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WorksheetsStrategic Management
Total questions: 69
Worksheet time: 40mins
A company’s strategic plan:
links the company’s financial targets to control mechanisms.
maps out the company’s history.
outlines the competitive moves and approaches to be used in achieving the desired business results
All the above
Strategic planning is....
Long term planning
Short term planning
General planning
Seasonal planning
Which is NOT a part of Porters 5 forces?
Bargaining power of Suppliers
Threat of New entrants
Bargaining power of customers
Financial threat
Which is the FIRST step in the strategic Management process?
Monitoring and evaluating strategies
Developing the vision and mission
Strategy formulation
Goals and Objectives
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?
The internal business environment consists of...
factors that directly impact the organisation
factors that influence the operations of the business
factors that influence the wider environment in which the business operates
DIVERSIFICATION IS AN EXAMPLE OF WHICH GROWTH STRATEGY?
INTERNAL
EXTERNAL
STABILITY, GROWTH , RETRENCHMENT ARE TYPES OF WHICH STRATEGIES?
BUSINESS
CORPORATE
WHICH OF THESE STRATEGIES ENSURES SELECTION OF RIGHT PERSON FOR THE RIGHT JOB?
FINANCE
HUMAN RESOURCES
WHICH STRATEGIES HELP TAKE DECISIONS ON THE ADVERTISING OF THE PRODUCTS AND ITS SALE?
OPERATIONAL
MARKETING
WHICH LEVEL STRATEGIES INCLUDES AREAS LIKE MARKETING, HR, FINANCE & OPERATIONS?
FUNCTIONAL
BUSINESS
WHICH ENVIRONMENT CONSISTS OF LARGER FACTORS LIKE POLITICAL, ECONOMIC & SOCIAL THAT AFFECT THE FIRMS?
MICRO
MACRO
_______ & THREATS ARE EXTERNAL FACTORS OVER WHICH THE BUSINESS HAS NO CONTROL.
OPPORTUNITIES
WEAKNESSES
SWOT ANALYSIS CONVERTS THREATS INTO ______.
ADVANTAGES
DISADVANTAGES
SWOT ANALYSIS CONVERTS THREATS INTO ______.
ADVANTAGES
DISADVANTAGES
SWOT ANALYSIS IS USED AT ______ INTERVAL.
INFREQUENT
REGULAR
STRATEGY FORMULATION IS A ____ PROCESS.
ANALYTICAL
INTERNAL
A company’s strategic plan:
links the company’s financial targets to control mechanisms.
maps out the company’s history.
outlines the competitive moves and approaches to be used in achieving the desired business results
All the above
The most widely used tool for diagnosing the principle competitive pressures in a market is the:
SWOT.
Competitor Profiling
Market analysis.
Five Forces Model
Strategic planning is....
Long term planning
Short term planning
General planning
Seasonal planning
Which is the FIRST step in the strategic Management process?
Monitoring and evaluating strategies
Developing the vision and mission
Strategy formulation
Goals and Objectives
Strategic purpose consists of
Macro-Shocks and industry forces
Crossing borders and new ventures
Growth, profitability, operational effectiveness, long term investments
Vision, mission, core values, objectives, strategy statements
The internal business environment consists of...
factors that directly impact the organisation
factors that influence the operations of the business
factors that influence the wider environment in which the business operates
An external analysis is the process of scanning and evaluating an organization's various external environmental sectors to determine positive and negative trends that could impact on organizational performance.
True
False
The fundamental purpose for the existence of any organization is described by its
policies
mission
procedures
strategy
Which of the following is NOT a major element of the strategic management process?
Formulating strategy
Implementing strategy
Evaluating strategy
Assigning administrative tasks
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.
Which of the following defines how each individual business unit will attempt to achieve its mission?
Business strategy
Corporate strategy
Functional strategy
National strategy
Try to guess: in 2010, which was the global company with more stores in the world?
With franchising strategy:
Firms make their product and services in its home country to export them to foreign markets
Foreign companies are allowed to use the company’s technology or to produce and distribute the company’s products and service
A separate organization operates the business with the name of another company, in exchange for money
Activities should be dispersed when:
Certain locations have: superior resources and allow better coordination of related activities
They need to be performed close to buyers
Costs of manufacturing or other value chain activities are meaningfully lower in certain locations than in others
There are sizable scale economies in performing the activity
What are the 4 P?
Price, Promotion, Place, Profit
Price, Place, Promotion, Prince
Price, Promotion, Product, Place
Pizza, Poker, Party, Pasta
An organisation carrying out its value chain activities at a cost lower than its competitors will enable the organisation to achieve:
Differentiation Strategy
Focus Strategy
Hybrid Strategy
Cost Leadership Strategy
Comparative advantage is the accomplishment of a high level of productivity that is characterized by efficiency in the context of lean and quantifiable management.
