Strategic Management_Introduction

Strategic Management_Introduction

University

10 Qs

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Strategic Management_Introduction

Strategic Management_Introduction

Assessment

Quiz

Education

University

Practice Problem

Hard

Created by

Keshawa Perera

Used 32+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which of the following best describes strategic management?

Short-term planning to achieve operational efficiency

Long-term planning to achieve organizational goals and objectives

Tactical decision-making to handle day-to-day operations

Financial planning to maximize profits in the short run

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is SWOT analysis used for in strategic management?

To identify strengths and weaknesses of competitors

To evaluate internal strengths and weaknesses, and external opportunities and threats

To analyze historical financial data of the company

To forecast market trends for the upcoming year

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What does the acronym VRIO stand for in strategic management?

Value, Rarity, Imitability, Organization

Vision, Resources, Integration, Objectives

Value, Resources, Intangibility, Objectives

Vitality, Risk, Implementation, Outcomes

4.

MULTIPLE CHOICE QUESTION

45 sec • 10 pts

What is the main purpose of a mission statement in strategic management?

To communicate the company's financial goals to stakeholders

To provide a roadmap for achieving operational efficiency

To outline the company's core purpose and values

To analyze competitors and market trends

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is strategy?

A detailed plan for day-to-day operations

A broad plan for achieving long-term goals

A short-term tactical decision

A financial projection for the next quarter

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is the role of strategic planning in an organization?

To focus solely on short-term goals

To adapt to changing market conditions

To minimize risks by avoiding long-term commitments

To maintain the status quo without any changes

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What does the acronym SMART stand for in the context of setting strategic objectives?

Specific, Measurable, Actionable, Realistic, Timely

Strategic, Meaningful, Achievable, Relevant, Time-bound

Specific, Measurable, Attainable, Realistic, Timely

Strategic, Meaningful, Actionable, Relevant, Time-bound

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