MGMT 4813 Chapter 2 Word Scramble

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Question	Answer
the task of crafting a strategy is	a job for a company’s whole management team—senior executives plus the managers of business units, operating divisions, functional departments, manufacturing plants, and sales districts (as per the strategy-making hierarchy shown in Figure 2.2).
as figure 2.2 shows, the strategy-making hierarchy in a single-business company consists of	business strategy, functional-area strategies, and operating strategies.
The primary role of a functional strategy is to	determine how to support particular activities in ways that support the overall business strategy and competitive approach
Tesla Motors' strategic vision, "to create the most compelling car company of the 21st century by driving the world's transition to electric vehicles,"	charts a strategic course for the organization (“where we are going”) and provides a rationale for why this directional path makes good sense
crafting and executing a company's strategy primarily consists of
when trade-offs have to be made between achieving long-term and achieving shot-term objectives,	long-term objectives should take precedence unless the short-term performance targets have unique importance.
An effectively worded mission statement should describe	the company’s current business and purpose: “who we are, what we do, and why we are here.”
company objectives	need to be broken down into performance targets for each of the organization’s separate businesses, product lines, functional departments, and individual work units.
management is obligated to monitor new external developments, evaluate the company's progress, and make corrective adjustments in order to	decide whether to continue or change the company’s strategic vision, objectives, strategy, and/or strategy execution methods.
A balanced scoreboard for measuring company performance	entails setting both financial and strategic objectives and putting balanced emphasis on their achievement.

Created by: cnwilmoth