Ultimate Responsibility for Seeing That a Strategy Is Executed Successfully

question 75

Multiple Choice

Ultimate responsibility for seeing that a strategy is executed successfully primarily falls upon the shoulders of:

• A) a company's chief executive officer,its chief operating officer,and the heads of major units (business divisions,functional departments,and key operating units).
• B) first-line supervisors who have the day-to-day responsibility of seeing that key value chain activities are done properly.
• C) the company's board of directors because board members are the final authority in overseeing and conducting daily operations.
• D) a company's whole management team-each manager is responsible for attending to what needs to be done in his/her respective area of authority and thus should be held accountable for the strategy's success or failure.
• E) all company personnel because all employees are active participants in the strategy execution process and the caliber of their actions have a huge impact on the ultimate outcome.

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Definitions:

Real Wages

wages that have been adjusted for inflation, representing the actual purchasing power of income.

Contract

A legally binding agreement between two or more parties that is enforceable by law.

Income Effect

The variation in a person's or economy's earnings and its impact on the demand levels for a particular product or service.

Substitution Effect

Describes the change in the consumption of goods as a result of changes in their relative prices, holding the consumer's level of utility constant.