Strategic Management Bachelor of Commerce Quiz

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Questions and Answers

According to Arthur Sharplin, what is a mission statement supposed to be?

  • An action statement to achieve the vision
  • A clear focus on what an organization does and what it doesn't (correct)
  • Inspiring and providing direction to business stakeholders
  • A plan or a course of action of vital importance to the organization as a whole

What does Chandler define as strategy?

  • A plan or a course of action of vital importance to the organization as a whole
  • A vision of what the organization wants to achieve in the future
  • The determination of basic short-term goals and objectives
  • A unified, comprehensive plan for achieving long-term goals (correct)

What is the primary purpose of a vision statement?

  • To define a clear focus on what an organization does and doesn't do
  • To set short-term goals for the organization
  • To inspire people and provide direction to business stakeholders (correct)
  • To determine actions and mobilize resources

Why is strategy important?

<p>Because resources available to achieve goals are usually limited (D)</p> Signup and view all the answers

What has the concept of strategy been borrowed from?

<p>Military and adapted for use in business (B)</p> Signup and view all the answers

What is the meaning of strategy in the context of strategic management?

<p>A comprehensive plan to achieve the organization's objectives (A)</p> Signup and view all the answers

What are the levels of strategy as outlined in the strategic management outline?

<p>Corporate, SBU, Functional (D)</p> Signup and view all the answers

According to Fred R. David's model, what are the stages of the strategic management process?

<p>Formulation, Implementation, Evaluation (D)</p> Signup and view all the answers

How does strategic management differ from operational management?

<p>Strategic management deals with decision-making for the whole organization, while operational management deals with day-to-day activities (C)</p> Signup and view all the answers

What is the main objective of a strategy in strategic management?

<p>To ensure proper execution by the organization (B)</p> Signup and view all the answers

Which of the following best describes strategic management?

<p>A comprehensive, integrated plan for achieving the firm's objectives in the challenging environment (A)</p> Signup and view all the answers

What are the stages of the strategic management process according to Fred R. David's model?

<p>Formulation, Implementation, Evaluation (C)</p> Signup and view all the answers

What is the primary distinction between Strategic Management and Operational Management?

<p>Strategic management focuses on long-term planning, while operational management focuses on short-term decision-making (A)</p> Signup and view all the answers

What are the elements of a strategy in the context of strategic management?

<p>Unified, comprehensive, integrated plan (C)</p> Signup and view all the answers

In the context of strategic management, what do corporate, SBU, and functional levels of strategy refer to?

<p>Levels at which strategic decisions are made within an organization (A)</p> Signup and view all the answers

What is the primary focus of a vision statement?

<p>Inspiring employees and business stakeholders (C)</p> Signup and view all the answers

What is the main purpose of a mission statement?

<p>Providing a clear focus on organizational activities (B)</p> Signup and view all the answers

According to Arthur Sharplin, what characterizes a strategy?

<p>Unified, comprehensive, and integrated plan (D)</p> Signup and view all the answers

What does Chandler define as the concept of strategy?

<p>Adopting courses of action and allocating resources (C)</p> Signup and view all the answers

Why is strategy important in business?

<p>Because resources available are usually limited (C)</p> Signup and view all the answers

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