Internal Assessment

What is the main purpose of an internal assessment in formulating strategies?

• To gather information about external factors

• To prioritize information about the firm's resources

• To analyze the competition in the market

• To develop marketing strategies

Which of the following is NOT one of the basic activities in marketing?

• Marketing research and target market analysis

• Product planning

• Pricing products

• Managing financial resources

What is the role of finance and accounting in formulating strategies?

• Determining the best capital structure for the firm

• Analyzing the competition in the market

• Developing marketing strategies

• Managing the production and operations

What is the Resource-Based View (RBV) approach in strategic management?

• Emphasizes the importance of external factors in achieving competitive advantage

• Focuses on the role of marketing in formulating strategies

• Contends that internal resources are more important for a firm's competitive advantage

• Advocates for a decentralized management structure

What are the four basic activities of management?

• Planning, organizing, motivating, controlling

• Marketing, finance, accounting, production

• Research and development, information systems, operations, sales

• Human resources, customer service, logistics, quality control

What is the role of management information systems (MIS) in formulating strategies?

• Improving the quality of managerial decisions

• Analyzing the competition in the market

• Developing marketing strategies

• Managing the production and operations

What is the purpose of the Internal Factor Evaluation (IFE) Matrix?

• To assess the external factors affecting a firm

• To evaluate the financial performance of a firm

• To identify the strengths and weaknesses of a firm

• To analyze the market potential of a firm

What is the role of organizational culture in strategic management?

• It has no impact on strategic planning

• It affects the implementation of strategies

• It determines the external factors affecting a firm

• It is unrelated to the success of a firm

What is the main function of production/operations management?

• Transforming inputs into goods and services

• Analyzing the competition in the market

• Developing marketing strategies

• Managing the financial resources

What are the three decisions involved in finance/accounting functions?

• Investment decision, marketing decision, production decision

• Financing decision, pricing decision, promotion decision

• Investment decision, financing decision, dividend decision

• Pricing decision, distribution decision, promotion decision