Answer the following statements true (T) or false (F)
1. The first step of the strategic-management process is to establish the grand strategy.
2. The strategic-management process has five steps and a feedback loop.
3. A vision will be demoralizing to employees if it describes a future state that appears beyond the reach of the organization.
4. Many good mission statements include descriptions of an organization's customers, as well as its major products or services.
1. FALSE
The first step of the strategic-management process is to establish the mission and the vision.
2. TRUE
The strategic-management process has five steps, plus a feedback loop.
3. FALSE
A vision should be positive and inspiring, and it should stretch the organization and its employees to achieve a desired future state that appears beyond its reach.
4. TRUE
Mission statements may include information about customers and products or services.
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As a manager, you are faced with a problem involving a very popular and productive employee. The employee has committed a highly unethical act, and you must decide what to do. Using the critical thinking decision-making process, describe your first three steps regarding this issue.
What will be an ideal response?
What effect did Wal-Mart’s “Go Green” policies have on Wal-Mart’s profits and on the price it had to charge consumers?
a. it increased the price of all of Wal-Mart’s products by 5% b. the expensive fuel efficiency equipment didn’t work, and Wal-mart ended up spending more on fuel c. its recycling programs cost Wal-Mart more money on waste disposal d. Wal-Mart saved money on fuel and shipping costs and by increasing its recycling efforts
Which of the following did the authors suggest as a strategy for monitoring the appropriate price for your product?
a. testing the effect of price changes on demand for the product b. lowering the price as sales drop c. adjusting the price relative to the increase or decrease of the cost of goods to produce it d. examining competitor prices
A manufacturing company's budgeted income statement includes the following data
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