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Strategic Management #1 - by Prof. Vivek V. Wankhede

Total questions: 20

Worksheet time: 13mins

Name
Class
Date
1.
Which of the following is NOT part of a company's macro-environment?
a)
The company's resource strengths, weaknesses and competitive capabilities.
b)
Economic factors.
c)
Political and Socio-Cultural factors.
d)
Technological factors and Legal conditions.
2.
The most widely used tool for diagnosing the principle competitive pressures in a market is the:
a)
SWOT.
b)
Competitor Profiling.
c)
Five Forces Model.
d)
Market analysis.
3.
Competitive pressures on companies within an industry come from those:
a)
companies in other industries attempting to win buyers over to their substitute products.
b)
associated with the market maneuvering that goes on among rival firms in the industry.
c)
associated with the threat of new entrants into the marketplace.
d)
all of these.
4.
The nature & strength of the competitive forces that prevail in an industry is generally a joint product of:
a)
competition from rival sellers.
b)
competition from producers of substitute products.
c)
competitive pressures stemming from the bargaining power of suppliers and buyers.
d)
all of these.
5.
Rivalry increases when:
a)
buyer demand is increasing.
b)
when there is excess supply of unused production capacity.
c)
as the products of rival sellers become more strongly differentiated.
d)
all of these.
6.
Which of the following is generally NOT considered a barrier to entry?
a)
The reaction of incumbent firms to rapid market growth.
b)
Strong brand preferences and a high degree of customer loyalty.
c)
High capital requirements and restrictive government policies.
d)
Strong “network effects” in customer demand.
7.
Good strategy combined with good strategy execution:
a)
offers a surefire guarantee for avoiding periods of weak financial performance.
b)
are the two best signs that a company is a true industry leader.
c)
are more important management functions than forming a strategic vision and setting objectives.
d)
are the most telling signs of good management.
8.
A company’s strategic plan:
a)
maps out the company’s history.
b)
links the company’s financial targets to control mechanisms.
c)
outlines the competitive moves and approaches to be used in achieving the desired business results.
d)
all of these.
9.
A company’s strategic vision describes:
a)
why the company does certain things in trying to please its customers.
b)
management’s storyline of how it intends to make a profit with the chosen strategy.
c)
management’s aspirations for the future and delineates the company’s strategic course and long-term direction.
d)
what future actions the enterprise will likely undertake to outmaneuver rivals and achieve a sustainable competitive advantage.
10.
Well-stated objectives are:
a)
quantifiable or measurable, and contain deadlines for achievement.
b)
clear, succinct, and concise so as to identify the company’s risk and return options.
c)
directly related to the dividend payout ratio for stockholder returns.
d)
all of these.
11.

It is a continuous process of strategy creation.

a)

strategic analysis

b)

strategic implementation

c)

strategic management

d)

none of the above

12.

It is more popular than strategic management

a)

strategic analysis

b)

strategic planning

c)

strategy formulation

d)

all of the above

13.

Organizations conduct their businesses by offering:

a)

less products

b)

few products

c)

innovative products

d)

expensive products

14.

Comparative advantage is the accomplishment of a high level of productivity that is characterized by efficiency in the context of lean and quantifiable management.

a)

YES

b)

NO

15.

A medium/long-range plan is prepared:

a)

every monthly

b)

for one year

c)

from three to five, ten or more years

d)

less than one year

16.

Strategic thinking is:

a)

is the cognitive process of competently and analytically weighing factors and arriving at critical decisions

b)

consist of a systematic evaluation

c)

is efficiently employed

d)

is the capability of an organization to possess relevant and related knowledge, abilities and foresight

17.

The vision of an organization:

a)

is a nicely and attractively worded slogan of the organization

b)

motivates the organization to go where it wants to go

c)

is the same as its mission

d)

is an individual goal of a department

18.

Strategic planning generates the blueprint of what an organization intends to accomplish.

a)

YES

b)

NO

19.

It consists of the organization's dreams, aspirations, interests, expectations, philosophies, as well as, leadership and management styles and ethical practices.

a)

Organizational vision

b)

strategic management

c)

Value system

d)

mission statement

20.

It is different from goals which need to be clearly defined, formulated, carefully chosen, specific and definite.

a)

vision

b)

objectives

c)

mision

d)

none of the above

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