Challenge Your Strategic Management Skills with this Essential Concepts Quiz

Key Concepts in Strategic Management

• Strategy is about making deliberate choices to be different from competitors.
• There are different ways to measure a company's performance, including economic value, accounting profitability, shareholder value, and corporate sustainability performance.
• Two models of thinking in the brain, heuristic and rational, are the cognitive foundations for decision making.
• Heuristics can be helpful in strategic management, but can also lead to errors in decision making if left unchecked.
• Secondary data already exists within the company or is collected by third parties for purposes other than solving the problem at hand.
• Primary data must be collected by the researcher or third parties and can be qualitative or quantitative.
• Qualitative data is unstructured/semi-structured and useful for exploring topics and gaining a deeper understanding of motivations and drivers.
• Quantitative data is structured and useful for monitoring customer perceptions and identifying and describing segments.
• In-depth interviews allow for a greater willingness to discuss sensitive topics and follow-up questions to identify reasons for behavior and opinions.
• Focus group discussions encourage creative interaction between participants.
• Measurement involves assigning symbols to objects to represent the amount of a characteristic or whether the object falls into a certain category.
• Validity and reliability are important measures of the quality of measurement in strategic management.

Test your knowledge of key concepts in strategic management with this quiz! From understanding the different ways to measure a company's performance to exploring the cognitive foundations for decision making, this quiz covers a range of important topics. You'll also be tested on your knowledge of data collection methods and techniques for measuring customer perceptions. See how much you know about these essential strategic management concepts and challenge yourself to improve your understanding of this vital field.