Strategic Management – Set 3 January 29, 2025 by aasi Home › Management › Strategic Management Strategic Management Strategic Management – Set 3 📝 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 3 Dear ! This is Strategic Management – Set 3 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) __________ refers to the ability of buyers to bargain down prices charged by firms in the industry or driving up the costs of the firm by demanding better product quality and service Bargaining power of suppliers Bargaining power of suppliers Bargaining power of buyers Threat of substitute products 2 / 50 2) Robert Kalpan and David developed the balanced score card in the early _____ as a performance measurement system 1991 1990 1992 1995 3 / 50 3) Which of the following is true for small businesses in relation to strategic planning? It belongs in all organizations It is too expensive It only belongs in large organizations The benefits are too long term 4 / 50 4) _________ strategies are also known as grand or root strategies Corporate Business Functional Operational 5 / 50 5) Which of the following is a consideration when assessing the appropriateness of a strategy? Synergy Stakeholders Competitive advantage Resources 6 / 50 6) _________ strategy is much talked and publicized in the present Indian environment Corporate Business Functional Growth 7 / 50 7) Which of the following is not en element of the growth/market options matrix developed by Ansoff (1987)? Market development Diversification Product development Market segmentation 8 / 50 8) __________ are the resources, skills or other advantages a firm enjoys relative to its competitors Weakness Strength Threat Opportunities 9 / 50 9) ________ is a widely used framework to summarize a company’s situation or current position SWOT analysis TOWS matrix Ansoff's matrix BCG matrix 10 / 50 10) Which of the following is not a key planning element of spheres of influence? Buffer zones Forward positions Cost base Vital interests 11 / 50 11) A young industry that is beginning to form is considered to be in __________ stage Introduction Growth Shakeout Maturity 12 / 50 12) First step in developing a vision statement is Targeting the vision Developing future scenarios Setting vision context Conducting vision audit 13 / 50 13) The concept Core competence was developed by Schwiz Marker Peter Schiffman Prahalad and Gary None of these 14 / 50 14) ___________arises when a firm is able to perform an activity that is distinct from competitors competitive advantage focus cost leadership logic 15 / 50 15) ______________ strategy involves adopting a combined approach of low costs and high local respnsiveness simultaneously by the firms for their products and services Global Multidomestic International Transnational 16 / 50 16) What is said to be the key factor in maintaining organizational growth (e.g., Hurst 1995)? Entrepreneurial vision Planning Innovation Flexibility 17 / 50 17) The five forces model developed by ________ has been the most commonly used analytical tool for examining competitive environment Michnal E Porter Lewis Charter Barrywell Schwiz 18 / 50 18) What is an incremental strategy? One that is formalized from the beginning and adhered to along the way exactly One that evolves according to past experiences and changing circumstances One that is formalized, but is slightly flexible if necessary One that has the potential to open up new opportunities along the way which can be incorporated into the long term strategy 19 / 50 19) What does SPACE stand for? Sales, Position, and ACtion Evaluation Strategic Profit And Credit Evaluation Sales, Profit, ACtion and Evaluation Strategic Position and ACtion Evaluation 20 / 50 20) The word strategy originated from ___________ stratagos' stratum statistics straight 21 / 50 21) Name one of the strategic pressures that could weaken an unprepared organization? Exploitation of opportunities Lax controls that indulge flexibility Adaptation along the strategic path Too many controls at the expense of flexibility 22 / 50 22) A _________ is a limitation or deficiency in resources, skills and capabilities that seriously impede effective performance Strength Threat Opportunities Weakness 23 / 50 23) _________________ is the process through which an organization evaluates its capability so as to have competitive advantage at market place Environmental analysis Organizational analysis Industry analysis Business analysis 24 / 50 24) ______________ is called as a bundle of resources Industry Unit Organization Management 25 / 50 25) In military analogy, what is the outcome if in strategy creation the organization has both capability and intent? Capacity Credibility Emergent strategy Intended strategy 26 / 50 26) In __________ strategy firms try to achieve a high levels of local responsiveness by making their product or service offering to the requirement of the countries they operate Global Multidomestic International Transnational 27 / 50 27) What is the planning gap? A concept that is used to clarify the extent of revenue or profits gap that might emerge if current strategies are left unchanged The time between the strategic plan being devised and the time it is actually implemented The time between the conception of a strategic plan and the formalization of it Any part of a plan that has not been formalized which allows for flexibility and the introduction of any new developments that could enhance the current strategy 28 / 50 28) Which of the following is not one of the contextual aspects that have a critical impact on