Strategic Management Worksheet

1. The main focus of strategic management is:

• Daily operations

• Long-term goals and competitive advantage

• Accounting control

• Employee training

Which of the following is a key feature of strategy?

• Past-oriented

• Always short-term

• Provides overall direction

• Based only on guesswork

Strategy and tactics differ because:

• Strategy is long-term; tactics are short-term

• Tactics are long-term; strategy is short-term

• Both are short-term actions

• Both mean the same

SWOT analysis is used to analyze:

• Strengths, Weaknesses, Opportunities, Threats

• Systems, Workforce, Objectives, Time

• Skills, Work, Operations, Targets

• Suppliers, Weakness, Options, Trends

Which of the following is not part of Porter’s Five Forces Model?

• Bargaining power of buyers

• Threat of substitutes

• Level of inflation

• Rivalry among competitors

At which level are functional strategies framed?

• Top level management

• Middle level management

• Department level (e.g., HR, Marketing, Finance)

• Government level

Strategic decision making is different from routine decisions because it:

• Involves low risk

• Focuses on short-term outcomes

• Affects the whole organization in the long run

• Requires no resources

Which is not an approach to strategic decision making?

• Intuitive approach

• Analytical approach

• Creative approach

• Daily operational approach

Role of strategic management in organizations is to:

• Provide long-term direction

• Handle routine administrative tasks

• Reduce HR requirements

• Focus only on accounting

A limitation of strategic management is:

• It ensures success always

• It is costly and time-consuming

• It avoids risks completely

• It ignores external environment