PRELIM EXAM ON STRATEGIC MGMT

What is the primary focus of strategic management?

• Day-to-day operations

• Formulating, implementing, and evaluating cross-functional decisions to achieve organizational objectives

• Managing financial resources

• Marketing and sales strategies

Which of the following is NOT a key component of strategic management?

• Environmental scanning

• Strategy formulation

• Employee motivation

• Strategy implementation

What does environmental scanning involve?

• Analyzing the internal and external factors that can affect an organization

• Conducting market research

• Assessing financial performance

• Identifying customer needs

What is the purpose of strategy formulation?

• To develop long-term goals and objectives

• To allocate resources effectively

• To create a detailed action plan

• To define the organization's mission, vision, and strategic choices

What does strategy implementation entail?

• Putting the chosen strategies into action

• Monitoring the progress of the strategies

• Making adjustments to the strategies as needed

• All of the above

What is the role of strategic evaluation?

• To assess the effectiveness of the implemented strategies

• To identify areas for improvement

• To ensure that the strategies are aligned with the organization's goals

• All of the above

Which of the following is NOT a strategic management theory mentioned in the presentation?

• Classical approach

• Emergent strategy

• Systems thinking

• Contingency theory

What does the resource-based view (RBV) emphasize?

• The importance of adapting to external changes

• The role of leadership in strategic management

• The value of an organization's unique resources and capabilities

• The need for a formal strategic planning process

Which of the following is NOT a key concept in strategic management?

• Strategy

• Tactic

• Profit maximization

• Operations

What is the difference between a strategy and a tactic?

• A strategy is a broad plan of action, while a tactic is a specific action taken to achieve a goal

• A strategy is short-term, while a tactic is long-term

• A strategy is operational, while a tactic is strategic

• There is no difference between the two