STRAMA AND TQM PRELIM EXAM

What is the first step in the strategy formulation process?

• Developing a vision and mission statement

• Establishing long-term objectives

• Identifying internal weaknesses

• Choosing particular strategies

In developing a vision statement, you don't need to make multiple drafts of the vision statement, using input from various stakeholders before narrowing down to a final version. Just make a final statement.

• TRUE

• FALSE

is overconfidence is one of the reason for poor strategic planning?

In your own words and understanding, how important the mission and vision to a company? minimum of 5 sentences. You can answer in tag-lish, but not pure tagalog.

List the 5 characteristics of effective vision statement.

Strategic planning was cast aside during the 1990s as various planning models did not yield higher returns.

• TRUE

• FALSE

Having an outstanding mission statement should have characteristics stated below, except......

• They are short and punchy

• They are broad

• They are directed both inside and outside

• They are revisited every few years

the organization or company need to adopt this to sustain the competitive advantage.

• Opportunity

• Changes

• Partnership

• Strategy

It can be defined as the art of science of formulating, implementing and evaluating cross-functional decision

What is a potential disadvantage of rising interest rates?

• Higher costs for capital expansion

• Increased consumer spending

• Increased disposable income

• Lower prices for goods