Understanding Strategic Management Concepts

What is the definition of strategy in a business context?

• A detailed plan for day-to-day operations.

• A long-term plan designed to achieve specific goals.

• A short-term financial forecast.

• A list of company policies.

Which of the following is NOT a level of strategy?

• Corporate strategy

• Business strategy

• Functional strategy

• Operational strategy

What is a characteristic of a good strategy?

• It is vague and flexible.

• It is specific and measurable.

• It is based on assumptions.

• It is reactive rather than proactive.

Which of the following is the first stage in strategic management?

• Strategy implementation

• Strategy evaluation

• Strategy formulation

• Goal setting

What does strategic management involve?

• Only the planning of strategies.

• The formulation, implementation, and evaluation of strategies.

• The execution of day-to-day tasks.

• The management of financial resources.

Which level of strategy focuses on how to compete successfully in particular markets?

• Corporate strategy

• Business strategy

• Functional strategy

• Operational strategy

What is the primary focus of corporate strategy?

• Day-to-day operations

• Long-term growth and overall scope of the organisation

• Marketing and sales tactics

• Employee training programmes

Which stage of strategic management involves monitoring and assessing the strategy's effectiveness?

• Strategy formulation

• Strategy implementation

• Strategy evaluation

• Goal setting

What is a key characteristic of strategic management?

• It is a one-time event.

• It is an ongoing process.

• It is only relevant for large companies.

• It is focused solely on financial outcomes.

Which of the following is a functional strategy?

• Deciding to enter a new market

• Developing a new product line

• Improving customer service

• Merging with another company