Strategic Management

Ikea is an example of

• A differentiated strategy

• A low cost strategy

• a market segment focused differentiated strategy

• a market-segment cost-focused strategy

Strategic planning is....

• Long term planning

• Short term planning

• General planning

• Seasonal planning

Which is the FIRST step in the strategic Management process?

• Monitoring and evaluating strategies

• Developing the vision and mission

• Strategy formulation

• Goals and Objectives

The acronym SWOT stands for

• Special Weapons for Operations Timeliness

• Services, Worldwide Optimization, and Transport

• Strengths Worldwide Overcome Threats

• Strengths, Weaknesses, Opportunities, and Threats

The fundamental purpose of an organization’s mission statement is to

• create a good human relations climate in the organization

• define the operational structure of the organization

• define the organization’s purpose in society

• generate good public relations for the organization

The fundamental purpose for the existence of any organization is described by its

• policies

• mission

• procedures

• strategy

_______ & THREATS ARE EXTERNAL FACTORS OVER WHICH THE BUSINESS HAS NO CONTROL.

• OPPORTUNITIES

• WEAKNESSES

SWOT ANALYSIS CONVERTS THREATS INTO ______.

• ADVANTAGES

• DISADVANTAGES

WHICH OF THESE IS A COMPETITIVE STRATEGY IN NATURE?

• DIFFERENTIATION

• FOCUS

What is the strategic management process?

• A random set of decisions taken by a firm

• A process to avoid risks

• The full set of commitments, decisions, and actions firms take to achieve strategic competitiveness and earn above-average returns

• A process to achieve average returns