Strategic Management Model and Environmental Analysis Quiz
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Strategic Management Model and Environmental Analysis Quiz

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Questions and Answers

What are examples of tangible assets?

  • Knowledge, skills, capabilities
  • Customer relationships, brand reputation, intellectual property
  • Market share, patents, copyrights
  • Production facilities, raw materials, financial resources (correct)

    • Which type of assets are the easiest to identify and often found on a firm's Balance Sheet?

  • Tangible assets (correct)
  • Human assets
  • Intangible assets
  • Distribution assets

    • What does human capital refer to?

  • The physical and financial assets of a company
  • The number of employees, their skills, and motivation (correct)
  • The knowledge and skills of employees
  • The money needed to achieve the plan

    • Which factor is NOT part of a PEST analysis?

    <p>Environmental</p> Signup and view all the answers

    What is the focus of an environmental scanning process?

    <p>Analyzing external factors affecting the business environment</p> Signup and view all the answers

    Which of the following is NOT one of the three basic resources mentioned?

    <p>Marketing resources</p> Signup and view all the answers

    What is an example of an intangible asset?

    <p>Brand names</p> Signup and view all the answers

    In a PEST analysis, which factor is NOT typically considered?

    <p>Structure</p> Signup and view all the answers

    What are some elements of the internal environment in strategic management?

    <p>Chain of Command</p> Signup and view all the answers

    According to the SWOT analysis rules, how should one differentiate between strength and opportunity?

    <p>By looking at assets and competencies</p> Signup and view all the answers

    Which component addresses the question 'What do we want to be?' in strategic management?

    <p>Vision</p> Signup and view all the answers

    What do simple rules for successful SWOT analysis recommend differentiating between?

    <p>Strength and opportunity</p> Signup and view all the answers

    Which of the following is NOT a component of the PEST analysis?

    <p>Competitor analysis</p> Signup and view all the answers

    What is the purpose of analyzing the internal factors of an organization?

    <p>To determine the strengths and weaknesses that may impact the firm's ability to seize opportunities and avoid threats</p> Signup and view all the answers

    Which of the following is NOT an example of a basic organizational structure?

    <p>Matrix structure</p> Signup and view all the answers

    Which of the following factors would be considered a socio-cultural factor in the PEST analysis?

    <p>Age distribution of the population</p> Signup and view all the answers

    What is the purpose of an organization's mission statement?

    <p>To define the reason for the organization's existence</p> Signup and view all the answers

    Which of the following is NOT a component of the strategic management model presented in the text?

    <p>Marketing analysis</p> Signup and view all the answers

    What is the purpose of the 'evaluation and control' step in the strategic management model?

    <p>To monitor the organization's actual performance against its planned objectives</p> Signup and view all the answers

    Which of the following is an example of a technological factor in the PEST analysis?

    <p>New discoveries and innovations</p> Signup and view all the answers

    What is the purpose of an organization's culture, according to the text?

    <p>To establish the collection of beliefs, expectations, and values shared by employees</p> Signup and view all the answers

    Which of the following is NOT considered a resource in the internal analysis of an organization?

    <p>The organization's mission statement</p> Signup and view all the answers

    Study Notes

    Strategic Management Model

    • Consists of Environmental Scanning, Strategy Formulation, Strategy Implementation, and Evaluation and Control
    • External Societal Environment: General forces, PEST Analysis, Task (Industry), and Competitors
    • Internal Structure: Chain of Command, Culture: Beliefs, Expectations, Values, and Resources: Assets, skills, competencies, knowledge

    Environmental Scanning

    • External Factors: PEST Analysis (Political, Economical, Socio-cultural, Technological)
    • Internal Factors: Structure, Culture, Resources
    • Strategy Formulation, Strategy Implementation, and Evaluation and Control

    PEST Analysis

    • Political Factors: Monopolies legislation, Environmental protection laws, Taxation policy, Employment laws, Government policy, Legislation
    • Economical Factors: GDP Trends, Interest rates, Inflation, Money supply, Employment, Income, Energy availability and cost
    • Socio-cultural Factors: Growth rate of Population, Age distribution of population, Distribution of income, Lifestyle changes, Levels of education
    • Technological Factors: Total Government spending for R&D, New discoveries and innovations, Speed of technology transfer, Internet Availability, Information technology

    Internal Factors

    • Structure: Chain of Command, Basic Organizational Structures (Simple, Functional, Divisional, Strategic business units (SBU’s), Conglomerate structure)
    • Culture: Collection of beliefs, expectations, and values shared by a corporation’s members and transmitted from one generation of employees to another
    • Resources: Assets, skills, competencies, knowledge, Three Basic Resources (Tangible assets, Human Assets, Intangible assets)

    Resources

    • Tangible assets: physical and financial assets, can be found on a firm’s Balance Sheet
    • Human Assets: number of employees, their skills, and motivation
    • Intangible assets: cannot be seen or touched, often very important in creating competitive advantage

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    Description

    Test your knowledge on strategic management models, environmental analysis, strategy formulation, implementation, and evaluation. Topics include PEST analysis, chain of command, organizational culture, resources, vision, and mission.

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