Strategic Management

2nd QUIZ February 26, 2021

Name ________________________________________ Roll No.___________________

1. The primary focus of strategic management is:

a) strategic analysis
b) the total organization
c) strategy formulation
d) strategy implementation
e) competitive advantage.
2. Which individuals are most responsible for the success and failure of an organization?
a) Strategists
b) Financial planners
c) Personnel directors
d) Stakeholders
e) Human resource managers

3. When defining strategic management the most important thing to remember is that it is:
a) Not as easy as you think
b) Mainly the province of senior managers
c) A living evolving process
d) More conceptual than practical
e) A way of determining responsibilities

4. Long-term objectives should be all of the following except:

a) measurable.
b) continually changing.
c) reasonable.
d) challenging.
e) consistent

5. Which one of the following is at the core of strategic management?

a) Choosing which organizational objectives to focus on
b) Being alert for opportunities to change work responsibilities
c) Adapting the organization to a changing external environment
d) Choosing whether to make decisions autocratically or on the basis of participation
e) Promoting responsiveness to changes in organizational norms and values
6. The process of strategic management is characterized by:
a) the tendency of managers to develop a strategy before they set target performance objectives
b) the systematic fashion with which managers implement the strategy they have chosen
c) the steps that strategic planners always go through in writing the strategic plan
d) the sequence with which managers move from one phase of the process to the next
e) none of these
7. As a general statement it can be said that the earliest strategic managers were generally involved in:
a) the military
b) ruling countries
 c) developing from craft to industrial situations
d) the development of systems for large corporations
e) any organizations that require management of large groups

8. What are guides to decision making?

a) laws
b) rules
c) policies
d) procedures
e) goals

9. Which of these is not a reason why some firms do no strategic planning?

a) Laziness
b) Competitive leadership
c) Honest difference of opinion
d) Poor reward structures

10. Which strategy should be implemented when a division is responsible for an organization’s overall
poor performance?
a) Backward integration
b) Divestiture
c) Forward integration
d) Cost leadership
e) Related diversification

11. The _________ answers the question "What do we want to become?" whereas _________answers
the question "What is our business?"
a) vision statement; mission statement
b) short-term objectives; long-term objectives
c) objectives; strategies
d) mission; vision

12. The vision and mission statement can often be found

a) in the SECP report.
b) in annual reports.
c) on customer receipts.
d) on supplier invoices.
e) on community news bulletins

13. The means by which long-term objectives will be achieved are

a) mission statements
b) strategies.
c) vision statements.
d) long-term goals.

14. An organization’s strategy:

a) remains set in place longer than the mission and objectives
b) generally forms over a period of time as events unfold
c) tends to be formed at the same time the mission is developed and objectives are formulated
d) is usually conceived at a single time when managers sit down and work out a comprehensive
strategic plan for the next 3-5 years
 e) none of these is true
15. Which stage of the strategy formulation framework contains the Internal-Factor Evaluation Matrix?
a) Input stage
b) Analysis stage
c) Matching stage
d) Decision stage
e) Output stage

16. Which group would be classified as a stakeholder?

a) Communities
b) Banks
c) Suppliers
d) Employees
e) All of these

17. Which of the following applies to strategic issues?

a) Require only top management decisions
b) Consider only the organization’s external environment
c) Future-oriented
d) Concern allocation of small amounts of resources
e) Do not have long-term impact on the organization
18. __________ is adding new, unrelated products or services for present customers.
a) Concentric diversification
b) Horizontal diversification
c) Conglomerate diversification
d) Product development

19. Which of the following is not an advantage of strategic management?

a) It provides organizations with a clearer sense of direction and purpose
b) It helps improve the political, economic, social and technological environment of the
organization
c) It helps orientate management decisions to relevant environmental conditions
d) It helps organizations be proactive rather than reactive
e) Organizations using it significantly outperform their own past results and the results of those
organizations not using it

20. Two reasons for mergers and acquisitions are

a) to increase managerial staff and to minimize economies of scale.
b) to reduce tax obligations and increase managerial staff.
c) to create seasonal trends in sales and to make better use of a new sales force.
d) to provide improved capacity utilization and to gain new technology.

21. Which one of the following is not a primary task of strategic managers?
a) Establishing strategic objectives
b) Developing the steps to follow in implementing operational level plans
c) Defining the business and developing a mission
d) Developing a strategy
e) Implementing and evaluating the chosen strategy
22. The task of strategy choice involves:
 a) developing plans and activities which will improve the organization’s performance and
competitive position
b) determining how the organization can be more market and efficiency oriented
c) monitoring whether the organization is achieving good financial performance
d) keeping the organization free of debt
e) none of these are really central to strategy choice
23. Which of the following defines what business or businesses the firm is in or should be in?
a) Business strategy
b) Corporate strategy
c) Functional strategy
d) National strategy
e) None of the above
24. Which group would be classified as a stakeholder?
a) Communities
b) Banks
c) Suppliers
d) Employees
e) All of these
25. Strategy analysis and choice largely involves making __________ decisions based on __________
information.
a) Long-term; Short-term
b) Subjective; Objective
c) Short-term; Long-term
d) Subjective; Short-term
e) Objective; Subjective
26. What is the recommended length of an effective mission statement?
a) One page
b) Less than 200 words
c) One sentence of 10 to 20 words.
d) There is no recommendation. It can be as long as the management wants.

27. Which individuals are most responsible for the success and failure of an organization?
a) Strategists
b) Financial planners
c) Personnel directors
d) Stakeholders
e) Human resource managers
28. All of the following are cooperative arrangements except:
a) R&D partnerships.
b) Joint-bidding consortia.
c) Cross-licensing agreements.
d) Cross-manufacturing agreements.
e) Marketing plans.
29. What can be defined as the art and science of formulating, implementing and evaluating cross-
functional decisions that enable an organization to achieve its objectives?
a) Strategy formulation
b) Strategy evaluation
 c) Strategy implementation
d) Strategic management
e) Strategic leading
30. Which of the following is not a cultural product?
a) Rites
b) Emotions
c) Rituals
d) Sagas
e) Symbols

31. Long-term objectives should be all of the following except:

a) measurable.
b) continually changing.
c) reasonable.
d) challenging.
e) consistent.

32. What are guides to decision making?

a) laws
b) rules
c) policies
d) procedures
e) goals

33. Which of the following focuses on supporting the corporate and business strategies?
a) Competitive strategy
b) Corporate strategy
c) Operational strategy
d) National strategy
e) Mission strategy

34. The vision and mission statement can often be found

a) in the SECP report.
b) in annual reports.
c) on customer receipts.
d) on supplier invoices.
e) on community news bulletins

35. Which of the following defines how each individual business unit will attempt to achieve its
mission?
a) Business strategy
b) Corporate strategy
c) Functional strategy
d) National strategy
e) Corporate mission

Best of Luck