Strategic Management Benefits Quiz

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What is the purpose of a program in the context of strategy implementation?

To evaluate and control the performance
To develop budgets for the corporation
To make a strategy action-oriented (correct)
To analyze the performance results

What is the main function of budgets in strategy implementation?

To list detailed costs of programs (correct)
To monitor corporate activities
To develop sequential steps for tasks
To compare actual and desired performance

Which term best describes a system that describes in detail how a particular task or job is to be done?

Control
Evaluation
Procedure (correct)
Intuition

What is the result of evaluating and controlling corporate activities and performance results?

Monitoring actual vs desired performance (D) Signup and view all the answers

What characterizes the analytical style of thinking in developing strategies?

Step-wise and logical (D) Signup and view all the answers

What are the main activities that learning organizations are skilled at?

Solving problems systematically, experimenting with new approaches, learning from experiences, transferring knowledge efficiently (D) Signup and view all the answers

What does Strategic Management determine for a corporation?

Long-run performance (A) Signup and view all the answers

What is one of the basic elements of Strategic Management?

Environmental scanning (C) Signup and view all the answers

What is the purpose of Evaluation and Control in strategic management?

Monitoring, evaluating, and disseminating information from external and internal environments (C) Signup and view all the answers

Which of the following is a component of the Societal Environment in environmental scanning?

Sociocultural Forces (B) Signup and view all the answers

What differentiates Learning Organizations from traditional ones?

Ability to create, acquire, transfer knowledge, modify behavior based on new insights (D) Signup and view all the answers

What is the purpose of strategy formulation?

To develop long-range plans for effective management in light of opportunities and threats (A) Signup and view all the answers

Which strategy focuses on improving the competitive position of a corporation's products or services in a specific industry?

Business strategy (B) Signup and view all the answers

What does a policy serve as in a company's functional area?

Broad guideline for decision-making linking strategy formulation with implementation (C) Signup and view all the answers

What part of strategy formulation outlines what the organization aims to become?

Vision (A) Signup and view all the answers

In what aspect does corporate strategy differ from business strategy?

General attitude toward growth (C) Signup and view all the answers

Which type of strategy emphasizes maximizing resource productivity to achieve corporate objectives?

Functional strategy (B) Signup and view all the answers

What are the advantages of structured decision-making?

Enables team participation on a level playing field (A) Signup and view all the answers

What is a disadvantage of intuitive decision-making?

Driven by gut-feel and confidence (B) Signup and view all the answers

What is the defining characteristic of a strategic decision?

Consequential (A) Signup and view all the answers

What is a trigger for a strategic inflection point in a business?

New technologies (C) Signup and view all the answers

What is the purpose of a strategic audit?

To enable systematic analysis of corporate functions (C) Signup and view all the answers

What can lead to breakdowns in structured decision-making?

Multifaceted matters (D) Signup and view all the answers