What is strategic management?
a. Short-term decision-making
b. Long-term planning and execution
c. Operational tasks
d. Tactical analysis
Answer: b. Long-term planning and execution
Which phase of strategic management involves setting goals and objectives?
a. Implementation
b. Evaluation
c. Formulation
d. Execution
Answer: c. Formulation
SWOT analysis is a tool used in which stage of strategic management?
a. Evaluation
b. Formulation
c. Implementation
d. Control
Answer: b. Formulation
What does SWOT stand for in strategic management?
a. Strengths, Weaknesses, Opportunities, Threats
b. Strategy, Workforce, Organization, Tactics
c. Strategic, Widespread, Operational, Tactical
d. Systematic, Workable, Organized, Time-bound
Answer: a. Strengths, Weaknesses, Opportunities, Threats
In strategic management, what does the BCG matrix help analyze?
a. Market share and growth rate of business units
b. Budgetary constraints
c. Employee satisfaction
d. Production efficiency
Answer: a. Market share and growth rate of business units
Which strategic management concept involves the identification of key factors critical to the success of an organization?
a. Core competencies
b. Competitive advantage
c. Key success factors (KSF)
d. SWOT analysis
Answer: c. Key success factors (KSF)
What is the purpose of a mission statement in strategic management?
a. Identifying competitors
b. Defining the organization’s purpose and goals
c. Conducting market research
d. Developing marketing strategies
Answer: b. Defining the organization’s purpose and goals
Which strategy involves offering unique products or services to a specific market segment?
a. Cost leadership
b. Differentiation
c. Focus
d. Integration
Answer: b. Differentiation
What is the primary focus of the cost leadership strategy?
a. Offering unique products
b. Providing high-quality services
c. Being the low-cost producer in the industry
d. Targeting a niche market
Answer: c. Being the low-cost producer in the industry
In strategic management, what does the term “competitive advantage” refer to?
a. Equal standing with competitors
b. Ability to outperform rivals
c. Mutual cooperation among competitors
d. Market saturation
Answer: b. Ability to outperform rivals
What is the purpose of a business-level strategy in strategic management?
a. Setting corporate-wide goals
b. Allocating resources across business units
c. Achieving a competitive advantage in a specific market
d. Conducting environmental analysis
Answer: c. Achieving a competitive advantage in a specific market
Which strategy involves expanding a company’s activities into new products or markets?
a. Concentration
b. Diversification
c. Retrenchment
d. Differentiation
Answer: b. Diversification
What is retrenchment in strategic management?
a. Reducing the scale or size of operations
b. Expanding product lines
c. Entering new markets
d. Focusing on a single business unit
Answer: a. Reducing the scale or size of operations
Which analysis tool helps identify an organization’s internal strengths and weaknesses?
a. PESTLE analysis
b. SWOT analysis
c. BCG matrix
d. Five Forces analysis
Answer: b. SWOT analysis
What is the purpose of a PESTLE analysis in strategic management?
a. Identifying internal strengths and weaknesses
b. Assessing the competitive landscape
c. Analyzing external factors affecting the organization
d. Evaluating market share
Answer: c. Analyzing external factors affecting the organization
Which strategic management concept involves activities that increase the value of a product or service for customers?
a. Core competencies
b. Value chain analysis
c. Cost leadership
d. Competitive advantage
Answer: b. Value chain analysis
What is the primary focus of corporate-level strategy in strategic management?
a. Achieving a competitive advantage
b. Allocating resources to business units
c. Formulating marketing strategies
d. Setting organizational goals
Answer: b. Allocating resources to business units
In strategic management, what does the term “core competencies” refer to?
a. Unique capabilities that provide a competitive advantage
b. Cost-cutting measures
c. Tactical skills
d. Short-term goals
Answer: a. Unique capabilities that provide a competitive advantage
What is the main purpose of a strategic plan in strategic management?
a. Identifying tactical objectives
b. Setting short-term goals
c. Guiding the organization’s direction and scope
d. Conducting market research
Answer: c. Guiding the organization’s direction and scope
Which strategy involves combining different stages of production or distribution under a single ownership?
a. Horizontal integration
b. Vertical integration
c. Concentric diversification
d. Conglomerate diversification
Answer: b. Vertical integration
What is the purpose of a differentiation strategy in strategic management?
a. Offering products at a lower cost than competitors
b. Providing unique and high-quality products
c. Focusing on a narrow market segment
d. Reducing the scale of operations
Answer: b. Providing unique and high-quality products
Which strategy involves collaborating with other organizations to achieve mutual benefits?
a. Competitive strategy
b. Cooperation strategy
c. Cost leadership strategy
d. Retrenchment strategy
Answer: b. Cooperation strategy
What is the purpose of an acquisition strategy in strategic management?
a. Reducing competition in the market
b. Forming strategic alliances
c. Buying or merging with other companies
d. Achieving cost leadership
Answer: c. Buying or merging with other companies
What does the term “strategic control” mean in strategic management?
a. Setting short-term objectives
b. Monitoring the execution of strategies
c. Conducting market research
d. Analyzing internal strengths and weaknesses
Answer: b. Monitoring the execution of strategies
Which analysis tool helps assess the level of competition in an industry?
a. SWOT analysis
b. BCG matrix
c. Porter’s Five Forces
d. PESTLE analysis
Answer: c. Porter’s Five Forces
In strategic management, what is the purpose of scenario planning?
