One of the Important Benefits of a Well-Conceived and Well-Stated

question 85

Multiple Choice

One of the important benefits of a well-conceived and well-stated strategic vision is to

• A)clearly delineate how the company's business model will be implemented and executed.
• B)clearly communicate management's aspirations for the company to stakeholders and help steer the energies of company personnel in a common direction.
• C)set forth the firm budgetary objectives in clear and fairly precise terms.
• D)help create a balanced scorecard approach to objective setting and not stretch the company's resources too thin across different products, technologies, and geographic markets.
• E)indicate what kind of sustainable competitive advantage the company will try to create in the course of becoming the industry leader.

Understand how public goods create positive externalities.

Interpret economic data and decision-making in government and public administration contexts.

Comprehend the approaches to valuing human life from an economic perspective.

Identify the characteristics of goods in terms of their excludability and rivalrousness in consumption.

---

Definitions:

Cognitive Dissonance

An individual’s psychological discomfort (dissonance) caused by two inconsistent thoughts.

Alcohol

An organic compound used in beverages and as a solvent, which can alter mood and behavior when consumed, potentially leading to dependence or abuse.

Stereotype Threat

The risk of confirming negative stereotypes about an individual's racial, ethnic, gender, or cultural group which can hinder performance.

Social Comparison Theory

A theory suggesting individuals determine their own social and personal worth based on how they stack up against others.