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Quiz No. 1 Strategic Management

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

An EFE Matrix allows strategists to summarize external factors that might affect organization. EFE stands for ________?

a)

External Forces Evaluation

b)

External Factor Evaluation

2.

The CPM matrix identifies both the internal and external factors of an organization as the critical success factors. CPM stands for________?

a)

Competitor Profile Matrix

b)

Competitive Profile Matrix

3.

___________ is a declaration of attitude and outlook.

a)

Vision

b)

Mission

4.

A component of a mission statement which considers the basic beliefs, values, aspirations, and ethical priorities of the organization.

a)

Concern for public image

b)

Concern for employees

c)

Philosophy

d)

Customers

5.

The vision statement should be established first and foremost rather than a mission statement.

a)

True

b)

False

6.

A mission statement is sometimes called a creed statement.

a)

True

b)

False

7.

What is the first stage of strategic management process?

a)

Strategy Implementation

b)

Strategy Evaluation

c)

Strategy Formulation

8.

Creating an effective organizational structure is under what stage of the strategic management process?

a)

Strategy Evaluation

b)

Strategy Implementation

c)

Strategy Formulation

9.

It is defined as “anything that a firm does especially well compared to rival firms.

a)

intuition

b)

competitive advantage

c)

Objectives

10.

The means by which long-term objectives will be achieved which may include geographic expansion and product development.

a)

mission statement

b)

goals

c)

strategies

11.

It can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.

a)

Objectives

b)

Strategies

c)

Vision

d)

Mission

12.

Short-term milestones that organizations must achieve to reach long-term objectives.

a)

Long-term Objectives

b)

Annual objectives

c)

Policies

13.

It is the act of strengthening employees’ sense of effectiveness by encouraging them to participate in decision making and to exercise initiative and imagination, and rewarding them for doing so.

a)

Retreats

b)

Empowerment

c)

Communication

14.

Meetings that are commonly held off-premises or away from the work site is called __________?

a)

team-building

b)

Empowerment

c)

Retreats

15.

What are the reasons for poor or no strategic planning?

a)

Lack of knowledge or experience in strategic planning

b)

Waste of time

c)

Too expensive

d)

All of the choices

16.

Import/export factors are ______?

a)

demographic factors

b)

Economic factors

c)

environmental factors

17.

Pollution control is an __________?

a)

environmental factor

b)

demographic factor

c)

economic factor

18.

Changes in tax laws are __________?

a)

demographic factors

b)

technological factors

c)

Political factors

19.

It is a systematic and ethical process for gathering and analyzing information about the competition’s activities and general business trends to further a business’s own goals

a)

Competitive Intelligence

b)

Competitive advantage

c)

Strategies

20.

Famous businessman Edward Deming once said, “In God we trust. All others bring data.” What did Deming mean in terms of developing a strategic plan? (answer shortly and concisely)

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