a. Identifying core competencies
b. Preparing for various future situations
c. Assessing internal strengths
d. Conducting value chain analysis
Answer: b. Preparing for various future situations
Which strategic management concept involves the continuous improvement of processes and products?
a. Business process reengineering
b. Continuous improvement
c. Total quality management
d. Benchmarking
Answer: b. Continuous improvement
What is the main focus of the strategy implementation phase in strategic management?
a. Conducting SWOT analysis
b. Setting organizational goals
c. Executing plans and achieving objectives
d. Evaluating market trends
Answer: c. Executing plans and achieving objectives
Which type of strategy involves expanding activities beyond the current scope of operations?
a. Concentration strategy
b. Retrenchment strategy
c. Diversification strategy
d. Differentiation strategy
Answer: c. Diversification strategy
What is the purpose of a strategic alliance in strategic management?
a. Achieving cost leadership
b. Reducing competition
c. Collaborating with competitors
d. Focusing on a narrow market segment
Answer: c. Collaborating with competitors
In strategic management, what does the term “benchmarking” refer to?
a. Setting organizational goals
b. Analyzing competitors’ performance
c. Continuous improvement of products
d. Assessing internal strengths
Answer: b. Analyzing competitors’ performance
Which strategy involves selling off business units to reduce the size of operations?
a. Concentration strategy
b. Diversification strategy
c. Liquidation strategy
d. Retrenchment strategy
Answer: d. Retrenchment strategy
What is the purpose of a turnaround strategy in strategic management?
a. Exiting from the market
b. Liquidating assets
c. Reversing a decline and restoring profitability
d. Expanding product lines
Answer: c. Reversing a decline and restoring profitability
Which strategy involves focusing on a specific market segment or niche?
a. Focus strategy
b. Differentiation strategy
c. Concentration strategy
d. Diversification strategy
Answer: a. Focus strategy
In strategic management, what does the term “exit strategy” refer to?
a. Reducing competition
b. Exiting a specific market or industry
c. Continuous improvement of processes
d. Collaborating with competitors
Answer: b. Exiting a specific market or industry
What is the main focus of the strategy evaluation phase in strategic management?
a. Conducting value chain analysis
b. Monitoring the external environment
c. Assessing the effectiveness of strategies
d. Formulating marketing strategies
Answer: c. Assessing the effectiveness of strategies
Which type of strategy involves cooperating with competitors to achieve mutual benefits?
a. Integration strategy
b. Cooperation strategy
c. Retrenchment strategy
d. Concentration strategy
Answer: b. Cooperation strategy
In strategic management, what does the term “strategic fit” mean?
a. Compatibility between external factors
b. Alignment between organizational resources and actions
c. Focusing on a narrow market segment
d. Analyzing competitors’ performance
Answer: b. Alignment between organizational resources and actions
Which strategy involves reducing costs while maintaining the same level of quality?
a. Cost leadership strategy
b. Differentiation strategy
c. Focus strategy
d. Diversification strategy
Answer: a. Cost leadership strategy
What is the purpose of a scenario analysis in strategic management?
a. Identifying key success factors
b. Preparing for various future situations
c. Analyzing competitors’ strategies
d. Assessing internal strengths and weaknesses
Answer: b. Preparing for various future situations
Which strategy involves entering a new market with existing products?
a. Market penetration strategy
b. Market development strategy
c. Product development strategy
d. Diversification strategy
Answer: b. Market development strategy
In strategic management, what does the term “strategic intent” mean?
a. Long-term goals and aspirations
b. Short-term objectives
c. Tactical plans
d. Competitive advantage
Answer: a. Long-term goals and aspirations
What is the purpose of a crisis management strategy in strategic management?
a. Achieving cost leadership
b. Responding to unexpected events and challenges
c. Collaborating with competitors
d. Conducting market research
Answer: b. Responding to unexpected events and challenges
Which strategy involves reducing a company’s product or service offerings?
a. Concentration strategy
b. Diversification strategy
c. Liquidation strategy
d. Retrenchment strategy
Answer: d. Retrenchment strategy
In strategic management, what is the purpose of a portfolio analysis?
a. Analyzing competitors’ performance
b. Evaluating the performance of business units
c. Conducting value chain analysis
d. Assessing internal strengths and weaknesses
Answer: b. Evaluating the performance of business units
Which strategy involves introducing new products to existing markets?
a. Product development strategy
b. Market development strategy
c. Market penetration strategy
d. Diversification strategy
Answer: a. Product development strategy
What is the purpose of a stability strategy in strategic management?
a. Responding to unexpected events
b. Maintaining the status quo
c. Reducing costs
d. Expanding into new markets
Answer: b. Maintaining the status quo
Which type of strategy involves increasing market share in existing markets with existing products?
a. Market development strategy
b. Market penetration strategy
c. Product development strategy
d. Diversification strategy
Answer: b. Market penetration strategy
What is the primary focus of the strategy formulation phase in strategic management?
a. Executing plans and achieving objectives
b. Setting organizational goals and objectives
c. Assessing the effectiveness of strategies
d. Conducting value chain analysis
Answer: b. Setting organizational goals and objectives
Which analysis tool helps assess the attractiveness of different business units within a company?
a. BCG matrix
b. SWOT analysis
c. PESTLE analysis
d. Porter’s Five Forces
Answer: a. BCG matrix