Chapter 2

Question 0

what is a strategic vision

Answer 0

management’s aspirations for the future and delineates the companies strategic course and long-term direction

Question 1

What is a strategic plan

Answer 1

lays out future direction, performance targets, and strategy

Question 2

What is the difference between a strategic vision and mission

Answer 2

a strategic vision portrays a company’s aspirations for its future whereas a mission describes its purpose and present business

Question 3

what are a company’s values

Answer 3

beliefs, traits, and behavioral norms that company personnel are expected to display in conducting the company’s business and pursuing its strategic vision and mission

Question 4

what are objectivess

Answer 4

an organization’s performance targets - the specific results management wants to receive

Question 5

what is strategic intent

Answer 5

when a company relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective

Question 6

what are financial objectives

Answer 6

financial performance targets management has established for the organization to achieve

Question 7

what are strategic objectives

Answer 7

target outcomes that indicate a company is strengthening its market standing, competitive position, and future business prospects

Question 8

what is a balanced scorecard

Answer 8

a widely used method for combining the use of both strategic and financial objectives, tracking their achievement, and giving management a more complete and balanced view of how well an organization is performing

Question 9

what is a corporate strategy

Answer 9

a strategy at the milti-business level, concerning how to impcove company performance or gain competitive advantage by managing a set of businesses simultaneously

Question 10

what is a business strategy

Answer 10

strategy at the single-business level, concerning how to improve the performance or gain a competitive advantage in a particular line of business

Question 11

what is a company’s strategic plan

Answer 11

lays out its future direction and business purpose, performance targets, and strategy

Question 12

what are 4 obligations of a board of directors

Answer 12

1. ensure that the company issues accurate financial reports and has adequate financial controls
2. critically appraise the company’s direction, strategy, and strategy execition
3. evaluate the caliber of senior executives’ strategic leadership skills
4. institute a compensation plan for top executives that rewards them for actions and results that serve stakeholder interest