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WorksheetsT4 online quiz
Total questions: 20
Worksheet time: 10mins
1. What are the stages of Strategic Management?
Strategy formulation > Strategy evaluation > Strategy implementation
Strategy formulation > Strategy implementation > Strategy evaluation
Strategy evaluation > Strategy implementation > Strategy formulation
Strategy evaluation > Strategy formulation > Strategy implementation
2. Among the following, which is TRUE for Strategy Formulation?
Developing a vision and mission
Establishing long-term objectives
Determining internal strengths and weaknesses
All of the above
3. Strategy Evaluation is often called the action stage.
True or False?
True
False
4. Which is NOT a fundamental activity for Strategy Evaluation?
Reviewing external and internal factors that are the bases for current strategies
Measuring performance
Allocate resources so that formulated strategies can be executed
Taking corrective actions
5. Enhanced communication > Deeper/ Improved understanding > X > The result.
Above are benefits to a firm that does strategic planning. What is X?
Greater commitment
Greater participation
Greater success rate
All of the above
6. Strategic planning enable a firm to develop deeper/improved understanding of others’ views and what the firm is doing/planning and why.
True or False?
True
False
7. Among the following, which is the reason that some firms do no strategic planning?
No formal training in strategic management
No punishment for not planning
No monetary rewards for doing planning
All of the above
8. The following are pitfalls in strategic planning EXCEPT
Using strategic planning to gain control over decisions and resources
Failing to communicate the plan to employees, who continue working in the dark
Top managers making intuitive decisions that does not conflict with the formal plan
Failing to use plans as a standard for measuring performance
9. A vision statement should answer the basic question;
“What do we want to become?”
True or False?
True
False
10. Only selective managers should have input into developing the vision statement.
True or False?
True
False
11. When developing vision and mission statements, a facilitator or committee of top managers
Select several articles about these statements and ask all managers to read these as background information
Prepare a vision and mission statement for the organization
Request for modifications, additions, and deletions, along with a meeting to revise these statements
Merge these statements into a single document and distribute the draft statements to all managers
12. One of the importance of vision and mission statements is ensuring the following understand the firm’s purpose or reason for being
Top managers
All employees
Managers
All of the above
13. Which is NOT among the benefits of having a clear mission and vision?
Provide direction
Resolve divergent views among managers
Achieve minimal output for organizational performance
Taking corrective actions
14. A good mission statement should be fewer than 150 words in length.
True or False?
True
False
15. Which of the following should be included in a mission statement?
Define what the organization is and what the organization aspires to be
Be limited enough to exclude some ventures and broad enough to allow for creative growth
Distinguish a given organization from all others
All of the above
16. Which is NOT a mission statement component?
Customers
Time
Products or services
Markets
17. A mission statement should be specific enough to guide decision-making but broad enough to allow for flexibility.
True or False?
True
False
18. Which of the following is a key characteristic of an effective vision statement?
It is vague and open to interpretation
It inspires and motivates stakeholders
It focuses solely on financial goals
It is only relevant to top management
19. Which of the following is NOT a reason for conducting a strategic analysis?
To identify strengths and weaknesses
To understand market trends
To create a rigid plan that cannot be changed
To assess competitive positioning
20. What is Dr. Raj full name?
Dr. Rajenthyran Ayavoo
Dr. Rajentran Aya
Dr. Raj Ayavoo
Dr. Rajenthyran Aya
