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WorksheetsBMNG5122: Introduction to Strategic Management
Total questions: 12
Worksheet time: 6mins
What are the 3 key questions to ask when looking at an organisation through the lens of strategic thinking?
Where are we now?
Why are we here?
Where do we want to be?
How are we going to get there?
Which of the following statements are possibly a definition for strategic management?
"The long-term guidance leaders in an organisation provides to employees."
"The continuous upgrade of structures within the business to enhance performance."
"The ongoing process of developing, implementing and monitoring appropriate strategies."
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.
When Ms Cooper establishes her property company, what is the first step she needs to consider in her strategic journey?
Strategic direction.
The ultimate strategy.
The strategic objectives.
Strategic control.
Fill out the blank: "Organisations, just like people, have to (a) to change continuously as a result of the changing demands of consumers and competition from other organisations for market share."
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
What is the following statement an example of?
"to increase throughput of head office support processes by 30% by the end of the 2021 financial year" (Capitec Bank, 2020).
Objective
Vision
Strategic direction
Mission
What is the following statement an example of?
“To be a great business, helping to create a better world” (The IIE, 2021).
Objective
Vision
Strategic direction
Mission
Which 2 elements sets the strategic direction?
Vision
Objectives
Strategy
Mission
Which 3 environments must a business assess continually?
Market
Macro
Competitor
Supplier
Micro
Which of the following is a key component of a successful business strategy?
Solely focusing on strengths and weaknesses
Understanding customer needs.
Focusing solely on profit margins.
Aligning objectives to the strategic direction
What is the primary purpose of setting strategic objectives in a business?
To provide a clear direction for the organisation.
To limit the scope of business operations.
To ensure compliance with regulations.
To identify the tasks to be completed by employees.
