Strategic Management

Sometimes ________ is used to refer to strategic formulation, implementation and

evaluation, with ________ referring only to strategic formulation

• a. strategic planning; strategic management

• b. strategic planning; strategic processing

• c. strategic management; strategic planning

• d. strategic management; strategic processing

Answer explanation

During what stage of strategic management are a firm's specific internal strengths and

weaknesses determined?

• Formulation

• Implementation

• Evaluation

• Feedback

What step in the strategic development process involves mobilizing employees and

managers to put strategies into action?

• Strategy formulation

• Strategy evaluation

• Strategy implementation

• Strategic advantage

________ is NOT a strategy-implementation activity.

• Taking corrective actions

• Establishing annual objectives

• Devising policies

• Allocating resources

Strategy evaluation is necessary because....

• Success today is a guarantee of success tomorrow

• Internal and external factors are constantly changing

• Help identify the effectiveness of a strategy

• Measure progress toward goals, and determine whether changes are necessary

Which of the following is not a part the Macro Environment

• Laws & Policies

• Demographics

• Suppliers

• Social Values

In strategic management, SWOT stands for ______

• Strength, Weakness, Opportunity, Thread

• Strength, Weakness, Opportunity, Threat

• Strong, Weak, Open, Transparent

• Strategic Weapons for Worldwide Tactics

In SWOT analysis, OT reflects ________factors

• Internal

• External

• International

• Necessary

________ helps a firm understand which of its resources and capabilities are likely to be

sources of competitive advantage

• Competitive analysis

• External analysis

• Strategic choice

• Internal analysis

Green Frog is an environmentally friendly firm in the cosmetics industry that has decided to

undertake a strategic planning project. It wants to ensure that it performs the process correctly

and so intends to start the process with the first step of the strategic planning process, which is....

• defining its business level strategy

• setting objectives

• defining its mission and vision

• measuring performance.