T4 online quiz

1. 1. What are the stages of Strategic Management?

• Strategy formulation > Strategy evaluation > Strategy implementation

• Strategy formulation > Strategy implementation > Strategy evaluation

• Strategy evaluation > Strategy implementation > Strategy formulation

• Strategy evaluation > Strategy formulation > Strategy implementation

2. 2. Among the following, which is TRUE for Strategy Formulation?

• Developing a vision and mission

• Establishing long-term objectives

• Determining internal strengths and weaknesses

• All of the above

3. 3. Strategy Evaluation is often called the action stage.

4. True or False?

• True

• False

4. 4. Which is NOT a fundamental activity for Strategy Evaluation?

• Reviewing external and internal factors that are the bases for current strategies

• Measuring performance

• Allocate resources so that formulated strategies can be executed

• Taking corrective actions

5. 5. Enhanced communication > Deeper/ Improved understanding > X > The result.

6. Above are benefits to a firm that does strategic planning. What is X?

• Greater commitment

• Greater participation

• Greater success rate

• All of the above

6. 6. Strategic planning enable a firm to develop deeper/improved understanding of others’ views and what the firm is doing/planning and why.

7. True or False?

• True

• False

7. 7. Among the following, which is the reason that some firms do no strategic planning?

• No formal training in strategic management

• No punishment for not planning

• No monetary rewards for doing planning

• All of the above

8. 8. The following are pitfalls in strategic planning EXCEPT

• Using strategic planning to gain control over decisions and resources

• Failing to communicate the plan to employees, who continue working in the dark

• Top managers making intuitive decisions that does not conflict with the formal plan

• Failing to use plans as a standard for measuring performance

9. 9. A vision statement should answer the basic question;

10. “What do we want to become?”

11. True or False?

• True

• False

10. 10. Only selective managers should have input into developing the vision statement.

True or False?

• True

• False