Strategic Management

The fundamental purpose for the existence of any organization is described by its

• policies

• mission

• procedures

• strategy

The fundamental purpose of an organization’s mission statement is to

• create a good human relations climate in the organization

• define the operational structure of the organization

• define the organization’s purpose in society

• generate good public relations for the organization

The acronym SWOT stands for

• Special Weapons for Operations Timeliness

• Services, Worldwide Optimization, and Transport

• Strengths Worldwide Overcome Threats

• Strengths, Weaknesses, Opportunities, and Threats

Which of the following is not a characteristic of strategic management that makes it different from other types of management?

• It is interdisciplinary

• It has an external focus

• It has an internal focus.

• It concerns the present direction of the organization.

Which of the following is an issue considered in developing corporate strategies?

• What business(es) are we in?

• What direction are we going?

• What resources do we have to implement our strategies?

• What businesses are we in and what to do with those businesses?

Which of the following is NOT a major element of the strategic management process?

• Formulating strategy

• Implementing strategy

• Evaluating strategy

• Assigning administrative tasks

Competitive advantage can best be described as

• increased efficiency.

• what sets an organization apart.

• a strength of the organization

• intangible resources.

________________ is the foundation of blue ocean strategy.

• Innovation

• Value creation

• Value innovation

• value cost trade-off

The various organizational routines and processes that determine how efficiently and effectively the organization transforms its inputs into outputs are called:

• strengths

• core competencies.

• capabilities.

• customer value.

When defining strategic management the most important thing to remember is that it is:

• Not as easy as you think

• Mainly the province of senior managers

• A living evolving process

• A way of determining responsibilities