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

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

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

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

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

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

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

What is meant by a "differentiation" strategy in strategic management?

• Offering unique products or services that are perceived as distinct from competitors

• Competing based on lower prices than competitors

• Focusing on a specific niche market

• Expanding into international markets

Which strategy aims to keep costs and prices below those of competitors while maintaining acceptable quality?

• Cost leadership

• Differentiation

• Focus

• Diversification

What is meant by a "blue ocean strategy"?

• Creating uncontested market space and making competition irrelevant

• Focusing on intense competition within existing market space

• Entering a market with low demand and high competition

• Diversifying into multiple industries simultaneously