Quiz 1

The most widely used tool for diagnosing the principle competitive pressures in a market is the:

• SWOT.
• Competitor Profiling.
• Five Forces Model.
• Market analysis.

What is the last step of the Strategic Management Process?

• Formulating Strategies
• Implementing Strategies
• Evaluating Results
• Evaluating Weakness

Which of the following is generally NOT considered a barrier to entry?

• The reaction of incumbent firms to rapid market growth.
• Strong brand preferences and a high degree of customer loyalty.
• High capital requirements and restrictive government policies.
• Strong “network effects” in customer demand.

Which is NOT a part of Porters 5 forces?

• Bargaining power of Suppliers

• Threat of New entrants

• Bargaining power of customers

• Financial threat

Which of the following is NOT part of a company's macro-environment?

• The company's resource strengths, weaknesses and competitive capabilities.
• Economic factors.
• Political and Socio-Cultural factors.
• Technological factors and Legal conditions.

When developing strategy for organization, which questions should we ask first?

• How we will get there on a daily to weekly basis?

• How are our departmental operational plans?

• What are our short-term goals and operational objectives? How do we break down a larger strategic goal into workable tasks?

• Where do we compete? What unique value do we bring to market? Which resources do we have or need? How do we sustain our value?

Which is the FIRST step in the strategic Management process?

• Monitoring and evaluating strategies

• Developing the vision and mission

• Strategy formulation

• Goals and Objectives

The internal business environment consists of...

• factors that directly impact the organisation

• factors that influence the operations of the business

• factors that influence the wider environment in which the business operates

A company’s strategic vision describes:

• why the company does certain things in trying to please its customers.
• management’s storyline of how it intends to make a profit with the chosen strategy.
• management’s aspirations for the future and delineates the company’s strategic course and long-term direction.
• what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.

An external analysis is the process of scanning and evaluating an organization's various external environmental sectors to determine positive and negative trends that could impact on organizational performance.

• True

• False