Strategic Management Quiz

The term "strategy" is derived from the Greek word "strategos," which means:

• Tactics

• Leadership

• Generalship

• Management

Strategic management is best described as:

• A reactive process

• A continuous process

• A shortterm planning method

• A strictly functional activity

Which is NOT part of the strategic management framework?

• Environmental scanning

• Strategy formulation

• Strategy implementation

• Operational budgeting

Which tool is used in external environmental analysis?

• SWOT matrix

• Porter's Five Forces

• Resource audit

• Core competencies

SWOT analysis combines:

• Internal strengths and external threats

• Internal weaknesses and external opportunities

• Internal strengths/weaknesses and external opportunities/threats

• Competitor strengths and financial ratios

At which level does corporate strategy operate?

• Single product division

• SBU level

• Entire organization or portfolio

• Function-specific areas

Business-level strategy deals with:

• The firms' overall geographic mix

• Industry-level competitive positioning

• Resource allocation across SBUs

• Functional-level policies

Functional strategy focuses on:

• Which industries to enter

• Longterm direction

• Supporting corporate/business strategies through marketing, finance, etc.

• M&A decisions

The phases of strategic management include:

• Scanning → Formulation → Budgeting

• Formulation → Implementation → Evaluation

• Mission setting → Benchmarking → Controlling

• Planning → Organizing → Staffing

Who is often called the "Father of Strategic Management"?

• Chandler

• Ansoff

• Porter

• Nash