes distance with strategic objectives. The effectiveness in leading the organization, human resources, and people. Cultivate organization structure that supports the strategy.

Answer 40

Leadership and culture

Question 41

Must communicate strategies and inspire commitment

Answer 41

Leaders

Question 42

Regularly monitor and evaluate the performance using or based on KPI

Answer 42

Performance management

Question 43

Metric that will track the progress toward strategic goals

Answer 43

Key performance indicator, or KPI

Question 44

Ensure all employees understand the strategy

Answer 44

Communication

Question 45

Provide training programs to enhance employees skills

Answer 45

Training

Question 46

Establish control mechanics to monitor division from strategic plans. Implement corrective actions that are necessary to strategies implemented

Answer 46

Strategic control system

Question 47

Foster a culture of continuous learning

Answer 47

Organizational learning

Question 48

Identifying and assessing potential risks that can impact successful implementation of strategy.

Develop contingency plans and risk mitigation strategies

Answer 48

Risk management