Strategic Management Quiz

What is strategic management?

• A set of decisions for long-term performance

• A kind of exercise

• A way to play games

• A type of food

What is the first element of strategic management?

• Strategic formulation

• Evaluation and control

• Environment scanning

• Strategy implementation

What does SWOT stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Simple, Weak, Open, Tough

• Strong, Wide, Open, Time

• Safe, Weak, Open, Threat

What is a strength in SWOT analysis?

• A missed opportunity

• A weak point

• A unique resource

• A negative trend

What is a weakness in SWOT analysis?

• A resource needed but not possessed

• A strong point

• A positive trend

• Something done well

What is an opportunity in SWOT analysis?

• A negative trend

• A weak point

• A positive trend

• A strong point

What is a threat in SWOT analysis?

• A negative trend

• A unique resource

• A strong point

• A positive trend

What is a lower cost strategy?

• Designing a product efficiently

• Offering the highest price

• Ignoring competition

• Providing unique value

What is a differentiation strategy?

• Offering the same product as others

• Lowering prices for everyone

• Providing unique or superior value

• Ignoring customer needs

What is a cost focus strategy?

• Focusing on a specific buyer group

• Ignoring market segments

• Focusing on all customers

• Offering the highest quality