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

Accepted Answer

Strategy can be defined as a general direction set for the company and its various components to achieve a desired state in the future. It involves outlining how the goals and objectives will be achieved over time.

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

Accepted Answer

Strategic management involves top-management decisions, the allocation of large amounts of company resources, and is future-oriented. Therefore, none of the options listed are characteristics that are not part of strategic management.

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

Accepted Answer

Corporate level strategy is concerned with the overall purpose and scope of an organization and how value will be added to the different parts (business units) of the organization. It involves decisions made by top-level management regarding the overall direction and management of the firm, including acquisitions, resource allocation, and coordination of strategies among different business units (SBUs) for optimal performance.

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

Accepted Answer

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, which is a framework used for analyzing a company's competitive position and for strategic planning.

Question 5

is the foundation of blue ocean strategy.
A)Innovation
B)Value creation
C)Value innovation
D)value cost trade-off

Accepted Answer

Value innovation is the cornerstone of the blue ocean strategy, as it emphasizes creating new demand in an uncontested market space, making the competition irrelevant by simultaneously pursuing differentiation and low cost.

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

Accepted Answer

Strategic management is indeed a living, evolving process that adapts to changes in the external and internal environments of an organization. It involves continuous planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives.

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

Accepted Answer

Strategy often emerges gradually as managers adapt to changing circumstances, rather than being fully formed from the start. This approach allows for flexibility and responsiveness to new opportunities or threats.

Question 8

The primary focus of strategic management is:
A)strategic analysis
B)the total organisation
C)strategy formulation
D)strategy implementation.

Accepted Answer

The primary focus of strategic management is the total organization, as it involves making decisions and taking actions that affect the whole organization. It encompasses strategic analysis, strategy formulation, and strategy implementation, but its core focus is on how these elements integrate to guide the overall direction of the organization.

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

Accepted Answer

Strategic management primarily focuses on setting goals, analyzing competitive environments, examining internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization. It does not directly improve the political, economic, social, and technological environment of the organization, but rather helps the organization navigate and adapt to these external factors.

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

Accepted Answer

Business strategy defines how each individual business unit will attempt to achieve its mission, focusing on competitive positioning and how to compete successfully in the market.

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

Accepted Answer

Business strategy defines the uses of corporate strategy and specific tactics for each market, focusing on how to compete successfully in particular markets.

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

Accepted Answer

Developing the steps to follow in implementing operational level plans is more closely associated with tactical or operational management rather than strategic management. Strategic managers focus on long-term goals and overall direction, rather than the specific steps of implementation at the operational level.

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

Accepted Answer

Strategy choice involves developing plans and activities to improve the organization's performance and competitive position.

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

Accepted Answer

Strategic management fundamentally involves adapting an organization to its external environment. This includes recognizing and responding to changes, threats, and opportunities in the market or broader environment in which the organization operates, ensuring its long-term success and sustainability.

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

Accepted Answer

The corporate level involves top management directing the overall strategy for the entire organization, focusing on long-term objectives and overall growth.

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

Accepted Answer

The three main organizational levels are corporate level, business level, and functional level, which represent the highest, middle, and lower tiers of an organization's structure, respectively.

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

Accepted Answer

The answer of The functional level strategy of marketing function...

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

Accepted Answer

All the options listed (Scanning, Formulation, Implementation) are elements of the strategic management process, so the correct answer is "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.

Accepted Answer

A stakeholder is any individual or group who has an interest in or is affected by the activities of a business, which includes owners, employees, customers, suppliers, and even the community, not just those who own it or buy its shares.

Quiz 1: Strategic Management

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

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

------------ 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.

The acronym SWOT stands for

is the foundation of blue ocean strategy.

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

An organisation's strategy:

The primary focus of strategic management is:

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

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

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

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

The task of strategy choice involves:

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

The corporate level is where top management directs:

The three main organizational levels are:

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.

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

What is meant by the term 'Stakeholder'?