List - I List - II a. Vision i. General statements of the company's intent. b. Mission ii. Desired future position of the company c. Goals iii. Operationalizing of mission d. Objectives iv. Vivid idealised description of a desired outcome
Matching Business Strategy Terms: List I & List II
This question requires matching key strategic management terms presented in List I with their appropriate definitions in List II.
Understanding the Terms
- Vision: A long-term, aspirational description of what the organization wants to achieve or become. It paints an idealized future picture.
- Mission: Defines the organization's core purpose, its reason for existence. It states what the company does, for whom, and its guiding principles.
- Goals: Broad, qualitative statements outlining desired future achievements or states. They typically represent the desired future position of the company.
- Objectives: Specific, measurable, achievable, relevant, and time-bound (SMART) targets set to accomplish the broader goals. They serve to operationalize the mission and goals.
Matching Process
By comparing the definitions:
- a. Vision best matches iv. Vivid idealised description of a desired outcome.
- b. Mission best matches i. General statements of the company's intent.
- c. Goals best matches ii. Desired future position of the company.
- d. Objectives best matches iii. Operationalizing of mission.
Therefore, the correct matching is a-iv, b-i, c-ii, d-iii.
Important Questions from Concepts of strategic Management - Teaching
To achieve its aims in Strategic Human Resource Management, an organisation formulates and execute Human Resources
A. Policies
B. Behaviours
C. Practices
D. Competencies
Choose the correct answer from the options given below:
Which of the following are the components of Mc Kinsey's 7-S framework?
A. Shared values
B. Procurement
C. Strategy
D. Technology Development
E. System
Choose thecorrectanswer from the options given below:
________ usually have intensive distribution because sales of these products tend to have a direct relationship to their availability.
Given below are two statements labelled as Assertion (A) and Reason (R). Read the statements and answer the question that follows:
Assertion (A) : The basic thrust of strategic decision making in the process of strategic management is to make a choice regarding the courses of action to adopt, which is the primary task of the senior management.
Reasons (R) : This is so because the basic concern in strategic management is to seek answers to questions. What is our business? What will it be? and what should it be?
Which of the following options is correct?
Re-engineering, a radical redesign of business processes, is an essential and integral to which of the following strategies?
