Stratman W1

What is the primary purpose of strategic management?

• Increasing employee satisfaction

• Maximizing short-term profits

• Achieving long-term organizational goals

• Minimizing operational costs

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

• Strategy formulation

• Strategy execution

• Strategy evaluation

• Strategy elimination

Which of the following is NOT a part of strategy formulation?

• Vision & Mission and long-term goals

• External and internal factors

• Preparing budget (finance) and resource allocation

• Selecting strategies

Which of the following is a part of strategy implementation?

• Taking corrective action

• Reviewing and measuring

• Determining internal strengths & weaknesses

• Linking employee compensation to organizational performance

SWOT analysis is a tool commonly used in strategic management. What does SWOT stand for?

• Strengths, Weaknesses, Opportunities, Threats

•  Strategies, Workflows, Objectives, Tactics

• Strengths, Workflow, Operations, Technology

• Success, Wisdom, Outreach, Teamwork

Which of the following is NOT a generic competitive strategy proposed by Michael Porter?

• Cost Leadership

• Differentiation

• Focus

• Market Expansion

What is the role of a mission statement in strategic management?

• Providing a detailed plan for daily operations

• Defining the organization's long-term purpose and values

• Outlining short-term financial goals

• Identifying immediate market trends

What are the three components of a strategy statement?

• Mission, vision, and values

• Objective, scope, and competitive advantage

• Financial goals, marketing plans, and organizational structure

• Short-term targets, long-term goals, and employee roles

Which strategic management theory emphasizes the internal capabilities and resources of a firm as the key drivers of competitive advantage?

• Resource-Based View (RBV)

• Industrial Organization (I/O) View

• Transaction Cost Economics (TCE)

• Game Theory

Which of the following statements aligns with the Industrial Organization (I/O) View theory of strategic management?

• Firms should focus on building unique internal capabilities.

• External market forces and industry structure have a more significant impact on a firm's performance than its internal resources.

• Competitive advantage is solely derived from a firm's intangible assets.

• The RBV theory is the most accurate representation of competitive dynamics.