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WorksheetsStrategic Management Quiz
Total questions: 70
Worksheet time: 52mins
Stability strategy is a (a) strategy
Strategy is developed by the visionary chief executive in (a) mode of Strategic management
What are the means by which long term objectives will be achieved
Strategies
Policies
Strength
Opportunities
Marketing Strategy is a (a) type of strategy
When an industry relies heavily on government contracts, which forecasts can be the most important part of an external audit
Economic
Competitive
Political
Multinational
A possible and desirable future state of an organisation is called:
Mission
Vision
Strategy Implementation
Strategy Formulation
What are the guides to decision making?
Rules
Procedures
Goals
Policies
The fundamental purpose for the existence of any organization is described by its
Policies
Mission
Procedures
Strategy
The fundamental purpose of an organization’s mission statement is to
create a good human relations climate in the organization
generate good public relations for the organisation
define the organization’s purpose in society
define the operational structure of the organization
Which of the following is an issue considered in developing corporate strategies?
What business(es) are we in?
What direction are we going?
What businesses are we in and what to do with those businesses?
What resources do we have to implement our strategies?
Which of the following is not a characteristic of strategic management that makes it different from other types of management?
It is interdisciplinary
It has an external focus
It has an internal focus
It concerns the present direction of the organization
Which of the following is NOT a major element of the strategic management process?
Formulating strategy
Implementing strategy
Evaluating strategy
Assigning administrative tasks
Competitive advantage can best be described as:
increased efficiency
what sets an organization apart
a strength of the organization
intangible resources
The various organizational routines and processes that determine how efficiently and effectively the organization transforms its inputs into outputs are called:
strengths
core competencies
capabilities
customer value
When defining strategic management the most important thing to remember is that it is:
Not as easy as you think
Mainly the province of senior managers
A living evolving process
More conceptual than practical
A way of determining responsibilities
An organisation’s strategy:
remains set in place longer than the mission and objectives
generally forms over a period of time as events unfold
tends to be formed at the same time the mission is developed and objectives are formulated
is usually conceived at a single time when managers sit down and work out a comprehensive strategic plan for the next 3-5 years
The primary focus of strategic management is:
strategic analysis
the total organisation
strategy formulation
strategy implementation
Which of the following is not an advantage of strategic management?
It provides organisations with a clearer sense of direction and purpose
It helps improve the political, economic, social and technological environment of the organisation
It helps orientate management decisions to relevant environmental conditions
It helps organisations be proactive rather than reactive
Which of the following defines what business or businesses the firm is in or should be in?
Business strategy
Corporate strategy
Functional strategy
National strategy
Which of the following defines how each individual business unit will attempt to achieve its mission?
Business strategy
Corporate strategy
Functional strategy
National strategy
Which of the following focuses on supporting the corporate and business strategies?
Competitive strategy
Corporate strategy
Operational strategy
National strategy
Mission strategy
Which one of the following is not a primary task of strategic managers?
Establishing strategic objectives
Developing the steps to follow in implementing operational level plans
Defining the business and developing a mission
Developing a strategy
Implementing and evaluating the chosen strategy
The task of strategy choice involves:
developing plans and activities which will improve the organisation’s performance and competitive position
determining how the organisation can be more market and efficiency oriented
monitoring whether the organisation is achieving good financial performance
keeping the organisation free of debt
Which one of the following is at the core of strategic management?
Choosing which organisational objectives to focus on
Being alert for opportunities to change work responsibilities
Adapting the organisation to a changing external environment
Choosing whether to make decisions autocratically or on the basis of participation
Which one of the following is at the core of strategic management?
Choosing which organisational objectives to focus on
Being alert for opportunities to change work responsibilities
Adapting the organisation to a changing external environment
Choosing whether to make decisions autocratically or on the basis of participation
The corporate level is where top management directs:
all employees for orientation
its efforts to stabilize recruitment needs
overall strategy for the entire organization
overall sales projections
The three organizational levels are:
corporate level, business level, functional level
corporate level, business unit level, functional level
corporate strategy level, business unit level, functional level
corporate strategy level, business level, specialist level
Which of the following is an example of competing on quick response?
a firm produces its product with less raw material waste than its competitors
a firm offers more reliable products than its competitors
a firm’s products are introduced into the market faster than its competitors’
a firm’s research and development department generates many ideas for new products
Which one of the following is NOT included in the Porter’s Five Forces model:
Potential development of substitute products
Bargaining power of suppliers
Rivalry among stockholders
Rivalry among competing firms
Of the following, which one would NOT be considered one of the components of a mission statement?
The target market for XYZ is oil and gas producers as well as producers of chemicals.
XYZ shall hire only those individuals who have with sufficient educational levels so as to be of benefit to our customers
The customers of XYZ shall include global and local consumers of gas and oil products and domestic users of nontoxic chemicals
The technologies utilized by XYZ shall focus upon development of alternative sources of gas and oil so as to remain competitive within the industry
The goal of the organization’s (a) is to capture the hearts and minds of employees, challenge them, and evoke their emotions and dreams.
