Strategic Management – Set 1 January 29, 2025 by aasi Home › Management › Strategic Management Strategic Management Strategic Management – Set 1 📝 Model Practice Set ⚡ Instant Answers & Explanation 🎯 Exam Oriented 0% Report a question What’s wrong with this question? You cannot submit an empty report. Please add some details. 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950 Strategic Management – Set 1 Dear ! This is Strategic Management – Set 1 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) Job titles that refer to strategists include which of the following? External audit Owner, entrepreneur, executive director, and accountant Chief executive officer, salesman, dean, and lawyer Owner, dean, president, and executive director 2 / 50 2) This is the last stage in the conflict management lifecycle. Environmental scanning Risk communication Image restoration Issues management 3 / 50 3) Which of the following management accounting systems places a very strong emphasis on incorporating data relating to its competitors in the preparation of management reports? Activity based management Flexible budgeting Strategic management accounting Sales variance analysis 4 / 50 4) Which of the following is an issue considered in developing corporate strategies? What business(es) are we in? What direction are we going? What resources do we have to implement our strategies? What businesses are we in and what to do with those businesses? 5 / 50 5) An array of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its customers and suppliers. Such competitive advantages are based upon physical uniqueness path dependency social complexity tangible resources 6 / 50 6) Which of the following is NOT a major element of the strategic management process? Formulating strategy Implementing strategy Evaluating strategy Assigning administrative tasks 7 / 50 7) A marketing department that promises delivery quicker than the production department’s ability to produce is an example of a lack of understanding of the synergy of the business units need to maintain the reputation of the company organizational culture and leadership interrelationships among functional areas and firm strategies 8 / 50 8) The “balanced scorecard” supplies top managers with a _____________ view of the business. long-term financial detailed and complex simple and routine fast but comprehensive 9 / 50 9) One key to effective implementation is setting: schedule of events deadlines milestones good managers in motion 10 / 50 10) Ben & Jerry had four market-product strategies to expand sales. They included (1) market penetration, (2) product development, (3) market development and: current customer retention defensive synergy diversification product simplification 11 / 50 11) Relative deficiency or superiority is important information in performing which activity? External audit Allocating resources Internal audit Evaluating strategies 12 / 50 12) ______ is any sharp disagreement or collision of interests and ideas. Issues management Conflict positioning A conflict A crisis 13 / 50 13) Situation analysis allows the organization to examine: external factors only internal factors only the organization's top management only both external and internal factors 14 / 50 14) Strategy-implementation activities include conducting research measuring performance preparing a TOWS matrix establishing annual objectives 15 / 50 15) Best in Class Benchmarking seeks to assess organisational performance against: The nearest geographical competitor The competitor who is 'best in class' wherever that may be The competitor who is the best in the industry The nearest principal competitor 16 / 50 16) Which of the following lists is comprised of support activities: human resource management, information systems, procurement, and firm infrastructure customer service, information systems, technology development, and procurement human resource management, technology development, customer service, and procurement human resource management, customer service, marketing and sales, and operations 17 / 50 17) In a large organization, strategic management activities occur at what level(s)? Corporate and divisional Functional, business and corporate Strategic business unit Divisional 18 / 50 18) Environmental scanning occurs in what phase of strategic conflict management? Reactive Proactive Recovery Strategic 19 / 50 19) The competencies or skills that a firm employs to transform inputs into outputs are: tangible resources intangible resources organizational capabilities reputational resources 20 / 50 20) Situation analysis involves the process of: designing and choosing appropriate organizational strategies analyzing the current environment of the organization analyzing the external environment only evaluating the internal aspects of the organization 21 / 50 21) Which of the following statements is NOT true regarding corporate strategies? They are concerned with the broad and more long-term issues of the organization They are concerned with how the organization is going to compete in a specific business or industry They are concerned with the direction the organization is headed They are concerned with the business(es) that the organization is in and the businesses they want to be in 22 / 50 22) What kind of training program is most appropriate for a simple task? on-the-job training vestibule training laboratory training away-from-the-job training 23 / 50 23) A company’s ability to meet its short-term financial obligations is measured by which of the following categories? liquidity ratios profitability ratios activity ratios leverage ratios 24 / 50 24) What kind of organizational structure combines a vertical chain of command with horizontal reporting requirements? line authority matrix functional quality circle 25 / 50 25) The strategic marketing process is how an organization allocates its marketing mix resources to reach its: stated business ideas potential target markets competition 26 / 50 26) What do you understand by the term ‘a prospector organisation’? An organisation that represents a good prospect for a firm looking to make an acquisition An organisation with good growth prospects An organisation that has recently been founded as an entrepreneurial start-up An organisation that actively seeks new opportunities and change 27 / 50 27) The basic activities of strategic management include: offense, defense, and control situation analysis, strategy formulation, implementation, and evaluation development, control, and management ethics, management, and practice 28 / 50 28) Which of these questions is addressed by a mission statement? What do we want to become? What is our business? How many employees must we have? Who do we want to serve? 