Deck 1: Strategic Management

Question 1

---------- can also be defined as "a general direction set for the company and its various components to achieve a desired state in the future.

A)Goal
B)Objectives
C)Mission
D)Strategy

Answer 1

Strategy

Question 2

Which of the following is not a characteristic of strategic Management?

A)Strategic issues require top-management decisions
B)Strategic issues involve the allocation of large amounts of company resources
C)Strategic issues are future oriented
D)None of these

Answer 2

None of these

Question 3

------------ strategy occupies the highest level of strategic decision making and covers actions dealing with the objective of the firm, acquisition and allocation of resources and coordination of strategies of various SBUs for optimal performance.

A)SBU
B)Corporate level
C)Functional
D)Operational

Answer 3

Corporate level

Question 4

The acronym SWOT stands for

A)Strategic Weakness Overcoming Tools
B)Services, Works, Operation and Tools
C)Strengths, weakness, Overcome and Threats
D)Strengths, Weaknesses, Opportunities, and Threats

Question 5

is the foundation of blue ocean strategy.

A)Innovation
B)Value creation
C)Value innovation
D)value cost trade-off

Question 6

When defining strategic management, the most important thing to remember is that itis:

A)Not as easy as you think
B)Mainly the province of senior managers
C)A living evolving process
D)More conceptual than practical

Question 7

An organisation's strategy:

A)remains set in place longer than the mission and objectives
B)generally, forms over a period of time as events unfold
C)tends to be formed at the same time the mission is developed and objectives are formulated
D)is usually conceived at a single time when managers sit down and work out a comprehensive strategic plan for the next 3-5 years

Question 8

The primary focus of strategic management is:

A)strategic analysis
B)the total organisation
C)strategy formulation
D)strategy implementation.

Question 9

Which of the following is not an advantage of strategic management?

A)It provides organisations with a clearer sense of direction and purpose
B)It helps improve the political, economic, social and technological environment of the organisation
C)It helps orientate management decisions to relevant environmental conditions
D)It helps organisations be proactive rather than reactive

Question 10

Which of the following defines how each individual business unit will attempt to achieve its mission?

A)Business strategy
B)Corporate strategy
C)Functional strategy
D)National strategy

Question 11

---------- strategy defines the uses of corporate strategy and specific tactics for each market.

A)Business strategy
B)Corporate strategy
C)Functional strategy
D)Operational strategy

Question 12

Which one of the following is not a primary task of strategic managers?

A)Establishing strategic objectives
B)Developing the steps to follow in implementing operational level plans
C)Defining the business and developing a mission
D)Developing a strategy

Question 13

The task of strategy choice involves:

A)developing plans and activities which will improve the organisation's performance and competitive position
B)determining how the organisation can be more market and efficiency oriented
C)monitoring whether the organisation is achieving good financial performance
D)keeping the organisation free of debt

Question 14

Which one of the following is at the core of strategic management?

A)Choosing which organisational objectives to focus on
B)Being alert for opportunities to change work responsibilities
C)Adapting the organisation to a changing external environment
D)Choosing whether to make decisions autocratically or on the basis of participation

Question 15

The corporate level is where top management directs:

A)all employees for orientation
B)its efforts to stabilize recruitment needs
C)overall strategy for the entire organization
D)overall sales projections

Question 16

The three main organizational levels are:

A)corporate level, business level, functional level
B)corporate level, business unit level, functional level
C)corporate strategy level, business unit level, functional level
D)corporate strategy level, business level, specialist level

Question 17

The functional level strategy of marketing function is divided into various operating levels such as marketing research, sales promotion, etc. these types of strategies are called.

A)Business strategy
B)Corporate strategy
C)Functional strategy
D)Operational strategy

Question 18

Which of the following is/are not an element/s of strategic management Process?

A)Scanning
B)Formulation
C)Implementation
D)None of these

Question 19

What is meant by the term 'Stakeholder'?

A)A person who is not related with a business.
B)A person who is related with a business.
C)A person who owns a business.
D)A person who purchases the shares of a business.