BUS 0690-09 Seminar in Business Policy and Strategic Management Fall 2021

Quiz 1

A company’s mission:

Select one:
a.describes the marketing strategies the company intends to use to sell its products. 
b.describes what the company does.
c.defines the manner in which strategies will be developed and goals achieved.
d.outlines the manner in which employees and managers should conduct themselves

A firm’s mission is:

Select one:
a.an internally-focused affirmation of the organization’s financial, social, and ethical goals.
b.a statement of a firm’s businesses in which it intends to compete and the customers it intends to serve.
c.mainly intended to emotionally inspire employees and other stakeholders.
d.the foundation for the firm’s vision.

A key purpose of a vision and mission statement is to inform _________ what a firm is, what it seeks to accomplish, and who it seeks to serve.

Select one:
a.former employees
b.regulators
c.CEOs
d.stakeholders

An important first step in the process of formulating a company’s mission is to answer which of the following questions?

Select one:
a.”What is our business?”
b.”What are the government regulations that are most likely to impact our business?”
c.”How do we persuade shareholders to provide risk capital?”
d.”What is our budget for advertising?”

Some CEOs perform their jobs admirably, but they lack fame. How do we call this type of CEOs?

Select one:
a.Icons
b.Hidden Gems
c.Silent competitors
d.Scoundrels

The most effective goal should include all of the following EXCEPT
Select one:
a.Aggressive
b.Time-limitless
c.Realistic
d.Specific

The __________ is a tool firms use to determine if they are achieving an appropriate balance when using strategic and financial controls as a means of positively influencing performance.
Select one:
a.internal auditing system
b.balanced scorecard
c.holistic control system
d.managerial model

Complete answers are attached 

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