Chapter #2 part #1

A visually appealing image illustrating strategic planning, business vision, and mission statements, featuring a diverse group of professionals collaborating around a table with charts and graphs in the background.

Strategic Vision and Mission Quiz

Test your knowledge on crafting and executing strategic plans with our engaging quiz! This quiz covers essential concepts of company values, mission statements, and strategic vision.

10 thought-provoking questions
Multiple choice format
Ideal for business students and professionals

10 Questions2 MinutesCreated by CraftingWisdom945

A company’s values relate to such things as

How it will balance its pursuit of financial objectives against the pursuit of its strategic objectives.

How it will balance the pursuit of its business purpose/mission against the pursuit of its strategic vision.

Fair treatment, integrity, ethical behavior, innovativeness, teamwork, top-notch quality, superior customer service, social responsibility, and community citizenship.

Whether it will emphasize stock price appreciation or higher dividend payments to shareholders, and whether it will put more emphasis on the achievement of short-term performance targets or long-range performance targets.

All of these choices are correct.

When companies adopt the strategy formulation, strategy execution process, the first step is to

Monitor internal and external developments and initiate corrective adjustments to the business model when necessary.

Adopt a proven business model, decide on the company’s top management team, and craft a strategy.

Execute the company’s chosen strategy efficiently and effectively.

Set objectives and develop a profitable business model to meet those objectives.

Develop a strategic vision, mission, and values.

Which of the following is an integral part of the managerial process of crafting and executing strategy?

Developing a proven business model

Setting objectives and using them as yardsticks for measuring the company’s performance and progress

Deciding how much of the company’s resources to employ in the pursuit of sustainable competitive advantage

Communicating the company’s mission and purpose to all employees

Deciding on the composition of the company’s board of directors

A company’s mission statement typically addresses which of the following questions?

Who are we? What do we do? and Why are we here?

What objectives and level of performance do we want to achieve?

Where are we going and what should our strategy be?

What approach should we take to achieve sustainable competitive advantage?

Why have we chosen a particular business model to achieve our objectives and our vision?

Effectively communicating the strategic vision down the line to lower-level managers and employees has the value of

Not only explaining “where we are going and why” but, more importantly, also inspiring and energizing company personnel to unite to get the company moving in the intended direction.

Helping company personnel understand why “making a profit” is so important.

Making it easier for top executives to set strategic objectives.

Helping lower-level managers and employees better understand the company’s business model.

All of these choices are correct.

Which of the following are common shortcomings of company vision statements?

Too broad, vague or incomplete, bland/uninspiring, not distinctive, and too reliant on superlatives

Unrealistic, unconventional, and unprofessional

Too specific, too inflexible, and can’t be achieved in five years

Too broad, too narrow, and too risky

Not customer-driven, out-of-step with emerging technological trends, and too ambitious

A superior example of a company vision that is short, specific, memorable, clearly articulated, and forward-looking is

Hilton Hotel’s vision “to fill the earth with light and the warmth of hospitality.”

Whole Foods’ vision “to be a dynamic leader in the quality food business. We are a mission-driven company that aims to set the standards of excellence for food retailers. We are building a business in which high standards permeate all aspects of our company. Quality is a state of mind at Whole Foods Market.”

Keurig’s vision “to become the world’s leading personal beverage systems company.”

Nike’s vision “to create products, services and experiences for today’s athlete while solving problems for the next generation.”

Google’s vision “to organize the world’s information and make it universally accessible and useful.”

You have been asked to evaluate Kampus Kombucha’s mission statement, “To heal and refresh everyone we touch.” You would most likely observe that Kampus Kombucha’s mission statement

Specifies the buyer needs that it seeks to satisfy and the customer groups or markets it serves.

Specifically informs customers and employees “who we are, what we do, and why we are here.”

Portrays this company’s aspirations for the future.

Describes more of an objective and a result of what this company does instead of its purpose.

Is vague, fairly uninformative, and blurs the essence of this company’s business activities.

Ideally, a company’s mission statement should be sufficiently descriptive and

Provide scant indication of a company’s services and products that give the company its own identity.

Identify the pressing agenda items for members of its board of directors.

Specify the allocation of resources that underlie the basis of its competitive advantage.

Relate to the future state of the organization that managers seek to attain.

Identify the specific customer or market that the company intends to serve

Which one of the following is not a characteristic of an effectively worded strategic vision statement?

Directional (is forward-looking, describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future)

Easy to communicate (is explainable in 10 to 15 minutes, can be reduced to a memorable slogan)

Graphic (paints a picture of the kind of company management is trying to create and the market position or positions the company is striving to stake out)

Consensus-driven (commits the company to a “mainstream” directional path that most all stakeholders will enthusiastically support)

Focused (is specific enough to provide guidance to managers in making decisions and allocating resources)

Chapter #2 part #1

Strategic Vision and Mission Quiz

More Quizzes