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Basic Management Process Quiz

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Questions and Answers

What is the purpose of performing an external and internal 'audit' in the strategic management process?

To formulate new strategies for achieving goals

To evaluate the performance of the company's products

To study the firm's environment and internal strengths and weaknesses (correct)

To identify the company's current business direction

What does a SWOT analysis focus on?

Strategic goals and tasks

Environmental scan worksheet

Strengths, Weaknesses, Opportunities, Threats (correct)

Mission statement and vision

What is the purpose of formulating a new direction in the strategic management process?

To set strategic goals for each department

To implement existing strategies

To evaluate the performance of the company

To identify what the company wants to become (correct)

What comes after translating the mission into strategic goals in the strategic management process?

Formulating new strategies Signup and view all the answers

What is the primary focus of corporate strategy in the strategic management process?

Identifying portfolio of businesses Signup and view all the answers

What does concentration strategy in strategic management involve?

Having one product line in one market Signup and view all the answers

Which strategy involves expansion by producing its own raw materials or by directly selling?

'Vertal' Integration Strategy Signup and view all the answers

What is the purpose of evaluating performance in the strategic management process?

'Assessment of progress' of strategic decisions Signup and view all the answers

What should a company do if its strategic goals are not met as planned?

'Re-strategize' Signup and view all the answers

What is the purpose of the Hierarchy of Goals in a company?

To view the goals from the top of the firm down to frontline employees as a chain Signup and view all the answers

What is the main focus of a Strategic Plan?

Matching internal strengths and weaknesses with external opportunities and threats Signup and view all the answers

Which process involves identifying and executing the strategic plan by matching a company’s capabilities with the demands of the environment?

Strategic Management Process Signup and view all the answers

What do Policies in a company provide?

Broad guidelines delineating how employees should act Signup and view all the answers

What is the purpose of Procedures in a company?

Spell out what to do in a specific situation Signup and view all the answers

What is the fifth step in the Basic Management Process?

Choosing and implementing your plan Signup and view all the answers