Strategic Management Quiz
Are you ready for a strategic management quiz? In the business world, the term "strategic management process" refers to any strategy which an organization uses to define itself, a strategy whereby managers within a company will choose from a number of different possible ways for that company to be run. This quiz contains various questions ranging from easy, medium, and hard levels that will help you learn more about the topic. If you like this quiz, share it with your friends.
- 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 implementation
- 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 in 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.How can we, as corporate parents, add value to our various lines of business?
- 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 value creation 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 the 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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