YES
NO
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
Because competitors in oligopolistic industries are so interdependent, it is especially important for managers in those firms to monitor and respond to changes their competitors make
True
False
A video-streaming service provider such as Netflix is a complement to a manufacturer of streaming video devices such as Roku
True
False
When smartphone manufacturers began including cameras and voice recorders in their products, that was an example of industry convergence
True
False
Firms within the same industry automatically belong to the same strategic group
True
False
The ________ allows the scanning, monitoring, and evaluating of changes and trends in a firm's macro environment.
A) VRIO framework
B) SWOT analysis
C) BCG matrix
D) PESTEL framework
A
B
C
D
Which of the following external forces is a part of a firm's task environment?
A) the composition of the strategic group to which the firm belongs
B) the interest rates prevalent in the economy in which the firm operates
C) the inflation level in the economy in which the firm operates
D) the recent innovations in process technology, including lean manufacturing
A
B
C
D
Kirsten, a manager, is writing an analysis of her employer's current and possible future revenues. Which of the following could she identify as an economic factor in her firm's external general environment?
A) the government regulations and laws in the country in which the firm exists
B) the stage of the business cycle that the country is in
C) the values and norms prevalent in the society in which the firm operates
D) the bargaining power of the firm's suppliers and buyers
A
B
C
D
Managers at Sandburg Real Estate are surprised to hear that interest rates are likely to remain low for the next six months. Which of the following is an implication of low interest rates?
A) Cost of capital for firms will be high.
B) Firms will invest less in future growth.
C) Economic growth rate will fall.
D) Consumer demand will increase.
A
B
C
D
Marina manages the supply chain for a company that sells diamond watches. She learns that economists are predicting a moderate to severe recession in the next six to eight months. Based on that information, what action should Marina recommend to the company's owner?
A) Increase supply. During recessions, businesses that focus on low-cost solutions make significant profits.
B) Reduce supply. Customers generally reduce their purchases of luxury items when the economy falters.
C) Maintain the supply at its current rate. Economic forecasts are rarely accurate.
D) Wait six months and see what happens. Recessions rarely affect consumer spending.
A
B
C
D
A firm's ________ relates to its ability to create value for customers (V) while containing the cost to do so (C).
A) strategic position
B) industry effects
C) advantage of the marketplace
D) industry analysis
A
B
C
D
The primary objective of Porter's five forces model is to
A) understand valuable, rare, and hard-to-imitate resources.
B) understand the profit potential of industries.
C) reduce the gap between the value of a firm's product and its cost of production.
D) break down a firm's value chain activities into primary and support.
A
B
C
D
Strategy is a Simple concept that involves many different processes and activities within an organization.
True
False
Strategy as a Perspective is
a firm’s place in the industry relative to its competitors
the degree of consistency in a firm’s strategic actions
how executives interpret the competitive landscape around them
a carefully crafted set of steps that a firm intends to follow in order to be successful
Strategy as a Pattern is
a firm’s place in the industry relative to its competitors
the degree of consistency in a firm’s strategic actions
how executives interpret the competitive landscape around them
a specific move designed to outwit or trick competitors
Strategic management is
1. a process that requires the ability to manage change.
2. the Process involves Understanding Strategy , Strategy Formulation, Strategy Implementation, Strategy
3. the Process involves Understanding Strategy , Environmental & Internal Scanning Strategy Formulation, Strategy Implementation.
1,2,3 are correct
1,3 are correct
Strategic management stages are
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy.
All answers are correct
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy , Audit , Feedback
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy , Audit.
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?
A medium/long-range plan is prepared:
every monthly
for one year
from three to five, ten or more years
less than one year
The vision of an organization:
is a nicely and attractively worded slogan of the organization
motivates the organization to go where it wants to go
is the same as its mission
is an individual goal of a department
At which level of the strategy will the Marketing manager get involved?
Corporate Strategy
Business Strategy
Functional Strategy
Operational strategy
WHICH STRATEGY IS THE OPPOSITE OF INVESTMENT?
INTEGRATION
DIVESTMENT
Strategic management is
1. a process that requires the ability to manage change.
2. the Process involves Understanding Strategy , Strategy Formulation, Strategy Implementation, Strategy
3. the Process involves Understanding Strategy , Environmental & Internal Scanning Strategy Formulation, Strategy Implementation.
1,2,3 are correct
1,3 are correct
Strategic management stages are
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy.
All answers are correct
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy , Audit , Feedback
Understanding Strategy , Environmental scanning, Managing resources, Formulation Strategy , Implementation Strategy , Audit.