strategic change? Structural factors Environmental factors Personal factors Financial factors 29 / 50 29) If unprepared, what strategic pressures are recognized as key factors that can weaken the organization? Competitive and environmental pressures Control at the expense of flexibility Lack of planners Competitive and environmental pressures, and excessive control 30 / 50 30) The understanding of what key element is essential for successful strategic planning? Understanding the needs and expectations of stakeholders Understanding competencies Understanding the processes of strategic change Understanding how to plan 31 / 50 31) Sound strategic choices will always address four issues. Which of the following is one of those reasons? Availablility of resources Strategic thinking Strategic fit Financial returns 32 / 50 32) In __________ strategy assumptions are made that consumers needs are similar worldwide Global Multidomestic International Transnational 33 / 50 33) ___________ is also known as corporate appraisal, appraisal of internal factors and audit of organizational competence Organizational analysis Environmental analysis Industry analysis Business analysis 34 / 50 34) SBU stands for satisfied business unit stratified business unit strategic building unit strategic business unit 35 / 50 35) ____________ assesses the whole strategic management process Strategic audit Company audit Business audit None of these 36 / 50 36) What is the key variable in executing visionary strategy creation at the competitive strategy level? Seizing the opportunities presented Formalized planning Innovation Learning 37 / 50 37) Explosive growth cannot be maintained indefinitely. Sooner or later, the rate of growth slow and the industry enters the Embroynic stage Growth stage Shakeout stage Maturity stage 38 / 50 38) ______________ are defined as resources, skills and attributes of an organization that are essential to deliver success in the market place Balanced score card Industrial analysis Core competencies Critical success factors 39 / 50 39) Which of the following is one of the factors related to the issue of the feasibility of a strategy? Skills and resources, available and needed Levels of return expected Finance and other resource availability Effect on strategic perspective 40 / 50 40) Which of the following is the best reason for why strategic planning is still important today? Without a formal strategic plan a company cannot expect to compete effectively Without a strategic plan an organization can drift without purpose or definition Without it, companies would exist without cause or co-ordination Because of slower economic growth, globalization and technological change 41 / 50 41) The first of Porters Five Forces model is the Intensity of rivalry among industry competitors Threats of new entrants Bargaining power of suppliers Bargaining power of buyers 42 / 50 42) What must the strategic visionary leader avoid in order to ensure the prolonged success of a strategy? Becoming blinkered by the success of one strategy to the detriment of others Depending too heavily on colleagues Becoming too ambitious Being adaptable 43 / 50 43) __________ of an organization deals with investigation of organizational strengths and weaknesses by focusing on factors which are relevant to it External analysis Internal analysis Industry analysis Business analysis 44 / 50 44) According to Ringbakk (1971) and Steiner (1972) which of the following should be avoided when creating a formal plan? Seeing planning as a support activity in strategic decision making Seeing planning as a once-a-year ritual Flexibility Involving implementers in planning 45 / 50 45) Which of these is not a role for a planner as discussed by Robinson (1986) To help managers make decisions regarding strategic changes To enable good managers to plan To state objectives To concentrate on understanding the future 46 / 50 46) Developing a __________ is like having a dream to be covered into reality in future Mission Objectives Goals Vision 47 / 50 47) Which of the following is not a key theme in market development? Identifying new uses for existing products and services Strategic positioning Developing new products for new markets and segments Identifying new markets and segments 48 / 50 48) What is an emergent strategy? One with clear objectives leading to a clear strategy One with no specific objectives, that is fully flexible, using opportunism to seize the main chance at the right moment One with a formal approach to adaptive strategy creation, so that in a turbulent environment objectives and strategies can be adjusted One that has a clear mission and directional objectives but that also recognizes the need for flexibility 49 / 50 49) Which of the following is not one of the three elements of strategy creation? Sales Innovation Planning Leadership 50 / 50 50) What is top-down planning? This takes place in someone's head, and the decisions may not be written down in any extensive form It is often practiced by entrepreneurial managers with real flair This requires managers to spend time discussing the future opportunities and threats and areas in which the organization might develop This involves managers throughout the organization, and ensures that everyone involved in implementing plans will be consulted This relates to decisions taken at the higher parts of the organization and passed onto other managers for implementation These managers will have had little or no input into the planning process 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
