Strategic Management and Answer Choices

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Nature of Strategic Management
Multiple Choice |
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1. |
| 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.|

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2.|
| 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|
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3.|
| Relative deficiency or superiority is important information in performing which activity?| | External audit|
| Allocating resources|
| Internal audit|
| Evaluating strategies|
|
4. |
| How often should strategic-management activities be performed?| | Annually|
| Quarterly|
| Monthly|
| Continuously|
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5. |
| Who is most responsible for developing, communicating, and enforcing the code of business ethics for a firm?| | Strategists|
| Line managers|
| Staff managers|
| All managers|
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6.|
| Strategy-implementation activities include|
| conducting research.|
| measuring performance.|
| preparing a TOWS matrix.|
| establishing annual objectives.|
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7.|
| In a large organization, strategic management activities occur at what level(s)?| | Corporate and divisional only|
| Divisional|
| Strategic business unit only|
| Functional, divisional, and corporate|
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8.|
| Conducting research, integrating intuition with analysis, and making decisions are all __________ activities.| | strategy-formulation|
| strategy-implementation|
| long-range planning|
| short-range planning|
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9. |
| 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?|
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10.|
| Internal strengths and weaknesses are usually|
| the major cause of organizational demise or success.|
| controllable activities within an organization.|
| most important for CEOs and the board of directors.|
| not as important as external opportunities and threats.| |
11.|
| An organization's strengths and weaknesses are determined relative to| | its strategic business units.|
| government|
| competitors|
| external opportunities and threats.|
|
12.|
| __________ are the means by which long-term objectives will be achieved| | Mission statements|
| Strategies|
| Vision statements|
| Long-term goals|
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13.|
| Strategic management allows an organization to be more|
| complacent|
| proactive|
| authoritarian|
| reactive|
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14. |
| __________ may be the most important benefit of strategic management.| | Profit|
| Commitment|
| Understanding|
| Order|
|
15.|
| __________ is one of the reasons for poor or no strategic planning in organizations.| | Prior good experience|
| Fear of success|
| Low expense|
| Self-interest|

This activity contains 15 questions.
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Strategic stretch involves:|
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 | | A) The fit between the organisation and its environment.| | B) Creating new opportunities by stretching and exploiting capabilities in new ways.| | C) The skills of the senior management.|

| D) Utilising all the resources of an organisation to their full capacity.|
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What are core competences?|
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 | | A) Resources which critically underpin...
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