Chapter 2

Question 1

Strategic leadership (3 traits)

Answer 1

Mission, Vision, Values

Question 2

Vision:

Answer 2

a firm’s ambition

Question 3

Mission

Answer 3

What a firm actually does

Question 4

Values

Answer 4

ethical standards and norms that govern individual and

organizational behavior

Question 5

An effective vision should be:

Answer 5

• Forward-looking
• Clear
• Brief
• Empowering

Question 6

is defined by the product or

service provided by the firm

Answer 6

A PRODUCT-ORIENTED VISION

Question 7

is defined by the customer

and satisfying customer needs

Answer 7

A CUSTOMER-ORIENTED VISION

Question 8

describes what a firm actually does

Answer 8

A MISSION STATEMENT

Question 9

are the ethical standards and
norms that govern the behavior of individuals within an
organization

Answer 9

ORGANIZATIONAL VALUES

Question 10

Organizational values (4)

Answer 10

• Communication
• Respect
• Integrity
• Excellence

Question 11

The best goals and objectives are SMART

Answer 11

• Specific—goals should be EXPLICT and direct people’s energy effectively
• Measurable—goals should be QUANTIFIABLE; will help measure success
• Aggressive—goals should be CHALLENGING
• Realistic—goals should be ACHIEVABLE; lofty but reasonable
• Time-Bound—goals should be FINITE; based on a delineated timeline