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the primary focus of strategic management is mcq

Identify any five pitfalls.There are 13 pitfalls. a. 44. e. it gives a degree of discipline and formality to the management of a business. Strategy evaluation at the_____________ level involves using specific performance measures-qualitative and quantitative-for each functional area. Strategy evaluation is necessary becausea.internal and external factors are constantly changing.b.the SEC requires strategy evaluation.c.competitors change their strategies.d.the IRS requires strategy evaluation.e.firms have limited resources.Ans: a Page: 670. 17. Evaluate effectiveness of control system to measure achievements. d. Evaluate effectiveness of the strategy implementation process. Strategic Management M.COM PART 1 Importance Question Bank 2020 , M.COM PART 1 Importance Question Bank 2020 , M.COM PART 1Strategic Management b. __________ can best be described as short-term in nature.a.Mission statementsb.Tenurec.Annual objectivesd.Strategiese.ManagementAns: c Page: 1384. Which of the following is not included in the strategic management model?a.Measure and evaluate performance.b.Perform internal research to identify customers.c.Establish long-term objectives.d.Implement strategies.e.Develop mission and vision statements.Ans: b Page: 14Benefits of Strategic Management88. Which one of the following is not a primary task of strategic managers? Get step-by-step explanations, verified by experts. What is meant by the term ‘Stakeholder’? d. strategy implementation. Since the focus of the company is on a niche market, it becomes a focus strategy. Standards include environmental auditing, environmental performance evaluation, environmental labeling, and life-style assessment. ISO 14000 refers to a series of voluntary standards in the environmental field. ST Strategies is an important strategy to, a. 34. It directs at developing new products before competitors do at improving product quality or at improving manufacturing processes to reduce costs. B. the profits of the firm. What can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives? 12. It asks the vendors to locate their facilities nearer to the buyer’s plant. Which of the following focuses on supporting the corporate and business strategies? a. 12. Which of the following is not a characteristic of strategic management that makes it different from other types of management? 60. 12. b. Get the detailed overview of what is supply chain management goal. 2.00, b. Which one of the following is NOT included in the Porter’s Five Forces model: a. Greater formality in applying the strategic-management process is usually positively related with the cost, comprehensiveness, accuracy and success of planning across all types and sizes of organization.Page: 14-15116.List 10 major benefits of strategic management, as stated by Greenley.There are 14 benefits stated by Greenley. 20. II.1. The primary focus of strategic management is: a. strategic analysis . Strategic Management MCQ: Multiple Choice Questions and Answers on Strategic Management 1. This has contributed to a shift in what is recognised as an organisation's primary source of competitiveness. ____________ is used to refer to strategic formulation, implementation and evaluation, with ______________ referring only to strategic formulation.a.Strategic planning; strategic managementb.Strategic planning; strategic processingc.Strategic management; strategic planningd.Strategic management; strategic processinge.Strategic implementation; strategic focusAns: c Page: 563. The changing demographics of an​ organization's target market are an example​ of: In developing a strategic​ plan, which is an important first question to​ pose? strategic mgt mcq.pptx - Which strategy would be effective when the new products have a counter cyclical sales pattern compared to an organization's, 1 out of 1 people found this document helpful. Now a day’s most of the IT-industry software project management agile methodology is used to managed the projects. Internal __________ are activities in an organization that are performed especially well.a.opportunitiesb.competenciesc.strengthsd.managemente.factorsAns: c Page: 1381. d. between 15 to 20 managers for it to be valid, e. stockholders and external government agencies. CHAPTER 1The Nature of Strategic ManagementTrue/FalseIntroduction1.The underpinnings of strategic management hinge on managers gaining an understanding of competitors, markets, prices, suppliers, distributors, governments, creditors, shareholders and customers worldwide.Ans: T Page: 42.Although the Internet has increased in popularity, it has actually led to increases in company expenses.Ans: F Page 43.Consumer e-commerce is five times greater than business-to-business e-commerce.Ans: F Page 4, What Is Strategic Management?4.Optimizing for tomorrow the trends of today is the purpose of strategic management.Ans: F Page: 55.Even though useful, strategic planning has been cast aside by corporate America since the early 1990s.Ans: F Page: 56.Resource allocation is included in strategy-formulation activities.Ans: T Page: 57.The terms strategic management and strategy implementation are synonymous.Ans: F Page: 58.A vision statement is, in essence, a company’s game plan.Ans: F Page: 59.Strategy implementation is often considered to be the most difficult stage in the strategic-management process because it requires personal discipline, commitment and sacrifice.Ans: T Page: 610.The final stage in strategic management is strategy implementation.Ans: F Page 611.Strategy formulation, implementation and evaluation activities occur at three hierarchical levels in a large diversified organization: corporate, divisional and functional.Ans: T Page: 612.One of the fundamental strategy evaluation activities is reviewing external and internal factors that are the bases for current strategies.Ans: T Page: 613.An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process.Ans: T Page: 714.Strategic management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty.Ans: