WPC Quiz 1 Questions with All Correct Answers
Describe the roles of corporate, business, and functional managers in strategy formulation and implementation. - Answer- ▪ Corporate executives must provide answers to the question of where to compete, whether in industries, markets, or geographie...
WPC Quiz 1 Questions with All
Correct Answers
Describe the roles of corporate, business, and functional managers in strategy
formulation and implementation. - Answer- ▪ Corporate executives must provide
answers to the question of where to compete, whether in industries, markets, or
geographies, and how to create synergies among different business units.
▪ General managers in strategic business units must answer the strategic question of
how to compete in order to achieve superior performance. They must manage and align
the firm's different functional areas for competitive advantage.
▪ Functional managers are responsible for implementing business strategy within a
single functional area.
Evaluate top-down strategic planning, scenario planning, and strategy as planned
emergence. - Answer- ▪ Top-down strategic planning is a sequential, linear process that
works reasonably well when the environment does not change much.
▪ In scenario planning, managers envision what-if scenarios and prepare contingency
plans that can be called upon when necessary.
▪ Strategic initiatives can be the result of top-down planning or can emerge through a
bottom-up process from deep within the organization. They have the potential to shape
a firm's strategy.
▪ A firm's realized strategy is generally a combination of its top-down intended strategy
and bottom-up emergent strategy, resulting in planned emergence.
As the chief executive officer (CEO) of Yahoo, Marissa Mayer declared Yahoo's vision
to be "to make the world's daily habits more inspiring and entertaining." She wants to
inspire Yahoo's employees and get its customers excited again. Which of the following
approaches to the development of strategy does Yahoo best illustrate? - Answer- Top-
Down Strategic Planning
A company's vision primarily states - Answer- what the company wants to accomplish
ultimately
An organization's ____________ describes what the organization actually does—the
products and services it plans to provide, and the markets in which it will compete. -
Answer- mission
Which of the following statements accurately brings out the difference between an
organization's vision and mission? - Answer- Vision defines what the organization wants
to accomplish ultimately, whereas the mission defines the means by which vision is
accomplished.
, Product-oriented vision statements provide managers with - Answer- service goals
Which of the following actions of an automobile firm will be considered as a strategic
commitment?
the firm launching an existing model of a car in red as a limited edition for six months
the firm investing eight years and $4 billion to develop a range of hybrid cars with which
it will compete in the future
the firm spending $100,000 on renting a manufacturing facility to meet the temporary
demand for its cars
the firm promoting its new model of coupe through a free Europe trip worth $15,000 to
be won as an early bird offer - Answer- the firm investing eight years and $4 billion to
develop a range of hybrid cars with which it will compete in the future
Which of the following statements is true of customer-oriented visions?
1. They tend to force managers to take a myopic view of the business environment.
2. They define a business in terms of providing solutions to people's needs.
3. They are inflexible with regard to adapting to changing environments.
4. They state an organization's goals in terms of a good or service provided to
customers. - Answer- 2. They define a business in terms of providing solutions to
people's needs.
If a company chooses to keep its vision customer-oriented rather than product-oriented,
what will be its implication? - Answer- The company will tend to be more flexible when
adapting to changing environments.
Which of the following questions does the values espoused by a company primarily
answer?
1. How do we accomplish our goals?
2. Which of the value chain activities are primary?
3. What is the value added to a good or service at each step in the production?
4. What is the company's customer lifetime value? - Answer- 1. How do we accomplish
our goals?
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