CS Module 1

What is the meaning of strategy in strategic management?

• A detailed action plan for daily operations
  
  

• A comprehensive plan to achieve long-term goals

• A financial budget for the next fiscal year

• A marketing campaign for product promotion

Strategic management primarily focuses on

• Daily administrative tasks

• Short-term operational efficiency

• Long-term competitive advantage

• Employee salary negotiations
  
  

Which of the following is NOT a stage in strategic management?

• Strategy formulation

• Strategy implementation
  
  

• Strategy evaluation

• Strategy elimination
  
  

The strategic management model begins with

• Setting annual objectives

• Establishing vision and mission

• Conducting SWOT analysis

• Allocating resources
  
  

Which of the following is a benefit of strategic management?

• Reduced employee turnover

• Improved decision-making

• Lower production costs
  
  

• Faster product delivery
  
  

Competitive advantage refers to

• A unique strength that outperforms rivals

• Government subsidies
  
  

• Having the lowest prices in the market

• A large number of employees
  
  

Who are considered strategists in a company?

• Only the CEO

• Frontline employees
  
  

• External auditors
  
  

• Top-level executives and managers

A vision statement describes

• Current business operations

• Short-term financial targets

• The company’s future aspirations

• Employee job descriptions
  
  

A mission statement defines

• The company’s purpose and scope

• Annual sales targets
  
  

• Employee benefits
  
  

• Competitor analysis

.Long-term objectives in strategic management typically span

• 1-2 years

• 3-5 years or more

• 6 months
  
  

• Quarterly periods