Strategic Management Quiz

What is the primary focus of strategic management?

• Short-term financial gains

• Market share increase

• Long-run performance of a corporation

• Employee satisfaction

​________ is a set of managerial decisions and actions that help managers determine​ long-run performance of an organization

• Strategic management

• Externally oriented planning

• Forecast-based planning

• Basic financial planning

What does globalization refer to in the context of strategic management?

• The reduction of international trade

• The integrated internationalization of markets and corporations

• The focus on local businesses

• The isolation of markets

Which of the following is NOT a component of the basic model of strategic management?

• Strategy formulation

• Environmental analysis

• Market segmentation

• Evaluation and reassessment

What is a learning organization skilled at?

• Creating, acquiring, and transferring knowledge

• Avoiding change

• Maximizing profits only

• Minimizing employee training

What does the triple bottom line in sustainability involve?

• Profit, loss, and market share

• Profit, innovation, and competition

• Profit, social responsibility, and environmental responsibility

• Profit, employee satisfaction, and customer loyalty

Which theory suggests that organizations can adapt by imitating successful organizations?

• Population ecology

• Institution theory

• Strategic choice perspective

• Organizational learning theory

What is the purpose of a strategic audit?

• To provide a checklist for analyzing corporate functions

• To evaluate employee performance

• To create financial reports

• To assess market trends

Which of the following is an example of a policy?

• Diversify product line to appeal to more people

• Increase sales by ten percent over last year 

• Only acquire companies of 75 employees or more; 75 percent must be engineers

• Develop and sell quality appliances worldwide

The Strategic Management Model presents the following process for strategy formulation. 

•  Objectives followed by Policies, Strategies and lastly Mission

• Mission followed by Policies, Strategies and lastly Objective

• Policies followed by Mission, Strategies and lastly Objectives 

• Mission followed by Objectives, Strategies and lastly Policies