Strategic Management – Set 6 January 29, 2025 by aasi Home › Management › Strategic Management Strategic Management Strategic Management – Set 6 📝 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 6 Dear ! This is Strategic Management – Set 6 Quiz and it contains 50 questions. Keep Learning! 1 / 50 1) The two internal elements of SWOT analysis are weaknesses and threats opportunities and threats strength and weaknesses strengths and threats 2 / 50 2) Which of the following statements best describes strategic management? A process consisting of determining objectives and strategic actions to achieve those objectives A process consisting of determining objectives, strategic actions to achieve those objectives, the implementation of desired strategy, and the monitoring of that strategy A process consisting of the determination of direction, strategic actions to achieve objectives, the implementation of desired strategy, and monitoring of that strategy A process for determining direction, strategic actions to achieve objectives, and the implementation of desired strategy 3 / 50 3) __________ refers to the purposes an organization strives to achieve Strategic Intent Strategic Formulation Strategic Implementation Strategic Control 4 / 50 4) When does horizontal integration occur? When a firm acquires or merges with a major competitor When a firm acquires or merges with a an unrelated business When a firm acquires or merges with a distributor When a firm acquires or merges with a supplier firm 5 / 50 5) Which of the following is not a way in which organizations can behave more ethically and socially responsibly? By avoiding discrimination and improving working conditions By lowering prices to their targeted market, to stimulate demand and increasing profit by increases in productivity to meet customer demands By ensuring product safety By avoiding pollution and safely disposing of waste 6 / 50 6) ___________ are short-term milestones or benchmarks that organizations must achieve in order for longer term objectives are to be reached Vision Mission Plans Goals 7 / 50 7) Two reasons for mergers and acquisitions are to increase managerial staff and to minimize economies of scale to reduce tax obligations and increase managerial staff to create seasonal trends in sales and to make better use of a new sales force to provide improved capacity utilization and to gain new technology 8 / 50 8) What is the recommended length of an effective mission statement? One page Less than 200 words One sentence of 10 to 20 words There is no recommendation It can be as long as the management wants 9 / 50 9) Which one of the following is of concern for not-for-profit organizations? The markets to service Identifying suppliers to deal with Developing capabilities Building monopolies 10 / 50 10) Porter’s generic strategies are Low price, differentiation, focus Cost leadership, differentiation, cost focus, focus differentiation Price leadership, differentiation, focus Low cost, differentiation, focus differentiation 11 / 50 11) Select the statement that best applies to emergent strategies. Emergent strategy… implies an ability to react to events implies strategizing implies no deviation from plans implies constant evaluation of the bigger picture 12 / 50 12) Which of the following statements best describes the concept of strategic awareness? Managers understanding of the organizations history, competencies, and current strategy Managers understanding of current strategy and its effectiveness Managers understanding of the strategic options available to the organization Managers understanding the organizations strategy, its effectiveness 13 / 50 13) Sustained survival implies that a turnaround is achieved but there is little further growth that a turnaround is achieved and there is potential for further growth that a turnaround is achieved and there is a clear opportunity to employ a new growth strategy that a turnaround is achieved and it is appropriate to diversify soon 14 / 50 14) Which type of strategies are of particular importance to global companies? Corporate Functional Competitive Corporate and competitive 15 / 50 15) Which of the following is associated with successful strategies? Creating superior value to customers Exploitation of key success factors Creating and maintaining strategic fit All of these 16 / 50 16) What common, related problem do for non-profit organizations such as the British Museum and the National History Museum often face? Costs associated with repairs and maintenance The need to be educational and adhere to their scientific/research orientation whilst addressing commercial issues (e g , admission charges to cover costs) The need to be educational and adhere to their scientific/research orientation whilst satisfying main stakeholders The conflict between pursuing organizational objectives and resource availability constraints 17 / 50 17) Why is strategic management important? It has little impact on organizational performance It is involved in many of the decisions that managers make Most organizations do not change Organizations are composed of similar divisions and functions 18 / 50 18) The pie slices within the circles of a ________ reveal the percent of corporate profits contributed by each division QSPM BCG matrix SPACE matrix Grand strategy matrix 19 / 50 19) In Porter’s generic strategies model, a focus strategy involves selling a limited range of products selling to a narrow customer segment selling to one region only selling simple products that are cheap to produce 20 / 50 20) Ansoff’s growth vector matrix is used for analyzing the different strategic directions an organization can pursue analyzing the balance of the portfolio assessing whether the corporate parent is adding value assessing the market share of a business 21 / 50 21) Corporate governance is concerned with: Executive remuneration, disclosure of information, auditing and accounting procedures, and organizations' management structures Elections to the board of directors Relationships with national governments Corporate-level strategy 22 / 50 22) Which of the following is not a recognized element of corporate strategy? Competitive advantage