Quiz 2 - GHOL4023

Which of the following is NOT a step in the strategic management process?

• Srategy evaluation

• Strategy execution

• Strategy improvisation

• Strategy formulation

Which of the following is an example of a technological factor that can impact the hospitality industry?

• Demographic changes

• New online booking systems

• Changes in labor laws

• Economic recession

What are the two main components of business environment scanning?

• Internal analysis and competitor analysis

• Economic analysis and legal analysis

• Market research and customer feedback

• Political analysis and technological analysis

Which of the following is an example of an external factor that can impact the business environment?

• Employee turnover rate

• Marketing strategy

• Economic conditions

• Internal communication

Which of the following is an example of a social factor that can influence the hospitality industry?

• Technological advancements

• Changes in consumer behavior

• Changes in government regulations

• Fluctuations in the stock market

Which of the following is an example of a core competency?

• Efficient supply chain management

• Cost reduction initiatives

• Short-term financial gains

• Basic customer service skills

True or False: Strategic management is a one-size-fits-all approach that can be applied to any industry.

• True

• False

How does strategic management contribute to sustainable competitive advantage?

• By focusing on short-term profitability

• By continuously adapting to industry trends

• By imitating successful competitors' strategies

• By leveraging unique resources and capabilities

Which level of strategy focuses on specific actions and initiatives to achieve business unit objectives?

• Corporate strategy

• Business unit strategy

• Functional strategy

• Operational strategy

What is the primary purpose of conducting a value chain analysis?

• Identifying core competencies

• Assessing market demand

• Evaluating financial performance

• Understanding customer preferences