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WorksheetsCorporate strategy
Total questions: 54
Worksheet time: 27mins
It can be explained as the management plan formulated by the highest level of organization, to direct and operate the entire business organization.
corporate strategy
corporate parenting
turnaround strategy
none of the above
Three levels of Strategy Hierarchy includes:
Corporate level, Marketing strategy, and Operations Strategy
Corporate level, Business level, and Finance
Corporate level, Business level, and Functional level
Operations department, marketing department, and Finance department
Which level of the strategy includes an action plan about the productions of goods and/or services?
Corporate level
Business level
Functional level
Operations department
A statement defining what business an organization is in, who its customers are, how its core beliefs shape its business
Mission Statement
Objective Statement
Goal Statement
Quality Policy
A mission statement contains an organisation's
deadlines and targets
identity and purpose
operational plan
diversity policy
It is important for an organisation to have a mission statement to:
inform stakeholders
set boundaries
allocate budget
ensure viability
What is the purpose of organisational aims and objectives?
To prevent takeovers
To provide direction to staff
To set staff limits of authority
To give a brief overview of ideas
A vision statement focuses on tomorrow and what an organisation wants to ultimately become.
True
False
A mission statement focuses on today and what an organisation does to achieve it.
True
False
The word strategy comes from the Greek word 'strategos' which means ___________.
'art of general'
'art of social science'
'art of profession'
Strategy is a __________________ plan.
specific long term
comprehensive long term
"________________ is a plan of action or policy designed to achieve a major or overall aim"-
Strategy
Objectives
Strategy is applicable to all _________________ areas.
Functional
Financial
Mechanical
Strategy is ____________ oriented.
future
past
present
"We appoint credit card for a period of 14 days only" is an example of ____________________.
Business Policy
Strategy
Strategic Management
____________ are general statements of principles that guide managers and employees in decision-making and action.
Business policies
Organisational Culture
Strategic Management
Marketing Policies
Every business organization need to frame appropriate business policies for its ___________________
Operational Areas
Functional areas
Fundamental Areas
Strategic Areas
Business Policies are ___________________ statements for attaining the goals
Narrow
Broad
Business Policies are based on ______________________
Organizational Philosophy
Assumptions
Family Philosophy
Business Policies are ____________________ in nature.
specific
Multi-purpose
Business Policies should be _______________.
Flexible
Static
Business Policies helps ___________,________________________ and ____________
Individual, Associates and Society
Managers, employees, and stakeholders
___________________ is the stream of decisions and actions which lead to the development of an effective strategy or strategies to achieve corporate objectives.
Human Resource Management
Strategic Management
Financial Management
Strategic Management is a systematic _________________ process.
One time
Static
Continious
Strategies in an organisation are formulated by ______________________ management.
Middle-level management
Lower level management
Top-level management
Strategic management considers _________________ term horizon.
Long
short
meduim
Top-level management requires more of ________________ skills.
Interpersonal
Conceptual
Technical
Proper formulation of strategy helps in reduction of _____________.
Profits
Disputes
Efficiency
The word strategy comes from the Greek word ______________
'strategis'
'strategos'
The goal of strategic management is to
achieve competitive advantage.
achieve and maintain competitive advantage.
eliminate and abolish competitive advantage.
eliminate competitive advantage.
maintain competitive advantage.
During what stage of strategic management are a firm's specific internal strengths and weaknesses determined?
Implementation
Formulation
Goal-setting
Feedback
Evaluation
An important activity in ________ is taking corrective action.
strategy implementation
strategy formulation
strategy evaluation
strategy leadership
all the above
What step in the strategic development process involves mobilizing employees and managers to put strategies into action?
Competitive advantage
Strategy formulation
Strategic advantage
Strategy implementation
Strategy evaluation
In recent years, the speedy flow of information through technology has
made it harder for people worldwide to see how others work and live.
made the real flow of financial activity align with political boundaries between countries.
strengthened national boundaries and made countries more self-contained.
ensured that the U.S. is unrivaled by other companies in all industries.
created a borderless world with global competitors, customers, and citizens.
Anything that a firm does especially well compared to rival firms is referred to as
comparative disadvantage.
comparative advantage.
unsustainable advantage.
opportunity cost.
an external opportunity.
________ allows firms to sell products, advertise, purchase supplies, bypass intermediaries, track inventory, and eliminate paperwork.
E-commerce
Viral video
social networking
blogging
"trading down"
Which is generally considered to be the first step in strategic planning?
Developing a mission statement
Determining opportunities and threats
Making a profit
Establishing goals and objectives
Developing a vision statement
Whenever new firms can easily enter a particular industry, the intensity of competitiveness among firms tends to.
decrease
neutralize.
become irrelevant.
increase
remains the same
The initial step to implementing value chain analysis is
establishing costs in terms of money.
establishing costs in terms of time.
dividing a firm's operations into specific activities or business processes.
converting the cost data into information by looking for competitive cost strengths and weaknesses.
attaching a cost to each discrete activity.
The goal of most firms is to choose a strategy that
maximizes the value of the firm for its shareholders
that minimizes costs
that emphasizes high sales
that controls both costs and expenses
__________ is a ratio or rate of return concept.
A. Profitability
B. Performance
C. Cash flow
D. Efficiency
. Two basic conditions determine a firm's profits:
A) the firm's costs of production and the state of the economy
B) the amount of value customers place on the firm's good and services and the firm's costs of production
C) the quality of a firm's products and the industry the firm participates in
D) the industry the firm participates in and the state of the economy
In the context of value chain analysis, the primary activities of a firm include:
A) R&D, human resources, materials management, and production
B) service, human resources, production, and materials management
C) company infrastructure, information systems, human resources, and materials management
D) R&D, production, marketing & sales, and service
When individuals learn the most efficient ways to perform particular tasks, there are
A) location economies
B) value creation effects
C) teaching effects
D) learning effects
When a firm needs to minimize its unit costs, the firm is facing __________________.
A. pressure for cost reduction
B. pressure to be locally responsive
C. pressure for location economies
D. pressure for experience effects
The two basic strategies for creating value are ________
value and cost
differentiation and low cost
profitability and profit growth
R&D and production
The following is the component of support activities EXCEPT _________
Information system
Logistics
Human resources
R & D
Internal growth is also known as
Merger
Sales maximisation
Organic growth
Inorganic growth
External growth is also known as
Organic growth
Inorganic growth
Merger
Sales maximisation
An example of Organic growth is
Merger
Launching new products
Acquisition
Takeover
Nike buying a materials producer would be a form of...
Vertical Forward Integration
Horizontal Integration
Vertical Backward Integration
Diversification
Which best describes growth by expanding overseas? When a business:
Finds new customers to buy its products in its domestic market
Purchases another business in its home country
Finds a new market in another country
Invests heavily in research and development
identify the main problems of entering into foreign markets
lack of knowledge
import restrictions
exchange rate problems
all of the above
Fill in the third stage of Strategic Decision Making Process: 1. Set Objectives 2. Gather Data 3. ______ 4. Implement 5. Review
Analyse Data
Market Research
Quality Control
Quality Assurance
