BME 302 Midterm Exam

Statement 1: Strategic management is an art and science of formulating, implementing and evaluating cross-functional decision that enable an organization to achieve its objective.

Statement 2: Strategic management focuses on 2 major areas of business, the finance management and operations management.

• Statement 1 and statement 2 are true.

• Statement 1 is true and statement 2 is false.

• Statement 1 is false and statement 2 is true.

• Statement 1 and statement 2 is false.

Which of the following is not included in the phases of strategic management?

• Strategy Implementation

• Strategy Planning

• Strategy Formulation

• Strategy Evaluation

What is the phase of strategic management involves developing an organization's vision and mission, analyzing external opportunities and threats, identifying internal strengths and weaknesses, establishing long-term objectives, generating and evaluating strategies, and ultimately selecting the best strategies to pursue?

• Strategy Formulation

• Strategy Implementation

• Strategy Evaluation

• All of the phases

What is the phase of strategic management focuses on setting annual objectives, creating policies, motivating employees, and allocating resources to effectively execute formulated strategies, often referred to as the "action stage" of strategic management, where employees and managers are mobilized to put the strategies into practice?

• Strategy Formulation

• Strategy Implementation

• Strategy Evaluation

• All of the phases

What phase of strategic management serves as the main method for assessing whether strategies are effective, allowing adjustments as internal and external factors change over time, making future modifications essential?

• Strategy Formulation

• Strategy Implementation

• Strategy Evaluation

• All of the phases

Which of the following is not an activity done under the strategy evaluation phase?

• Preparing budgets

• Measuring Performance

• Taking corrective actions

• Reviewing external and internal

  factors that are bases for current

  Strategies

Statement 1: Strategic management is all about gaining and maintaining competitive advantage.

    Statement 2: It is the function of the strategist to assure the success of the organization.

• Statement 1 and statement 2 are true.

• Statement 1 is true and statement 2 is false.

• Statement 1 is false and statement 2 is true.

• Statement 1 and statement 2 is false.

Statement 1: Strategic planning is a process focused on learning, guiding, educating, and providing support to achieve organizational goals.

Statement 2: A major aim of strategic planning process is to achieve the understanding of and commitment from all managers.

• Statement 1 and statement 2 are true.

• Statement 1 is true and statement 2 is false.

• Statement 1 is false and statement 2 is true.

• Statement 1 and statement 2 is false.

The following are the benefits of performing strategic planning, except.

• Greater commitment against stakeholders

• Enhanced communication

• Improve customers buying capacity

• Improve understanding on the firm’s plans and other’s view

Statement 1:Making good strategic decisions is the major responsibility of the employees.

Statement 2: Strategic management dialogue is more important than a strategic management document.

• Statement 1 and statement 2 are true.

• Statement 1 is true and statement 2 is false.

• Statement 1 is false and statement 2 is true.

• Statement 1 and statement 2 is false.