Strategic Management – Set 4 January 29, 2025 by aasi 0% Report a question What’s wrong with this question? You cannot submit an empty report. Please add some details. 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950 Strategic Management – Set 4 Dear ! This is Strategic Management – Set 4 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) Which of the following is a skill required by organizations to deal with competitive chaos? The ability to share information among all managers The ability to operate efficiently and effectively The ability to discern patters in the dynamic environment and competitive chaos, and spot opportunities ahead of rivals The ability to benchmark competitors 2 / 50 2) What are focus strategies? Where a company focuses on achieving lower costs than its rivals so as to compete across a broad range of market segments Where a company chooses to concentrate on only one market segment or a limited range of segments When a company conducts market research through focus groups to determine how their strategy should be shaped When a company focuses on supplying differentiated products which appeal to different market segments 3 / 50 3) Which statement should be created first and foremost? Strategic Vision Objectives Mission 4 / 50 4) Which of the following is not a characteristic of the Internet? Provides information Facilitates communication Provides competitive advantage Enables electronic trading 5 / 50 5) Effective mission statements are usually changed every few months are usually changed every few years never require revision stand the test of time and require little revision 6 / 50 6) By what means should an organization measure its performance? Efficiency Effectiveness Economy, efficiency, and effectiveness Efficiency and effectiveness 7 / 50 7) ____________ is also referred to as external strategic management audit Organizational analysis Environmental analysis Industry analysis None of these 8 / 50 8) Which of these characteristics best describes a customer-driven organization? Unresponsiveness Cost reduction Responsiveness Innovation 9 / 50 9) _________ begins with identifying the industry’s dominant economic features and forming a picture of the industry landscape Organizational analysis Industry analysis Environmental analysis Competitive analysis 10 / 50 10) Which of these statements best describes all the benefits a company can derive from analyzing its financial performance? It can make comparisons with competitors, reveal lost profit and growth potential, emphasize possible dangers and enable a study of trends and progress It can make comparisons with competitors, reveal lost profit and growth potential and isolate neglected market sectors It can reveal lost profit and growth potential, emphasize possible dangers and isolate neglected market segments It can make comparisons with competitors, reveal lost profit and growth potential and reveal possible trends in the development of the company's share price 11 / 50 11) Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm? Technology Philosophy Concern for public image Customers 12 / 50 12) What can be used to promote unbiased views and to manage the development of the mission and vision statement more effectively? an internal group a committee of managers command-and-control a facilitator 13 / 50 13) Innovation and quality can be seen as which form of management? Marketing management Financial management Operations management Human resource management 14 / 50 14) What or who are Reactors? Innovative and entrepreneurial organizations Organizations which follow industry trends Conservative and low risk organizations Organizations with limited change and measured steps 15 / 50 15) Which component of a mission statement addresses the firms distinctive competence or major competitive advantage? Technology Philosophy Concern for public image Self-concept 16 / 50 16) ____________ refers to the strategies and counter strategies of a firm that compete in a shared market place Retrenchment strategy Competitive gaming Business strategy Corporate strategy 17 / 50 17) Which of the following best relates to market share? Market share is: the best indicator of performance not important indicative of competitive advantage subjective 18 / 50 18) According to Press (1990), what are the four discrete philosophies upon which an organization’s culture can be based? The resource focus, the product focus, the shareholder focus and the people focus The product focus, the shareholder focus, the people focus and the market focus The resource focus, the shareholder focus, the people focus and the market focus The shareholder focus, the people focus, the product focus and the market focus 19 / 50 19) Which of the following is a characteristic of a customer-driving organization? Innovative Conservative Responsive Unresponsive 20 / 50 20) Which of the following would a market-driven business most likely be? Competitive Efficient Flexible Resourceful 21 / 50 21) Heller (1998) suggested organizations must address seven key issues effectively to sustain competitive advantage. Which of the following is not one of those issues? Effectiveness Innovation Costs Speed 22 / 50 22) The mission statement answers which question? What is our business? How can we improve ourselves? What do we want to become? Who are our stakeholders? 