MQZ: LESSON 1 PART 2

• These requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. - Strategy Implementation
• It is the first step to develop in strategy formulation. - Vision Statement
• It is the final stage in strategic management. - Strategy Evaluation
• These are organization's controllable activities that are performed especially well or poorly. - Internal Strengths and Weaknesses
• Objectives that is achievable within the year. - Short-term Objectives
• They help an organization gather, analyze, and organize information, etc. - Strategists
• Objectives that goes beyond a year. - Long-term Objectives
• Objectives that is set regularly every year. - Annual Objectives
• These are enduring statements of purpose that distinguish one business from other similar firms. - Mission Statement
• Anything that a firm does especially well compared to rival firms. - Competitive Advantage
• He said that the prime task of strategic management is thinking through the overall mission of a business. - Peter Drucker
• It addresses the basic question that faces all strategists, What is our business? - Mission Statement
• Skills are especially critical for successful strategy implementation. - Interpersonal Skills
• It is particularly useful for making decisions in situations of great uncertainty or little precedent. - Intuition
• It can be defined as specific results that an organization seeks to achieve in pursuing its basic mission. - Objectives
• It is the primary means of managers to know when particular strategies are not working well. - Strategy Evaluation
• It is the strategic plan of McDonald. - Plan to Win
• He quoted the line, In God we trust. All others bring data. - Edward Deming
• These includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long term objectives, generating alternative strategies, and choosing particular strategies to pursue. - Strategy Formulation
• These include issues deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover. - Strategy Formulation
• Often it is called the action stage of strategic management. - Strategy Implementation
• When a firm can do something that rival firms cannot do, or owns something that rival firm's desire. - Competitive Advantage
• It is a constant reminder to its employees of why the organization exists. - Mission Statement
• These includes developing a strategysupportive culture, creating an effective organizational structure, redirecting marketing efforts, preparing budgets, developing and utilizing information systems, and linking employee compensation to organizational performance. - Strategy Implementation
• . It answers the question, What do we want to become? - Vision Statement
• Often considered being the most difficult stage in strategic management, strategy implementation requires personal discipline, commitment, and sacrifice. - Strategy Implementation
• . The term strategic management is used synonymously with the term. - Strategic Planning
• These are the individuals who are most responsible for the success or failure of an organization. - Strategists
• He acknowledged the importance of intuition when he said, I believe in intuition and inspiration. At times I feel certain that I am right while not knowing the reason. - Albert Einstein
• This means mobilizing employees and managers to put formulated strategies into action. - Strategy Implementation
• A good mission statement allows for the generation and consideration of a range of feasible alternative objectives and strategies without unduly stifling management creativity. - TRUE
• In the beginning, a new business is simply a collection of equipment. - FALSE
• A good mission statement reflects the anticipations of customers. - TRUE
• Shared vision creates a commonality of interests that can lift workers out of the monotony of daily work and put them into a new world of opportunity and challenge. - TRUE
• Both profit and vision are needed to motivate a workforce effectively. - TRUE
• A major reason for developing a business mission statement is to attract customers who give meaning to an organization. - TRUE
• When the set of beliefs about a business at its inception is put into writing, the resulting document mirrors the same basic ideas that underlie the vision and mission statements. - TRUE
• Some companies develop mission statements simply because they feel it is fashionable, rather than out of any real commitment. - TRUE
• It can be argued that mission, not profit or vision is the primary corporate motivator. - FALSE
• A mission statement needs to be broad to reconcile differences effectively among, and appeal to, an organization's diverse stakeholders, the individuals and groups of individuals who have a special stake or claim on the company. - TRUE