Strategic Management - Study Mode
[#191] Innovation and quality can be seen as which form of management?
Correct Answer
(C) Operations management
Explanation
Solution: Innovation and quality can be seen as Operations management. Operations management is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
[#192] The mission statement answers which question?
Correct Answer
(A) What is our business?
Explanation
Solution: The mission statement answers- What is our business?. A mission statement is a brief description of a company's fundamental purpose.
[#193] Which of the following is not one of the four key strategic elements linked to corporate objectives?
Correct Answer
(C) Research and development
Explanation
Solution: Research and development is not one of the four key strategic elements linked to corporate objectives. Research and development (R&D) refers to the activities companies undertake to innovate and introduce new products and services. It is often the first stage in the development process. The goal is typically to take new products and services to market and add to the company's bottom line.
[#194] The vision statement answers which question?
Correct Answer
(C) What do we want to become?
Explanation
Solution: The vision statement answers- What do we want to become?
[#195] In the process of developing a mission statement, it is important to involve
Correct Answer
(B) as many managers as possible
Explanation
Solution: In the process of developing a mission statement, it is important to involve as many managers as possible. The mission statement allows everyone in an organization to clearly understand why they are doing their work. An organization's mission also guides its operational plans and describes the organization to potential funders, clients and beneficiaries.