Strategic Management Quiz

What is the basic function of management according to Harold Koontz?

• Organizing

• Directing

• Staffing

• Planning

What is the purpose of strategic planning according to Igor Ansoff?

• To delegate planning to a planner

• To measure performance

• To review external and internal factors

• To exploit and create new opportunities

What is the process of developing a vision and mission statement, identifying the organization's SWOT, and establishing long-term objectives called?

• Strategy Evaluation

• Strategy Implementation

• Resource-Based Model

• Strategy Formulation

What is the term used to describe any activity a firm does specifically well compared to activities of other companies?

• Long-Term Objectives

• Goals

• Competitive Advantage

• Strategists

What are the three fundamental strategy evaluation activities?

• Recruiting, Controlling, Evaluating

• Developing, Redirecting, Linking

• Reviewing, Measuring Performance, Taking Corrective actions

• Planning, Organizing, Directing

What is the term used to describe the individuals responsible for an organization's success or failure?

• Strategists

• Competitive Advantage

• Goals

• Long-Term Objectives

What is the term used to describe the specific results that the organization seeks in pursuing its basic mission?

• Annual Strategies

• Objectives

• Goals

• Long-Term Objectives

What are the pitfalls to watch out for and avoid in strategic planning?

• Delegating planning to a planner rather than involving all managers

• Using strategic planning to gain control over decisions and resources

• Failing to communicate the plans to employees

• Top managers make intuitive decisions that conflict with the formal plan

What is the term used to describe the process of bringing together physical, financial, and human resources for the achievement of organizational goals?

• Staffing

• Directing

• Organizing

• Planning

What is the term used to describe the company's game plan and the product of the strategic management process?

• SWOT Analysis

• Mission Statement

• Strategic Plan

• Strategic Vision