Strategic Management Quiz

What is strategic management?

• Daily operations of a company

• Creating advertisements

• What managers do to develop the organization's strategies

• Managing HR activities

What does a business model primarily focus on?

• Employee training

• Leadership style

• Customer value and profitability

• Office design

Which of the following is NOT a step in the strategic management process?

• Evaluating results

• Implementing strategies

• Doing internal analysis

• Budget forecasting

A SWOT analysis includes all the following EXCEPT:

• Strengths

• Sales

• Weaknesses

• Opportunities

What is the purpose of a mission statement?

• Hiring more employees

• Defining the organization's reason for being

• Determining salaries

• Allocating office space

What is the growth strategy that focuses on expanding through acquiring competitors?

• Vertical integration

• Diversification

• Horizontal integration

• Retrenchment

Which of the following is a 'Cash Cow' in the BCG Matrix?

• Amazon Pharmacy

• Google Ads

• Tesla

• Yahoo

What is the focus of the differentiation strategy?

• Lowering product costs

• Offering unique and distinctive products

• Limiting product lines

• Merging with competitors

Which force in Porter's Five Forces model refers to the impact of alternative products?

• Threat of new entrants

• Threat of substitutes

• Buyer power

• Supplier power

What is 'strategic flexibility'?

• Using flexible work hours

• Outsourcing tasks

• The ability to adapt and respond to changing conditions

• Hiring only part-time workers