WorksheetsStrategic Management Quiz
Total questions: 15
Worksheet time: 8mins
Anything that a firm does especially well compared to rival firms.
Competitive Advantage
Vision Statement
Strategy Implementation
Distinctive Competence
These include guidelines, rules, and procedures established to support efforts to achieve stated objectives.
Internal Assessment
Policies
Objectives
External Assessment
It is a systematic and ethical process for gathering and analyzing information about the competitor's activities and general business trends to further a business' own goals. Select one:
Competitive Advantage
Competitive Intelligence Program
Internal Strengths
Distinctive Competence
This requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Select one:
Strategy Formulation
Strategizing
Strategy Implementation
Strategy Evaluation
It is a plan of action or policy designed to achieve a major or overall aim.
Strategy
Policy
Plan
Tactics
It is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
Action of Strategic Management
Strategic Management
Management
Organization
These are the specific actions or steps you undertake to accomplish your strategy.
Tactics
Plan
Strategy
Policy
It refers to the specific results that an organization seeks to achieve in pursuing its mission.
Objectives
Policies
Mission Statement
Vision Statement
It is particularly useful for making decisions in situations of great uncertainty or little precedent.
Analysis
Matrix
Intuition
Data
Considered as the action stage of strategic management and the most difficult or challenging stage of Strategic Management Process.
Strategy Formulation
Strategy Evaluation
Strategy Implementation
Organizing
This stage of the Strategic Management Process that is useful in measuring performance, in taking corrective action, reviewing external and internal factors, managing, evaluating, and monitoring each part of the strategy and the best time where organizations could make tweaks and adjustments.
Strategy Evaluation
Strategy Implementation
Strategy Formulation
Controlling
It is a firm's strengths that cannot be easily matched or imitated by competitors.
Competitive Advantage
Distinctive Competence
Strengths
Internal Strengths
When a firm can do something that rival firms cannot do, or owns something that rival firms desire.
Strategy Implementation
Vision Statement
Competitive Advantage
Distinctive Competence
It is a course of action when the company's primary objective is to survive.
Policy
Defensive Course of Action
Competitive Advantage
Offensive Course of Action
An Evaluation Matrix that assesses both the strengths and weakness of the organization.
External Factor Evaluation Matrix
SWOT Analysis Matrix
Internal Factor Evaluation Matrix
Competitive Profile Matrix
