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WorksheetsQuiz No. 1 Strategic Management
Total questions: 20
Worksheet time: 11mins
An EFE Matrix allows strategists to summarize external factors that might affect organization. EFE stands for ________?
External Forces Evaluation
External Factor Evaluation
The CPM matrix identifies both the internal and external factors of an organization as the critical success factors. CPM stands for________?
Competitor Profile Matrix
Competitive Profile Matrix
___________ is a declaration of attitude and outlook.
Vision
Mission
A component of a mission statement which considers the basic beliefs, values, aspirations, and ethical priorities of the organization.
Concern for public image
Concern for employees
Philosophy
Customers
The vision statement should be established first and foremost rather than a mission statement.
True
False
A mission statement is sometimes called a creed statement.
True
False
What is the first stage of strategic management process?
Strategy Implementation
Strategy Evaluation
Strategy Formulation
Creating an effective organizational structure is under what stage of the strategic management process?
Strategy Evaluation
Strategy Implementation
Strategy Formulation
It is defined as “anything that a firm does especially well compared to rival firms.
intuition
competitive advantage
Objectives
The means by which long-term objectives will be achieved which may include geographic expansion and product development.
mission statement
goals
strategies
It can be defined as specific results that an organization seeks to achieve in pursuing its basic mission.
Objectives
Strategies
Vision
Mission
Short-term milestones that organizations must achieve to reach long-term objectives.
Long-term Objectives
Annual objectives
Policies
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.
Retreats
Empowerment
Communication
Meetings that are commonly held off-premises or away from the work site is called __________?
team-building
Empowerment
Retreats
What are the reasons for poor or no strategic planning?
Lack of knowledge or experience in strategic planning
Waste of time
Too expensive
All of the choices
Import/export factors are ______?
demographic factors
Economic factors
environmental factors
Pollution control is an __________?
environmental factor
demographic factor
economic factor
Changes in tax laws are __________?
demographic factors
technological factors
Political factors
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
Competitive Intelligence
Competitive advantage
Strategies
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)