Closure Acquisition Divestment 23 / 50 23) The impact of strategies on the general direction and basic character of a company is short range medium range long range minimal 24 / 50 24) In which of the following scenarios is a joint venture likely to be more attractive than acquisition? Horizontal integration Vertical integration New market entry Larger resource pool 25 / 50 25) Divestment is what kind of strategy? An asset-reduction strategy A weakness-reduction strategy A product-reduction strategy A cost-reduction strategy 26 / 50 26) __________ strategy is often considered as entrepreneurial strategy where firm develops and introduce new products and markets or penetrate markets to build share Expansion Strategy Retrenchment Strategy Combination Strategy Stability Strategy 27 / 50 27) A joint venture can be defined as: Two firms collaborate together on a specific project One firm licenses its intellectual property to another firm Two firms merge together Two firms come together to form a third, legally separate firm 28 / 50 28) Which one of these would not be a problem for an organization attempting to establish a unified vision or direction? The constraints applied by key stakeholders upon the organizations management The personal objectives of those within the organization The varying expectations of external stakeholders Conflicts between the product and its desired target market 29 / 50 29) Which one of the following is not a form of non-price competition? Branding Innovation Advertising None All of these increase non-price competition 30 / 50 30) Which of these questions is not addressed by an effective business model? What do customers value today? Who are our customers? What does the organization produce? None of these All are essential questions for effective business models 31 / 50 31) The acronym SWOT stands for Special Weapons for Operations Timeliness Services, Worldwide Optimization and Transport Strengths, Weakness, Opportunities and Threats None of these 32 / 50 32) Which of the following statements is false? Formal strategic planning implies determined actions for achieving objectives is a time consuming process should develop clear and rigid plans for the organization to implement is most applicable in stable environments 33 / 50 33) Select the most accurate statement. Value means value for money is best described as the benefits the business chooses to give to customers through its product/service is the benefits of a product/service as perceived by the customer does not offer competitive advantage 34 / 50 34) __________ strategy may require a firm to redefine its business and may involve divestment of a major product line or an SBU, abandon some markets or reduce its functions Expansion Strategy Retrenchment Strategy Combination Strategy Stability Strategy 35 / 50 35) The slowest way to grow a business is likely to be through: A merger outsourcing Internal development A strategic alliance 36 / 50 36) A question for business level strategy would be Which industries do we want to be in? How should the businesses be related? How should the business compete in its market? How should resources be shared amongst the businesses? 37 / 50 37) The term corporate strategy concerns strategy and strategic decisions In certain types of organization At all levels in an organization Developed by the senior management in an organization In the private sector only 38 / 50 38) Which one of the following would not be considered a functional strategy? Financial Marketing Product-market Operations 39 / 50 39) What are the decisions and actions that determine long-run performance of an organization? strategies missions goals opportunities 40 / 50 40) Which of the following does Campbell (1989) suggest to be a dimension of valuable mission statements? Differentiates the business from competitors States the objectives of the organization Meaningful and relevant to stakeholders States the values of the organization 41 / 50 41) Marketing current products with possible modifications and range increases is also known as what? Retrenchment Market penetration Product development Market development 42 / 50 42) Which of the following would you not expect to see in a vision statement? Descriptions of desirable future situations Motivational terminology Focus on the values to which the organization is committed What the organization seeks to do to reach desirable future states 43 / 50 43) Which of the following is a key external factors that should be taken into account by a corporate strategy? economic conditions political conditions legal environments competition 44 / 50 44) Which of these is not a key stakeholder that an organization must seek to satisfy? Managers Shareholders Employees Customers 45 / 50 45) Who can be considered as the main stakeholders for London Zoo? Research groups Visitors The government Private investors 46 / 50 46) The value chain is subdivided into two main headings. These are primary activities and: Peripheral activities Support activities Secondary activities Outsourced activities 47 / 50 47) McDonalds is deciding whether to expand into manufacturing kitchen equipment in China. At what level is this decision likely to be made? Business Corporate Functional International 48 / 50 48) Retrenchment is: When a company experiences declining profits and makes cutbacks to improve efficiency When a company adopts a new strategic position for a product or service The sale of the complete business, either as a single going concern or piecemeal to different buyers or sometimes by auctioning the assets ely to take place when an organization lacks a key success factor for a particular market 49 / 50 49) In Ansoff’s matrix, product development involves going in the direction of present products to present markets present products to new markets new products to present markets new products to new markets 50 / 50 50) ______ is the collection of managerial decisions and actions that determine the long-run performance of an organization planning goal-oriented management strategic management leadership 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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