Quiz on Developing Strategy

What is the first stage of developing a strategy?

• Formation

• Analysis

• Goal-Setting

Which of the following is NOT a characteristic of good strategy?

• Fits with resources

• Increases costs

• Provides overall direction

What does SWOT analysis help identify?

• Financial goals

• Internal strengths and weaknesses

• Customer satisfaction

What does the acronym SMART stand for in the context of objectives?

• Specific, Measurable, Achievable, Realistic, Time-bound

• Simple, Manageable, Achievable, Relevant, Timely

• Strategic, Measurable, Attainable, Realistic, Timed

In the analysis stage, what is the primary focus?

• Communicating with stakeholders

• Gathering and analyzing information

• Setting long-term goals

What is the purpose of a mission statement?

• To set tactical plans

• To communicate goals to employees and customers

• To analyze market trends

Which of the following best describes tactical plans?

• Detailed short-term plans that support strategic objectives

• SWOT analysis results

• Long-term vision statements

What is the role of strategic objectives in a business?

• To analyze employee performance

• To set daily tasks

• To highlight priorities and inform plans

What should be prioritized when formulating a strategy?

• Employee satisfaction

• Company resources

• Issues facing the company by their importance

How does good strategy minimize resistance?

• By attracting allies and deterring opponents

• By increasing costs

• By avoiding change