Strategic Management Quiz

The emphasis of strategic management is on

• monitoring and evaluating external opportunities and threats in light of a corporation's strengths and weaknesses.

• first line managers.

• the short-run performance of the corporation.

• an examination of the organization's internal environment.

• an investigation of competitor actions.

Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is

• externally oriented planning.

• basic financial planning.

• internally oriented planning.

• forecast-based planning.

• strategic management.

The time horizon involved with regard to basic financial planning is usually

• one year.

• one quarter.

• more than five years.

• less than one month.

• more than three years.

A difference between basic financial planning and forecast-based planning is

• the time horizon is shorter in forecast-based planning.

• forecast-based planning incorporates internal and external information.

• basic financial planning utilizes consultants with sophisticated techniques.

• basic financial planning utilizes scenarios and contingency strategies.

• basic financial planning relies heavily on input from lower levels in the organization.

Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as

• forecast-based planning.

• externally oriented planning.

• strategic management.

• basic financial planning.

• none of the above.

In the final phase of strategic management, strategic information is available to

• people throughout the organization.

• the top management responsible for decision making.

• middle management.

• operational personnel.

• only those responsible for implementing the strategy.

In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?

• clearer sense of vision for the firm

• higher levels of employee motivation

• higher levels of job satisfaction

• improved productivity

• lower employee turnover

When an organization is evaluating its strategic position, which is NOT one of the strategic questions that an organization may ask itself?

• Where is the organization now?

• Are we a socially responsible firm?

• If no changes are made, where will the organization be in one year?

• If the evaluation is negative, what specific actions should management take?

• If no changes are made, where will the organization be in 10 years?

Research of the planning practices of companies in the oil industry concludes that the real value of modern strategic planning is more

• should always be formalized and explicitly stated.

• must be elaborate to allow for future growth.

• should be done by the president only.

• Strategic planning within a small organization

• in the planning.

The integrated internationalization of markets and corporations is called

• normalization.

• economic integration.

• globalization.

• nationalization.

• regionalization.