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WorksheetsSTRATEGIC MANAGEMENT MID TERM
Total questions: 37
Worksheet time: 43mins
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Developing a vision and a mission statement is important because of the following reasons EXCEPT:
They are useful for large firms only
They establish organizational culture
They are the basis for allocating resources
They translate objectives into work structure
In which of the following phase of strategic management, annual objectives are especially important?
Formulation
Evaluation
Implementation
Management
Which group would be classified as a stakeholder?
Communities
Banks
Suppliers
All of the given options
Defensive strategies include all of the following EXCEPT
Retrenchment
Acquisition
Divestiture
Liquidation
Which of the following is the process of influencing people to accomplish specific objectives?
Staffing
Motivating
Controlling
Organizing
In Competitive Profile Matrix, the rating 4 indicates what?
Major weakness
Major strength
Minor strength
Minor weakness
Internal analysis involves gathering and analyzing the information about all areas of a firm EXPECT:
Research and development
Management information system
Marketing
Competitors
In adapting to change an organization must monitor which of the following?
Ongoing processes
Internal and external events
Timely changes
All of the given options
Which of the following can be considered one of the factors of external opportunities and threats of an organization?
Production/ operations
Research & development
Competitive trends
Management information system
When an industry relies heavily on government contracts, which of the following is important for the firm to foresee as a part of its external audit?
Economic forces
Political forces
Technological forces
Competitive forces
Departmentalization can be done on the basis of many factors EXCEPT:
Functions
Number of employees
Strategic business units
Divisions
Which of the following is the first step in the controlling function of management?
Take corrective actions
Establish performance standards
Restrict breaks employees take
Evaluate expense reports
In which of the following phase of strategic management, annual objectives are especially important?
Formulation
Evaluation
Implementation
Management
Below are Characteristics of Mission Statement EXCEPT
• Define what the organization is what the organization aspires to be
• Inspiring and uplifting to everyone involved in effort
• Serve as a framework for evaluating both current and prospective activities
• Be clear to be widely understood throughout the organization
How do we accomplish our goals? is referring to
Value
Strategy
Vision
Mission
Below are components of mission statement EXCEPT
Customer
Product
Competitor
Concern for employees
______ is ways for businesses to build strategies that help the company respond quickly to new challenges
strategic management
strategic management process
Mission statement
Vision statement
Managing the strategy process involve THREE (3) broad tasks EXCEPT
Appreciate
Implement
Analyse
Formulate
Explaining the Process of Strategic Management
Strategic management involves three key subtopics: Strategy Formulation, Strategy Implementation, and Evaluation and Control. Strategy Formulation is the process of defining an organization's strategy, setting goals, and outlining the actions needed to achieve those goals.
Strategy Implementation is the phase where the formulated strategy is put into action. This involves allocating resources, designing organizational structures, and ensuring that the strategy is effectively communicated throughout the organization.
Evaluation and Control are crucial steps in strategic management. This phase involves monitoring the progress of the strategy, assessing performance against set goals, and making necessary adjustments to ensure the strategy's success.
Overall, strategic management is a comprehensive process that involves formulating, implementing, and evaluating strategies to achieve organizational objectives.
Strategic management is a comprehensive process to achieve organizational (a) .
What are the three main components of strategic management?
Strategy Formulation, Implementation, and Evaluation
Planning, Organizing, and Leading
Research, Development, and Marketing
Analysis, Design, and Testing
What does Strategy Formulation define?
Goals and actions needed to achieve them
Financial projections for the year
Employee training programs
Marketing strategies
How can Evaluation and Control be effectively utilized to monitor progress, assess performance, and make adjustments in the strategic management process?
What does Strategy Implementation involve?
Formulating a strategy
Putting the formulated strategy into action
Evaluating the effectiveness of the strategy
Ignoring the formulated strategy
