Answer the following statements true (T) or false (F)
1. The strategic-management process is often touched off by a crisis.
2. The first three steps in the strategic-management process are establishing the mission and the values statement, assessing the current reality, and formulating the grand strategy.
3. Frank is interested in rewriting the vision statement for his antique shops, and he wants his employees and his business to grow. Therefore, the vision for Frank's stores should be positive and inspiring, and it should stretch the company and his employees to achieve objectives that they believe are not possible.
4. When Pablo and his partner wrote the mission statement for their fitness center, P&P Fitness, it did not include descriptions of their customers or the products and services they offer, because those descriptions belong in a vision statement.
1. TRUE
The strategic-management process is often touched off by a crisis, such as the one Takata faced in having to recall millions of automotive airbags.
2. TRUE
The first three steps in the strategic-management process are (1) establishing the mission and the values statement, (2) assessing the current reality, and (3) formulating the grand strategy. The next two steps are implementing the strategy and maintaining strategic control, along with a feedback loop.
3. TRUE
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. FALSE
Mission statements may include information about customers and products or services.
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