Print Business Policy Chapter 2 flashcards - Easy Notecards

← Back to notecard set|Easy Notecards home page

Instructions for Side by Side Printing

Print the notecards
Fold each page in half along the solid vertical line
Cut out the notecards by cutting along each horizontal dotted line
Optional: Glue, tape or staple the ends of each notecard together

To print: Ctrl+PPrint as a list

31 notecards = 8 pages (4 cards per page)

Business Policy Chapter 2

front 1 A company's mission statement typically addresses what?	back 1 "Who are we, what do we do, and why are we here?"
front 2 The task of stitching together a strategy...	back 2 entails addressing a series of hows: how to attract and please customers, how to compete against rivals, how to position the company in the marketplace and capitalize on attractive opportunities to grow the business, how best to respond to changing economic and market conditions, how to manage each functional piece of the business, and how to achieve the company's performance targets.
front 3 Which of the following is NOT among the principal managerial tasks associated with implementing and executing a company's strategy?	back 3 Ensuring that policies and procedures facilitate rather than impede effective execution Installing information and operating systems that enable company personnel to better carry out their strategic roles day in and day out Allocating ample resources to those activities critical to strategic success Pushing employees to work hard, do their very best, and meet or beat the established Exerting the internal leadership needed to drive implementation forward and keep improving on how the strategy is being executed
front 4 What are questions you need to consider (external and internal) in deciding on a company's future direction?	back 4 How well is the company faring vis-a-vis key competitors; is the company gaining ground or losing ground, and why? Which emerging market opportunities should the company pursue and which ones should not be pursued? Does sticking with the company's present strategic course present attractive opportunities for growth and profitability? Is the company competing in too many markets or product categories where profits are skimpy or nonexistent?

front 5 The primary role of a functional strategy is to...	back 5 flesh out the details of a company's business strategy; a functional strategy adds power and support to the overall business strategy by specifying what actions, approaches, and practices will be employed in managing a particular functional department or business process or key activity within a business.
front 6 Which one of the following approaches to objective-setting should definitely be avoided?	back 6 Setting unspecific targets like maximize profits, reduce costs, become more efficient or increase revenues
front 7 A company's strategy is at full power...	back 7 only when its many pieces are united, cohesive, and mutually reinforcing, fitting together like a jigsaw puzzle.
front 8 A company's strategic vision concerns...	back 8 a company's long-term direction and what product-customer-market-business mix seems optimal for the road ahead.

front 9 Effectively communicating the strategic vision to company personnel is important because...	back 9 if company personnel do not understand or accept the rationale for heading in the direction top management has charted, they are unlikely to mobilize behind managerial efforts to get the organization moving in the intended direction.
front 10 List the common shortcoming's of company vision statements?	back 10 Bland or uninspiring Too generic-could apply to most any company (or at least several others in the same industry) Dwells on the present rather than "where we are going" Too reliant on superlatives (being the best, the most successful, a recognized leader, or global leader)
front 11 A company's values relate to such things as...	back 11 fair treatment, honor and integrity, ethical behavior, innovativeness, teamwork, a passion for top-notch quality or superior customer service, social responsibility, and community citizenship.
front 12 The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include...	back 12 critically appraising the company's direction, strategy, and business approaches and evaluating the caliber of senior executives' strategy-making and strategy-executing skills.

front 13 corporate strategy for a diversified or multi-business enterprise...	back 13 concerns strategy initiatives to establish business positions in different industries, whether to hold or divest existing businesses, strategic actions to boost the combined performance of the set of businesses the company has diversified into, and how to capture cross-business synergies and turn them into a competitive advantage.
front 14 Which of the following are key tasks in the strategy-making, strategy-executing process?	back 14 Developing a strategic vision, mission, and core values; setting objectives; and crafting a strategy to achieve the objectives and the company vision
front 15 Strategy-making is...	back 15 more of a collaborative group effort that involves, to some degree, all managers and sometimes key employees, as opposed to being the function and responsibility of a few high-ranking executives.
front 16 Perhaps the most reliable way for a company to improve its financial performance over time is to	back 16 recognize that a balanced scorecard approach to measuring company performance has much to recommend because pursuing and achieving strategic outcomes that boost a company's competitiveness and strength in the marketplace puts it in better position to improve its future financial performance.

front 17 Which of the following is the best example of a well-stated strategic objective?	back 17 Reduce production costs per unit by 10% within 12 months
front 18 Strategic intent refers to a situation where a company...	back 18 relentlessly pursues an ambitious strategic objective, concentrating the full force of its resources and competitive actions on achieving that objective.
front 19 The managerial purpose of setting objectives is to...	back 19 convert the strategic vision and mission into specific performance targets--the results and outcomes management wants to achieve; objectives function as yardsticks for measuring how well the company is doing.
front 20 In a single-business company, the strategy-making hierarchy consists of...	back 20 Business strategy, functional area strategies, and operating strategies.

front 21 Which one of the following questions is NOT something company managers should consider in choosing to pursue one strategic course or directional path versus another?	back 21 Do we have a better business model than key rivals? Is the company competing in too many markets or product categories where profits are skimpy or nonexistent? How well is the company faring vis-a-vis key competitors--are we gaining ground or losing ground and why? Does sticking with the company's present strategic course present attractive opportunities for growth and profitability? What emerging market opportunities should the company pursue and which ones should not be pursued?
front 22 A company with strategic intent is one that...	back 22 concentrates the full force of its resources and competitive actions on achieving an ambitious strategic outcome.
front 23 The primary roles/obligations of a company's board of directors in the strategy-making, strategy-executing process include...	back 23 critically appraising the company's direction, strategy, and business approaches and evaluating the caliber of senior executives' strategy-making and strategy-executing skills.
front 24 A company's overall strategy...	back 24 is really a collection of strategic initiatives and actions devised by managers (and sometimes key employees) up and down the whole organizational hierarchy.

front 25 A company needs financial objectives...	back 25 because without adequate profitability and financial strength, a company's pursuit of its strategic vision, as well as its long-term health and ultimate survival is jeopardized.
front 26 Business strategy, as distinct from corporate strategy, concerns...	back 26 the actions and approaches being employed to produce successful performance in one specific line of business.
front 27 Operating strategies concern...	back 27 the relatively narrow strategic initiatives and approaches for managing key operating units (plants, distribution centers, geographic units) and strategically significant operating tasks (quality control, advertising campaigns, the management of specific brands, supply chain-related activities, and Web site sales and operations).
front 28 Perhaps the most reliable way for a company to improve its financial performance over time is to...	back 28 recognize that a balanced scorecard approach to measuring company performance has much to recommend because pursuing and achieving strategic outcomes that boost a company's competitiveness and strength in the marketplace puts it in better position to improve its future financial performance.

front 29 A company's strategic plan consists of...	back 29 a vision of where it is headed, a set of performance targets, and a strategy to achieve them.
front 30 The task of effectively communicating the strategic vision to organization members is made easier by...	back 30 capturing the essence of the vision in a catchy or easily remembered slogan and then using the slogan repeatedly as a reminder of "where we are going and why."
front 31 Developing a strategic vision for a company entails...	back 31 prescribing a strategic direction for the company to pursue in developing and strengthening its business--a strategic vision lays out the company's strategic course in preparing for the future.