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WorksheetsStrategic Management Quiz
Total questions: 50
Worksheet time: 50mins
What is the primary purpose of strategic management?
Daily operations
Long-term planning and positioning
Employee engagement
Financial auditing
Strategic Management involves:
Only senior management
Only HR policies
Planning, implementation, and evaluation of strategies
Only financial planning
A strategic plan typically spans:
1 month
6 months
1 year
3 to 5 years or more
Strategic Management is considered:
Operational
Functional
Dynamic and ongoing
Tactical
Which of the following is NOT a characteristic of Strategic Management?
Long-term focus
Future-oriented
Based on intuition only
Integrative
Which of the following is a dimension of Strategic Management?
Tactical analysis
Operational decisions
Strategic intent
Team building
Strategic risk refers to:
Risk in supply chains
Day-to-day variability
Threats affecting long-term objectives
Product development risks only
A mission statement describes:
The future aspirations
Why an organization exists
Marketing plan
Financial projections
A vision statement describes:
Present activities
Tax obligations
Future aspirations
Organizational chart
Which of the following is usually more inspirational?
Budget
Mission
Vision
Rules
Effective mission statements are:
Complex and lengthy
Vague and abstract
Clear and concise
Generic and standardized
Vision statements should be:
Measurable and specific
Short-term oriented
Highly technical
Internal-use only
External assessments include:
Employee appraisal
Economic, political, and technological analysis
Balance sheet review
HR policy review
Which of the following is NOT an external factor?
Legal
Technological
Financial resources
Social
The first step in strategy creation is:
Implementation
Evaluation
Environmental scanning
Marketing
For a new business, strategic planning helps in:
Decreasing employee count
Reducing tax
Providing direction and focus
Avoiding legal compliance
Which is NOT a force in Porter’s Model?
Supplier Power
Competitive Rivalry
Product Life Cycle
Threat of Substitutes
High bargaining power of buyers means:
They can influence price and demand more
They are weak
They depend on sellers
They pay any price
Threat of new entrants is high when:
Entry barriers are low
Brands are well established
Legal restrictions exist
Capital requirements are high
Which force deals with alternative products/services?
Supplier Power
Buyer Power
Threat of Substitutes
Rivalry
Competitive analysis helps in understanding:
Political trends
Internal hierarchy
Market competition
Mission statement
Industry analysis identifies:
Internal strength
HR issues
Market size and trends
Internal communication gaps
Internal assessment evaluates:
Government policy
Competitors’ strategies
Strengths and weaknesses
Tax laws
Which is an internal factor?
Technological disruption
Company culture
Trade barriers
New regulations
SWOT stands for:
Strengths, Weaknesses, Opportunities, Threats
Structure, Work, Output, Tools
Strategy, Work, Objectives, Tactics
Sales, Workforce, Operations, Time
Strengths and weaknesses are:
External
Future-oriented
Internal
Strategic choices
Opportunities and threats are:
External
Internal
Avoidable
Always positive
Value chain analysis is a tool for:
Financial control
Understanding internal operations
Customer service
Competitor profiling
Primary activities in value chain include:
Infrastructure
Procurement
Inbound logistics
Human Resources
Which is a support activity in the value chain?
Operations
Marketing
Technology development
Outbound logistics
Business-level strategy focuses on:
Entire industry
Specific business unit
Global markets
Public policies
A focused strategy targets:
Mass markets
All customers
A niche market
All product lines
Which of the following is a generic business-level strategy?
Export-import
Cost leadership
Revenue model
Financial hedging
Cost leadership strategy aims at:
High pricing
Offering unique products
Lowest production cost
Niche market domination
Differentiation strategy focuses on:
Charging lowest prices
Standardization
Unique product features
Ignoring branding
A firm using cost leadership must:
Maintain high overhead
Focus on unique customer service
Minimize costs in all areas
Avoid economies of scale
Which tool helps analyze the internal environment?
PESTLE
SWOT
Porter’s 5 Forces
BCG Matrix
Which model focuses on five competitive forces?
McKinsey 7S
Ansoff Matrix
Porter’s Model
GE Matrix
An example of an opportunity in SWOT analysis could be:
Poor brand recognition
New market opening
High employee turnover
Lack of capital
Which of the following is part of external assessment?
Leadership style
Political changes
Company hierarchy
Equipment quality
Inbound logistics deals with:
Customer complaints
Raw material handling
Outgoing delivery
Market research
Which is NOT a support activity in value chain?
Technology development
Infrastructure
Operations
Procurement
Strategic choices must align with:
Competitor strategies
Mission and vision
Political parties
Random market trends
Which strategy is best in price-sensitive markets?
Focus
Differentiation
Cost leadership
Branding
A vision statement is generally:
Focused on short-term goals
Static and unchanging
Inspirational and future-focused
Internal-only document
The key goal of strategic analysis is to:
Increase payroll
Develop ad campaigns
Identify best strategic alternatives
Hire more employees
Which activity adds direct value to customer?
HR management
Inbound logistics
Technology development
Procurement
What does strategic formulation include?
Only financial budgeting
Setting day-to-day targets
Defining vision, mission, goals
Hiring new staff
Competitive rivalry is high when:
Few competitors
High brand loyalty
Many equal-sized firms
Products are unique
The purpose of SWOT is to:
Predict taxes
Build operations manual
Understand internal and external environment
Create marketing slogans