T Page: 715.Analytical and intuitive thinking should complement each other.Ans: T Page: 716.According to Albert Einstein, “Knowledge is far more important than intuition.”Ans: F Page 717.Management by intuition can be defined as operating from the “I’ve-already-made-up-my-mind-don’t-bother- me-with-the-facts mode.”Ans: F Page 718.By monitoring external events, companies should be able to identify when change is required.Ans: F Page: 8, Key Terms in Strategic Management19.Anything the firm does especially well compared to rival firms could be considered a competitive advantage.Ans: T Page 820.Once a firm acquires a competitive advantage, they are usually able to sustain the competitive advantage for an extended period of time.Ans: F Page 921.Newspaper companies in the United States provide a good example of how a company can sustain a competitive advantage over the long term.Ans: F Page 922.In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors.Ans: T Page: 923.Strategists are usually found in higher levels of management and have considerable authority for decision-making in the firm.Ans: T Page: 1024.The middle manager is the most visible and critical strategic manager.Ans: F Page: 1025.All strategists have similar attitudes, values, ethics and concerns for social responsibility.Ans: F Page: 1026.A vision statement answers the question, “What is our business?,” whereas a mission statement answers, “What do we want to become?”Ans: F Page: 10-1127.In the last five years, the position of chief strategy officer (CSO) has diminished in comparison to other top management ranks of many organizations.Ans: F Page: 1028.A clear mission statement describes the values and priorities of an organization.Ans: T Page: 1029.As of 2004, Wal-Mart was the largest corporation in the world.Ans: T Page 1130.Strengths and weaknesses are determined relative to competitors.Ans: T Page: 1231.In a multidivisional firm, objectives should be established for the overall company and not for each division.Ans: F Page: 1332.Objectives should be measurable, quantitative, challenging, realistic, consistent and prioritized.Ans: T Page: 1333.Annual objectives are long-term milestones that organizations must achieve to reach short-term objectives.Ans: F Page: 1334.Annual objectives are especially important in strategy formulation.Ans: F Page: 1335.According to research, a healthier workforce can more effectively and efficiently implement strategies.Ans: T Page: 13, The Strategic-Management Model36.Identifying an organization’s existing vision, mission, objectives and strategies is the final step for the strategic management process.Ans: F Page: 1537.Once an effective strategy is designed, modifications are rarely required.Ans: F Page: 1538.Application of the strategic-management process is typically more formal in larger and well-established organizations.Ans: T Page: 15, Benefits of Strategic Management39.Followed by commitment, understanding is the most important benefit of strategic management.Ans: T Page: 1640.The changes that occurred at Disney after Robert Iger took over as CEO exemplifies the fact that more and more organizations are centralizing the strategic-management process.Ans: F Page: 1641.Firms with planning systems more closely resembling strategic-management theory generally exhibit superior long-term financial performance relative to their industry.Ans: T Page: 1742.Low-performing firms typically underestimate their competitor’s strengths and overestimate their own firm’s strengths.Ans: T Page: 1743.According to Greenley, strategic management provides a cooperative, integrated and enthusiastic approach to tackling problems and opportunities.Ans: T Page: 18, Why Some Firms Do No Strategic Planning44.The poor reward structure is one reason managers do not engage in strategic planning.Ans: T Page: 1845.Crises and fires in an organization allows managers the training and time for effective strategic planning.Ans: F Page: 17, Pitfalls in Doing Strategic Planning46.Top managers making many intuitive decisions that conflict with the formal plan is one pitfall managers should avoid in strategic planning.Ans: T Page: 1947.Managers must be very formal in strategic planning because formality induces flexibility and creativity.Ans: F Page: 19, Guidelines for Effective Strategic Management48.An integral part of strategy implementation must be to evaluate the quality of the strategic-management process.Ans: F Page: 1949.Strategic-management must be a self-reflective learning process that familiarizes managers and employees in the organization with key strategic issues and feasible alternatives for resolving those issues.Ans: T Page: 20, Business Ethics and Strategic Management50.Today, managers and employees can be found personally liable if they ignore, conceal, or disregard a pollution problem.Ans: T Page: 2151.Merely having a code of ethics is not sufficient to ensure ethical business behavior.Ans: T Page: 2352.An integral part of the responsibility of all managers is to provide ethical leadership by constant example and demonstration.Ans: T Page: 23, Comparing Business and Military Strategy53.In most situations, business strategy is very different than military strategy.Ans: F Page: 25, The Nature of Global Competition54.International operations can be as simple as exporting a product to a single foreign country.Ans: T Page: 2855.One risk in international operations is that nationalistic factions could seize the operations.Ans: T Page: 29, Conclusion56.All organizations have a strategy from their inception, even if the strategy is informal, unstructured, and sporadic.Ans: T Page: 3057.Nonprofit organizations have less need for strategic management because they are not interested in making a profit.Ans: F Page: 3058.Firms can be more proactive with strategic management.Ans: T Page: 30, Introduction59.The term “environment” includes all of the following except:a.air.b.water.c.firms.d.natural resources.e.fauna.Ans: c Page: 460.

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