Strategic Management Quiz

Anything that a firm does especially well compared to rival firms.

• Competitive Advantage

• Vision Statement

• Strategy Implementation

• Distinctive Competence

These include guidelines, rules, and procedures established to support efforts to achieve stated objectives.

• Internal Assessment

• Policies

• Objectives

• External Assessment

It is a systematic and ethical process for gathering and analyzing information about the competitor's activities and general business trends to further a business' own goals. Select one:

• Competitive Advantage

• Competitive Intelligence Program

• Internal Strengths

• Distinctive Competence

This requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. Select one:

• Strategy Formulation

• Strategizing

• Strategy Implementation

• Strategy Evaluation

It is a plan of action or policy designed to achieve a major or overall aim.

• Strategy

• Policy

• Plan

• Tactics

It is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

• Action of Strategic Management

• Strategic Management

• Management

• Organization

These are the specific actions or steps you undertake to accomplish your strategy.

• Tactics

• Plan

• Strategy

• Policy

It refers to the specific results that an organization seeks to achieve in pursuing its mission.

• Objectives

• Policies

• Mission Statement

• Vision Statement

It is particularly useful for making decisions in situations of great uncertainty or little precedent.

• Analysis

• Matrix

• Intuition

• Data

Considered as the action stage of strategic management and the most difficult or challenging stage of Strategic Management Process.

• Strategy Formulation

• Strategy Evaluation

• Strategy Implementation

• Organizing