29 / 50 29) An example of a corporate strategy would involve the decision to: increase the price of the Hummer spin Taco Bell off from Pepsi combine marketing functions in the Northeast and the Southeast increase the advertising budget for Coca-Cola 30 / 50 30) Cost efficiency is determined by which of the following drivers? Supply Costs, Experience, Product/Process Design and Economies of Scale Supply Costs & Economies of Scale Product/Process Design and Economies of Scale Experience 31 / 50 31) Although firm infrastructure is quite frequently viewed only as overhead expense, it can become a source of competitive advantage. Examples include all of the following except: negotiating and maintaining ongoing relations with regulatory bodies marketing expertise increasing a firm's revenues and enabling it to enter new markets C.effective information systems contributing significantly to a firm's overall cost leadership strategy D.top management providing a key role in collaborating with important customers marketing expertise increasing a firm's revenues and enabling it to enter new markets effective information systems contributing significantly to a firm's overall cost leadership strategy top management providing a key role in collaborating with important customers 32 / 50 32) Aggregating prospective buyers into groups is called: market categorization market segmentation modeling BCG matrix analysis 33 / 50 33) How often should strategic-management activities be performed? Annually Quarterly Monthly Continuously 34 / 50 34) Possibly the most important pre-20th century influence on management was: Scientific management The industrial revolution The division of labour Therbligs 35 / 50 35) Strategic stretch involves: The fit between the organisation and its environment Creating new opportunities by stretching and exploiting capabilities in new ways The skills of the senior management Utilising all the resources of an organisation to their full capacity 36 / 50 36) ______ takes place in the recovery phase of strategic conflict management Conflict positioning Reputation management Risk communication Issues tracking 37 / 50 37) When actual performance results are better than what the plan called for, managers should: ignore it sell more products issue more stock options to employees increase prices 38 / 50 38) In the strategic marketing process, once you get results you go into the: control phase marketing plan planning phase marketing program 39 / 50 39) Which of the following is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis? Organizational strengths may not lead to competitive advantage SWOT gives a one-shot view of a moving target SWOT's focus on the external environment is too broad and integrative SWOT overemphasizes a single dimension of strategy 40 / 50 40) An organization’s strategies should be designed so that they incorporate: opportunities and threats resources and capabilities only traditional values of past organizations opportunities, threats, resources, and capabilities 41 / 50 41) Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called ________. globalization customization Industry convergence heightened competition 42 / 50 42) What term best describes the use of both financial and non-financial measures in assessing whether an entity has achieved its objectives? Balanced scorecard Benchmarking Performance measurement Target setting 43 / 50 43) Conducting research, integrating intuition with analysis, and making decisions are all __________ activities. strategy-formulation strategy-implementation long-range planning short-range planning 44 / 50 44) ______ is any verbal or written exchange that attempts to communicate information regarding risk to public health and safety and the environment. Image restoration Risk communication Conflict positioning Reputation management 45 / 50 45) The three stages of strategic management are strategy formulation, strategy implementation, and strategy execution strategy formulation, strategy execution, and strategy assessment strategy formulation, strategy implementation, and strategy evaluation stratify assessment, strategy execution, and strategy evaluation 46 / 50 46) Who is most responsible for developing, communicating, and enforcing the code of business ethics for a firm? Strategists Line managers Staff managers All managers 47 / 50 47) An effective short-hand summary of the situation analysis is a: BCG analysis SWOT analysis SBU analysis Competition analysis 48 / 50 48) Which of the following is NOT a characteristic of strategic management that makes it different from other types of management? It is interdisciplinary It has an external focus It has an internal focus It concerns the present direction of the organization 49 / 50 49) cohesive marketing mix consists of the product, promotion, price, and personnel production advertising communication 50 / 50 50) What are core competences? Resources which critically underpin competitive advantage and that others cannot obtain Activities and processes needed to meet customers' minimum requirements and therefore to continue to exist Key skills required for success in a particular business Activities that underpin competitive advantage and are difficult for competitors to imitate or obtain Your score isThe average score is 0%🎉 Challenge alert! 💡 Share this quiz with your friends and see who scores the highest! 🏆🤩🔥 LinkedIn Facebook Follow Us @ 0% Restart quiz Exit We’d love to hear your thoughts! 📝 Share your valuable review with us. 🙌 🌟 Thank you for your support! Your feedback means the world to us. 🙏💖 Send feedback
