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Strategic Management Quiz

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Anything that a firm does especially well compared to rival firms.

a)

Competitive Advantage

b)

Vision Statement

c)

Strategy Implementation

d)

Distinctive Competence

2.

These include guidelines, rules, and procedures established to support efforts to achieve stated objectives.

a)

Internal Assessment

b)

Policies

c)

Objectives

d)

External Assessment

3.

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:

a)

Competitive Advantage

b)

Competitive Intelligence Program

c)

Internal Strengths

d)

Distinctive Competence

4.

This requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Select one:

a)

Strategy Formulation

b)

Strategizing

c)

Strategy Implementation

d)

Strategy Evaluation

5.

It is a plan of action or policy designed to achieve a major or overall aim.

a)

Strategy

b)

Policy

c)

Plan

d)

Tactics

6.

It is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

a)

Action of Strategic Management

b)

Strategic Management

c)

Management

d)

Organization

7.

These are the specific actions or steps you undertake to accomplish your strategy.

a)

Tactics

b)

Plan

c)

Strategy

d)

Policy

8.

It refers to the specific results that an organization seeks to achieve in pursuing its mission.

a)

Objectives

b)

Policies

c)

Mission Statement

d)

Vision Statement

9.

It is particularly useful for making decisions in situations of great uncertainty or little precedent.

a)

Analysis

b)

Matrix

c)

Intuition

d)

Data

10.

Considered as the action stage of strategic management and the most difficult or challenging stage of Strategic Management Process.

a)

Strategy Formulation

b)

Strategy Evaluation

c)

Strategy Implementation

d)

Organizing

11.

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.

a)

Strategy Evaluation

b)

Strategy Implementation

c)

Strategy Formulation

d)

Controlling

12.

It is a firm's strengths that cannot be easily matched or imitated by competitors.

a)

Competitive Advantage

b)

Distinctive Competence

c)

Strengths

d)

Internal Strengths

13.

When a firm can do something that rival firms cannot do, or owns something that rival firms desire.

a)

Strategy Implementation

b)

Vision Statement

c)

Competitive Advantage

d)

Distinctive Competence

14.

It is a course of action when the company's primary objective is to survive.

a)

Policy

b)

Defensive Course of Action

c)

Competitive Advantage

d)

Offensive Course of Action

15.

An Evaluation Matrix that assesses both the strengths and weakness of the organization.

a)

External Factor Evaluation Matrix

b)

SWOT Analysis Matrix

c)

Internal Factor Evaluation Matrix

d)

Competitive Profile Matrix