Business Policy & Strategy

Developing a vision and mission, identifying an organization's external opportunities and threats, and determining internal strengths and weaknesses are all __________ activities.

• strategy-formulation

• strategy-implementation

• long-range planning

• short-range planning

The three stages of strategic management are

• Strategy formulation, strategy implementation, and strategy execution

• Strategy formulation, strategy execution, and strategy assessment

• Strategy formulation, strategy implementation, and strategy evaluation

• Stratify assessment, strategy execution, and strategy evaluation

How often should strategic-management activities be performed?

• Annually

• Quarterly

• Monthly

• Continuously

In a large organization, strategic management activities occur at what level(s)?

• Corporate and divisional only

• Divisional

• Strategic business unit only

• Functional, divisional, and corporate

In a dynamic market environment, competition requires a firm to regularly manage:

• Quality

• Differentiation

•  Focus

• Change

Internal strengths and weaknesses are usually

• The major cause of organizational demise or success.

• Controllable activities within an organization.

• Most important for CEOs and the board of directors.

• Not as important as external opportunities and threats.

Corporate Level Strategies are basically about decisions related to:

• Allocating resources among different businesses

• Transferring resources from one set of business

• Managing portfolio of business

• All of the above

Concentration is a first-level type of _____________strategy

• Expansion

• Stability

• Retrenchment

• Combination

Competitive Advantage can be attained due to __________

• Lower Cost

• Differentiation

• Both a and b

• None of the above

Strategic evaluation operates at __________

• Strategic level

• Operational Level

• Both a and b

• None of the above