Strategic Management

20 Questions  I  By Vijaynegi
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Strategic Management Quizzes & Trivia
Multiple Choice Questions: Strategic Management

  
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Questions and Answers

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  • 1. 
    The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.
    • A. 

      Strategic planning; strategic management

    • B. 

      Assessment; planning

    • C. 

      Strategic management; strategic planning

    • D. 

      Management cycle; brainstorming


  • 2. 
    Which of these requires a firm to establish annual objectives, devise policies, and allocate resources?
    • A. 

      Strategy formulation

    • B. 

      Strategy implementaion

    • C. 

      Strategy evaluation

    • D. 

      Strategy manipulation


  • 3. 
    Anything that a firm does especially well compared to rival firms is referred to as:
    • A. 

      Competitive advantage.

    • B. 

      Comparative advantage.

    • C. 

      An external opportunity.

    • D. 

      Opportunity cost


  • 4. 
    __________ are the individuals who are most responsible for the success or failure of an organization.
    • A. 

      Strategists

    • B. 

      Consultants

    • C. 

      Operatives

    • D. 

      Ethics Officers


  • 5. 
    A disadvantage of international operations is:
    • A. 

      Competitors in foreign markets may not exist.

    • B. 

      Language, culture, and value systems differ among countries, causing communication barriers and problems managing people.

    • C. 

      Economies of scale can be achieved from operation in global rather than solely domestic markets.

    • D. 

      Foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor.


  • 6. 
    The problem of limited resources within a firm makes ______________ particularly important as the firm decides how to allocate its resources.
    • A. 

      Long-range planning

    • B. 

      Short-term planning

    • C. 

      Strategy formulation

    • D. 

      Strategy implementation


  • 7. 
    All of these are pitfalls an organization should avoid in strategic planning except:
    • A. 

      Using strategic planning to gain control over decisions and resources.

    • B. 

      Failing to involve key employees in all phases of planning.

    • C. 

      Hastily moving from mission development to strategy formulation.

    • D. 

      Using plans as a standard for measuring performance.


  • 8. 
    The process of conducting research and gathering and assimilating external information is called:
    • A. 

      Mission development

    • B. 

      Long range planning

    • C. 

      Industry analysis

    • D. 

      Lobbying


  • 9. 
    The term strategic planning refers only to strategy formulation.
    • A. 

      True

    • B. 

      False


  • 10. 
    The action stage of strategic management is called strategy formulation.
    • A. 

      True

    • B. 

      False


  • 11. 
    ________ is the process by which a firm manages the formulation and implementation of its strategy.
    • A. 

      Total Quality Management

    • B. 

      Strategic Management

    • C. 

      Micro Management

    • D. 

      Economic Logic


  • 12. 
    The two most critical questions that __________ strategy must address are how a company will achieve its objectives today, when other firms may be competing to satisfy the same customer's needs and how the firm plans to compete in the future.
    • A. 

      Corporate

    • B. 

      Functional

    • C. 

      Operational

    • D. 

      Business


  • 13. 
    Which of the following is not one of the three fundamental questions addressed by corporate strategy?
    • A. 

      In what business will we compete?

    • B. 

      How can we, as a corporate parent, add value to our various lines of business?

    • C. 

      How will diversification or our entry into a new industry help us to compete in our other industries?

    • D. 

      How can we best position our operations to compete against present and future rivals within a particular business?


  • 14. 
    Which of the following statements regarding strategy formulation and strategy implementation is the most accurate?
    • A. 

      Neither strategy formulation, nor strategy implementation can succeed without the other.

    • B. 

      Strategy formulation is more important than strategy implementation.

    • C. 

      Strategy implementation is more important than strategy formulation.

    • D. 

      Neither strategy formulation, nor strategy implantation can have a significant impact on firm performance.


  • 15. 
    All of the following are elements of the strategy diamond except
    • A. 

      Vehicles

    • B. 

      Advantages

    • C. 

      Arenas

    • D. 

      Staging


  • 16. 
    Within the strategy diamond ______ refer(s) to decisions about the areas in which a firm will be active including its products, services, distribution channels, market segments, geographic areas, technologies, and even stages of the valuecreation process
    • A. 

      Vehicles

    • B. 

      Arenas

    • C. 

      Differentiators

    • D. 

      Economic logic


  • 17. 
    The five elements of the strategy diamond are technologies, vehicles, differentiators, staging, and economic logic.
    • A. 

      True

    • B. 

      False


  • 18. 
    Which one is not a part of strategy formulation?
    • A. 

      Business level strategy

    • B. 

      Corporate level strategy

    • C. 

      Competitive dynamics

    • D. 

      Corporate governance


  • 19. 
    Which is not a part of strategy implementation?
    • A. 

      Strategic Leadership

    • B. 

      Entrepreneurship & Innovation

    • C. 

      Structure & Control

    • D. 

      International Strategy


  • 20. 
    Which is not a part of international strategy lifecycle?
    • A. 

      Product Demand Develops and Firm Exports Products

    • B. 

      Firm Introduces Innovation in Domestic Market

    • C. 

      Production Becomes Standardized and is Relocated to Low Cost Countries

    • D. 

      Diversification Strategy


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