STRATEGIC MANAGEMENT_TM2

1.      These are companies that offer products or services that are almost identical to those of your business, targeting the same customer base and competing for the same market share.

• a. Direct Competitors         

• b. Market leaders

• c. Indirect competitors

• d. Substitute competitors

     2. Which of the following is an example of a political factor that could affect a business? 

• a. Market demand fluctuations.

• b. Government regulations and policies.

• c. Technological advancements.

• d. Consumer preferences.

3.      Which leadership style is characterized by leaders who make decisions without consulting their team members?

• a.  Democratic        

• b. Laissez-faire

• c.  Autocratic

• d.  Transformational

   

4. 4. In a SWOT analysis, which of the following would be considered a threat?

• a. High employee turnover

• b. Technological advancements in the industry

• c. Strong customer loyalty

• d. Access to a highly skilled workforce

5. Which of the following is one of Michael Porter’s generic strategies for achieving competitive advantage?

• a. Cost leadership

• b. Market diversification

• c. Cost minimization

• d. Product development

6. Which of the following is the primary purpose of an organization’s mission statement?

• a. To describe the company’s long-term goals and aspirations.

• b. . To set the company’s financial targets for the next fiscal year.

• c. To define the company’s purpose and core values.

• d. To analyze the external factors impacting the business.

7. 7. What is the purpose of strategic control in the strategic management process?

• a. To identify potential new markets

• b. To monitor and adjust the execution of strategies

• c. To evaluate company performance relative to competitors

• d. To create new organizational policies

8. A good vision statement should be;

• a. Vague and open to interpretation.           

• b. Short and concise, with no clear direction.

• c. Clear and easy to understand, providing a sense of direction.

• d. Complex and detailed to include all business aspects.

9. Which of the following is NOT typically considered a core value?

• a. Integrity

• b. Accountability

• c. Profit maximization

• d. Innovation

10. In strategic leadership, decision-making should be:

• a. Based solely on intuition and gut feelings.

• b. Data driven that consider both the immediate and long term impacts on the organization.

• c. Focused only on minimizing costs and maximizing profits.

• d. Made without considering the broader organizational goals.