A firm’s mission
is a statement of a firm’s business in which it intends to compete and the customers which it intends to serve.
is an internally-focused affirmation of the organization’s financial, social, and ethical goals.
is mainly intended to emotionally inspire employees and other stakeholders.
is developed by a firm before the firm develops its vision.
The environmental segments that comprise the general environment typically will NOT include
demographic factors
sociocultural factors
substitute products or services
technological factors
An analysis of the economic segment of the external environment would include all of the following EXCEPT
interest rates
international trade
the strength of the U.S. dollar
the move toward a contingent workforce
Which of the following is NOT an entry barrier to an industry?
expected competitor retaliation
economies of scale
customer product loyalty
bargaining power of suppliers
Switching costs refer to the:
cost to a producer to exchange equipment in a facility when new technologies emerge.
cost of changing the firm’s strategic group.
one-time costs suppliers incur when selling to a different customer.
one-time costs customers incur when buying from a different supplier.
New entrants to an industry are more likely when (i.e., entry barriers are low when…)
it is difficult to gain access to distribution channels.
economies of scale in the industry are high.
product differentiation in the industry is low.
they are in a highly fragmented industry.
The highest amount a firm can charge for its products is most directly affected by
expected retaliation from competitors.
the cost of substitute products.
variable costs of production.
customers’ high switching costs.
All of the following are forces that create high rivalry within an industry EXCEPT
numerous or equally balanced competitors.
high fixed costs.
fast industry growth.
high storage costs.
It consists of the organization's dreams, aspirations, interests, expectations, philosophies, as well as, leadership and management styles and ethical practices.
Organizational vision
strategic management
Value system
mission statement
It is different from goals which need to be clearly defined, formulated, carefully chosen, specific and definite.
vision
objectives
mision
none of the above
The strategy privilege has to be progress and then preferred to be successful, the strategy is expected to be assembled on the precise experience of the organization and the exceptional accords that it has or can establish with those outsides- suppliers, consumers, dealers, and government.
strategic analysis
strategic development
strategic implementation
The selected preferences now have to be enforced. There may be extensive complications in terms of encouragement, influence relationships, government consultation, company procurements and many other consequences. A strategy is not worth the paper; it is written-on if it not enforced.
strategy analysis
strategy development
strategy implementation
Which of the following is not your non-financial benefits in using strategic management?
enhance awareness of external treats
increased resistance to change
understanding of competitors strategies
effective allocation of time and resources
It bridges the gap between "where we are" and "where we want to be".
Goals
Objectives
Tactics
Strategy
An objective is "SMART". S stands for (a) . (CAPITAL LETTERS ONLY)
These are quantifiable and measurable targets, that answer the question of "how much, by when".
Tactics
Strategies
Objectives
Strategic Themes
It is a strategy that seeks to determine how an organization should compete in each of its strategic business units.
Business-level Strategy
Corporate-level Strategy
Stability Strategy
Functional-level Strategy
When developing strategy for organization, which questions should we ask first?
How we will get there on a daily to weekly basis?
How are our departmental operational plans?
What are our short-term goals and operational objectives? How do we break down a larger strategic goal into workable tasks?
Where do we compete? What unique value do we bring to market? Which resources do we have or need? How do we sustain our value?
Who is the strategy guru stated that: Strategy is about achieving competitive advantage.
Micheal Portes
Micheal Poter
Michael Porter
Micheal Purter
A small coffee shop faces significant potential competition because of the low capital requirements compared with business environments such as universities and laboratories.
True
False
Ms Cooper had a growing property renting business in early 2020. When the lockdowns started, many of her tenants could not pay their lease. What should she consider in terms of her strategy?
Force payment from the tenants.
Adapt to the change and reassess her organisational startegy.
Think only of short-term gain and not consider her company's overall vision.
What is the following statement an example of?
"We serve with our hearts we create a great place to be with our minds we create an excellent place to shop" (PicknPay, 2018).
Objective
Vision
Strategic direction
Mission
The Blue Ocean Strategy was suggested by:
Henry Fayol
Peter Drucker
Renee Mauborgne
Abraham Maslow
Which of the following is a trait of blue ocean strategy?
Beat the competition
Create and capture new demand
Exploit existing demand
Compete in existing market space
BOS is the simultaneous pursuit of ____________________.
differentiation and focus
diversification and cost leadership
integration and concentration
differentiation and low cost
Which of the following is a trait of blue ocean strategy?
Beat the competition
Create and capture new demand
Exploit existing demand
Compete in existing market space
Strategy canvas, or value curve, has 4 elements. Pick best answer:
reduce, reuse, eliminate, create
reduce, reuse, eliminate, recycle
reduce, raise, eliminate, reuse
reduce, raise, eliminate, create
Which of the following is the right sequence of a BOS move?
Buyer Utility - Price -Cost -Adoption -Commercially Viable Blue Ocean Idea
Price -Buyer Utility -Cost-Adoption -Commercially Viable Blue Ocean Idea
Adoption -Buyer Utility -Price -Cost -Commercially Viable Blue Ocean Idea
Buyer Utility -Cost -Price -Adoption-Commercially Viable Blue Ocean Idea