23 / 50 23) ________ are external forces affecting organizations Technological forces Political forces Economic forces All of these 24 / 50 24) In business, __________ generally refers to the fight for market share which serves the same basic customer needs Competition Composition Rivalry None of these 25 / 50 25) Which of the following is not one of the four key strategic elements linked to corporate objectives? Competitive environment Stakeholder expectations Research and development Organization structure 26 / 50 26) According to Sir Allen Shepherd what is the task of corporate leadership? To apply energy and judgement to the corporate culture to ensure its relevance To apply energy and judgement to the corporate culture to ensure its stability To apply energy and judgement to the corporate culture to ensure its continuity To apply energy and judgement to the corporate culture to ensure its productivity 27 / 50 27) In order for a culture to generate success, what does it need to be? Stable and secure Flexible and adaptive Innovative and resourceful Flexible and resourceful 28 / 50 28) According to Schein (1985), what are the levels that make up a company’s culture? Artifacts, values, underlying assumptions, and behaviors Artifacts, values, and underlying assumptions Artifacts, communications, underlying assumptions, and behaviors Values, communications, and underlying assumptions 29 / 50 29) What does the acronym SMART refer to? Superiority, Measurement, Appropriability, Replicability, Transparency Specific, Measurable, Achievable, Realistic, Timescale Substitutability, Measurement, Appropriability, Replicability, Transparency Specific, Measurable, Achievable, Realistic, Timely 30 / 50 30) Strategy creation involves three strands. Which of the following is not one of the three stands? Planning Vision Entrepreneurship Emergent strategies 31 / 50 31) Which of the following is not a factor in the positioning of an organization in an industry? Competitive advantage Rate of growth Market share Size 32 / 50 32) The purpose of a mission statement is to declare all of these except a reason for being an annual financial plan a statement of purpose a statement of beliefs 33 / 50 33) _____________ involves the development of projections about the direction, scope, speed and intensity of environmental change Environmental scanning Environmental monitoring Competitive intelligence Environmental forecasting 34 / 50 34) The goal of the cost leader is to: start a price war minimize wages charge the lowest price make high margins 35 / 50 35) The vision statement answers which question? What is our business? How can we improve ourselves? What do we want to become? Who are our stakeholders? 36 / 50 36) The means by which long term objectives will be achieved are mission statements strategies vision statements long term goals 37 / 50 37) Which of the following is a source of differentiation? Relationships with customers Distribution Low costs Unreliability 38 / 50 38) What form of strategy formation would be expected to be found in Defender organizations? Formal planning Visionary Adaptive Incremental 39 / 50 39) The process of developing a mission statement includes which of these as the first activity? A request to modify the current document Ask managers to read selected articles about mission statements Ask managers to prepare a mission statement for the organization A merging of several mission statements into one document 40 / 50 40) ___________ involves surveillance of a firm’s external environment to predict environmental changes to come and detect changes already under way Environmental scanning Environmental monitoring Competitive intelligence Environmental forecasting 41 / 50 41) Good mission statements identify the ______ of a firms products to its customers utility price profit margin demand 42 / 50 42) __________ is identifying opportunities and threats affecting their business Organizational analysis Environmental analysis Industry analysis Competitive analysis 43 / 50 43) Which one of the following criteria does not provide a means to assess strategic resources? Sustainability Scarcity Inimtability Synergy 44 / 50 44) Which of the following is a means to develop a customer commitment focus in the organization? Introducing quality control Activity mapping Enhancing customer service Image building 45 / 50 45) In the process of developing a mission statement, it is important to involve as few managers as possible as many managers as possible upper-level management only lower-level management only 46 / 50 46) Kets de Vries (1996) suggested strategic leaders have two key roles to play. Which two roles are they? Transformational and Effective Charismatic and Effective Transformational and Charismatic Charismatic and Architectural 47 / 50 47) As indicated in the strategic-management model, a clear _______ is needed before alternate strategies can be formulated and implemented. long-term objective short-term objective policy mission statement 48 / 50 48) Effective mission statements can vary in length content format all of these 49 / 50 49) Information is defined by Lucas (1976) as some tangible or intangible entity that creates certainty about a state or event some tangible or intangible entity that reduces uncertainty about a state or event some tangible or intangible entity that leads to understanding some tangible or intangible entity that leads to knowledge 50 / 50 50) An effective mission statement is all of the following except It reflects judgments about future growth directions that are based upon forward-looking external and internal analyses It provides useful criteria for selecting among alternative strategies It provides a basis for generating and screening strategic options It is static in orientation 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! 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