Strategic Management Concepts Quiz

<p>Innovation is about generating ideas, while implementation is about putting those ideas into action (D)</p> Signup and view all the answers

<p>A model for managing the social, environmental, and economic impacts of a business (B)</p> Signup and view all the answers

<p>Reduced risk and uncertainty (D)</p> Signup and view all the answers

<p>Focus on environmental sustainability (C)</p> Signup and view all the answers

<p>To provide a comprehensive overview of key business concepts (B)</p> Signup and view all the answers

<p>To identify strategic factors that are relevant to the company's decision-making process (D)</p> Signup and view all the answers

<p>Developing a detailed business plan (B)</p> Signup and view all the answers

<p>Environmental variables are more related to the specific company's industry, while strategic factors are broader forces (A)</p> Signup and view all the answers

<p>It provides a framework for understanding the company's strengths and weaknesses, as well as the opportunities and threats in its environment (B)</p> Signup and view all the answers

<p>All of the above (D)</p> Signup and view all the answers

<p>To develop a comprehensive plan for achieving the company's mission and objectives (C)</p> Signup and view all the answers

<p>Environmental scanning provides the inputs for strategy formulation, informing the decision-making process (D)</p> Signup and view all the answers

<p>To outperform competitors and achieve sustainable success (B)</p> Signup and view all the answers

<p>Mission outlines the organization's purpose, while vision describes its desired future state. (B)</p> Signup and view all the answers

<p>Growth, management of diverse business units, and product lines. (A)</p> Signup and view all the answers

<p>Objectives should be stated as action verbs and quantify desired outcomes. (C)</p> Signup and view all the answers

<p>The competitive position of products or services within a specific industry segment. (D)</p> Signup and view all the answers

<p>Maximizing the effectiveness of individual functional areas to achieve corporate and business unit goals. (A)</p> Signup and view all the answers

<p>Strategies at different levels should be interconnected and mutually supportive. (C)</p> Signup and view all the answers

<p>Strategy provides a road map to achieve corporate objectives and capitalize on opportunities. (D)</p> Signup and view all the answers

<p>By creating a unique and valuable position in the market that competitors cannot easily imitate. (A)</p> Signup and view all the answers

<p>Adaptive mode (C)</p> Signup and view all the answers

<p>Logical incrementalism (D)</p> Signup and view all the answers

<p>Analyze stakeholders' interests (A)</p> Signup and view all the answers

<p>Entrepreneurial mode (B)</p> Signup and view all the answers

<p>Planning mode (A)</p> Signup and view all the answers

<p>Scan and assess the external environment (A)</p> Signup and view all the answers

<p>Focus on short-term solutions (A)</p> Signup and view all the answers

<p>The planning mode is more analytical and less political, while the entrepreneurial mode is more intuitive and driven by a single leader. (D)</p> Signup and view all the answers

<p>Internal analysis (D)</p> Signup and view all the answers

<p>To achieve a better match between the organization's internal strengths and external opportunities (C)</p> Signup and view all the answers

<p>Strategic management (D)</p> Signup and view all the answers

<p>Competitive analysis (A)</p> Signup and view all the answers

<p>Alignment between internal and external factors (A)</p> Signup and view all the answers

<p>To evaluate the company's strengths, weaknesses, resources, and capabilities (C)</p> Signup and view all the answers

<p>Setting long-term goals and objectives for the organization (D)</p> Signup and view all the answers

<p>New government regulations (C)</p> Signup and view all the answers

<p>To analyze current operations and strategies to improve efficiency and effectiveness. (B)</p> Signup and view all the answers

<p>Reduced environmental impact. (B)</p> Signup and view all the answers

<p>Reduced operational costs. (A)</p> Signup and view all the answers

<p>Building a sustainable competitive advantage. (D)</p> Signup and view all the answers

<p>The relationship between strategic CSR and firm performance is complex with multiple factors at play. (B)</p> Signup and view all the answers

<p>Financial performance evaluation. (B)</p> Signup and view all the answers

<p>A primary tool for data collection and analysis. (B)</p> Signup and view all the answers

<p>By emphasizing its influence on building trust and a positive reputation. (D)</p> Signup and view all the answers

A set of decisions and actions for long-term organizational performance.

Analyzing the internal environment of an organization.

Analyzing the external environment impacting an organization.

The process of developing long-range plans to achieve goals.

Executing the formulated strategy to achieve objectives.

Monitoring and assessing the effectiveness of strategies.

Four stages through which a firm evolves in managing strategy.

Positive effects of aligning environment, strategy, and structure for performance.

The process of monitoring, evaluating, and sharing information from internal and external environments to identify strategic factors.

A technique used for environmental scanning to identify Strengths, Weaknesses, Opportunities, and Threats.

Elements that assist in the analysis for making strategic decisions within a corporation.

General forces or specific factors affecting an organization’s environment and industry.

Attributes that allow a company to outperform its competitors.

A statement defining the purpose and primary objectives of an organization.

Specific, measurable goals that a company sets to ensure success.

A clear direction for a firm's future and goals.

Concentration on aspects that truly matter to business success.

Awareness of dynamics in the business environment.

The integration of international markets and corporations.

New products or methods that create significant returns.

Execution of new ideas that leads to exceptional success.

Business practices focused on economic, social, and environmental impacts.

The reason or purpose for an organization's existence.

Describes what the organization aims to become in the future.

End results of planned activities stated as action verbs with a deadline.

A comprehensive approach for achieving mission and objectives.

Overall direction regarding growth and management of businesses.

Improves competitive position at the business unit level.

Approaches by a functional area to achieve broader objectives.

A grouping of strategy types by organizational level, complementing each other.

Strategic decisions committing substantial resources requiring commitment from all levels.

Strategic decisions that set precedents for lower decisions and future actions.

Strategy made by one powerful individual, often visionary.

A reactive decision-making mode, solving existing problems without proactivity.

Involves systematic information gathering and rational strategy selection.

A synthesis of planning, adaptive, and entrepreneurial decision-making modes.

An eight-step method to enhance strategic decisions in organizations.

The first step in the strategic decision-making process to assess results.

A systematic analysis tool that provides a checklist of questions by area or issue for corporate functions.

Corporate social responsibility efforts that align with the business strategy to improve performance.

The measure of how well a company achieves its objectives and financial goals.

An edge over competitors that is maintained over time due to unique attributes.

A measure of how products and services meet or exceed customer expectations.

The tendency of customers to repeatedly buy from a specific brand.

The perception that the public has about a company, affecting customer trust and performance.

Confidence in the reliability and integrity of a company, impacting customer relationships.