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Professional Development
University
Midterm Exam on Strategic Management
30 questions
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- 1. Multiple Choice
According to Peter Drucker, answering the question "What is our business?" is the first responsibility of strategists.
True
False
- 2. Multiple Choice
When developing a vision statement, input should be received from as many managers as possible
True
False
- 3. Multiple Choice
A small nonprofit organization would probably develop a vision statement but not a mission statement.
True
False
- 4. Multiple Choice
According to Campbell and Yeung, the process of developing a mission statement should create an "emotional bond" and "sense of mission" between the organization and its employees
True
False
- 5. Multiple Choice
Research has failed to find a positive relationship between mission statements and organizational performance.
True
False
- 6. Multiple Choice
When a company has been successful, the question "What is our business?" becomes less important.
True
False
- 7. Multiple Choice
Having a clear mission and vision can provide a basis for a company's internal and external assessments.
True
False
- 8. Multiple Choice
One of the benefits of having a clear mission and vision is the promotion of a sense of shared expectations among all managers and employees.
True
False
- 9. Multiple Choice
A mission statement should include a clear summary of an organization's financial status.
True
False
- 10. Multiple Choice
It is unusual for the claims and concerns of a company's stakeholders to vary or conflict.
True
False
- 11. Multiple Choice
An effective mission statement generates the impression a firm is successful, has direction, and is worthy of time, support and investment
True
False
- 12. Multiple Choice
A mission statement is usually just a simple statement of specific details..
True
False
- 13. Multiple Choice
Stakeholders of an organization include stockholders, customers and creditors, but not competitors..
True
False
- 14. Multiple Choice
The relative attention an organization will devote to meeting the claims of various stakeholders are indicated in a good mission statement.
True
False
- 15. Multiple Choice
It is unusual for the claims and concerns of a company's stakeholders to vary or conflict.
True
False
- 16. Multiple Choice
After a draft mission statement has been developed, it is important to
Ask managers to read several articles about mission statements as background information.
Vote on the mission statement.
Ask managers to prepare a mission statement for the organization.
Ask managers to seek support for the mission statement from their subordinates.
Request modifications, additions, and deletions.
- 17. Multiple Choice
According to Drucker, what is the best time to ask "What do we want to become?" and
"What is our business?"
When a firm is in decline
When the firm is successful
When the firm is in financial trouble
When the firm is in legal trouble
When the firm encounters competition
- 18. Multiple Choice
The following excerpt from a mission statement illustrates which of the nine essential components of a mission statement? "We believe our first responsibility is to the doctors, nurses, patients, mothers, and all others who use our products and services."
Markets
Customers
Concern for Employees
Concen for Public Image
Technology
- 19. Multiple Choice
Which question(s) is answered in an effective mission statement?
Is the firm committed to growth and financial soundness?
Are employees a valuable asset of the firm?
Geographically, where does the firm compete?
Who are the firm's customers?
All of the above questions are answered in an effective mission statement
- 20. Multiple Choice
Which question is NOT addressed in an effective mission statement?
Is the firm committed to growth and financial soundness?
Are employees a valuable asset of the firm?
Geographically, where does the firm compete?
Who are the firm's customers?
What are the updated balances of leading accounts on the firm's balance sheet?
- 21. Multiple Choice
According to Drucker, a business' mission is the foundation for all of the following EXCEPT
priorities.
strategies.
plans.
employee wage rates.
work assignments.
- 22. Multiple Choice
As indicated in the strategic-management model, a clear is needed before alternative strategies can be formulated and implemented.
short-term objective
implementation plan
audit policy
mission statement
evaluation strategy
- 23. Multiple Choice
Effective and carefully planned mission statements
require major changes every few months.
require major changes every few quarters.
require major revision every few years.
do not require revision.
require infrequent major changes, but are always subject to revision.
- 24. Multiple Choice
In the process of developing a mission statement, it is important to involve
as few managers as possible.
as many managers as possible.
upper-level management only.
lower-level management only.
the board of directors only.
- 25. Multiple Choice
The process of developing a vision and mission statement often includes which of these as the first activity?
Requesting that managers modify the current documents
Asking managers to read selected articles about vision and mission statements
Asking managers to prepare a vision statement for the organization
A brainstorming session on whether the organization should have only a vision statement
Merging several mission statements into one document
.
- 26. Multiple Choice
Which group would be classified as stakeholders?
Governments
Creditors
Suppliers
Employees
All of the above
.
- 27. Multiple Choice
Mission Statement is synonymous to the following except
What do we want to become
Creed Statement
Statement of purpose
Statement of philosophies
All of the above
.
- 28. Multiple Choice
Key to a successful implementation of vision and mission statement
Profit
Values
Commitment
None of the above
All of the above
.
- 29. Multiple Choice
Each of the following is example of Mission statement except
To ensure unanimity of purposes
To provide basis or standard of allocating resources
To serve a focal point for individuals
Financial Benefits
All of the above
.
- 30. Multiple Choice
In developing a mission statement, arousing emotion
A) is not a benefit.
is futile.
is important.
should be avoided if possible.
is counterproductive
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