Business Policy and Strategic Management (Test 1)

Business policy and Strategic Management is connected or interrelated

• Yes

• No

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_______________________is the comprehensive process of planning,

monitoring, analysing and assessing all that is necessary for an

organization to meet its goals and objectives.

• Business Policy

• Strategic Management

• None of these

________________ the guidelines, rules, and frameworks that

an organization establishes to govern its actions and decision-

making processes.

• Business Policy

• Strategic Management

• Both

• None

Which of the statements is/are true:

(A) Business policies provide a framework

within which strategic decisions are made.

(B) Policies ensure that strategic actions

are consistent with the organization’s values and objectives.

(C) Effective strategic management

relies on clear policies to guide implementation and control

processes

• A

• B

• C

• A and B

• All three

The first step of Strategic Management Process is?

• Strategic Intent

• Strategy Formulation

• Strategy Implementation

• None of These

Strategic intent includes deciding on Vision, Mission, Objectives

• True

• False

The element of ___________ in the hierarchy of strategic intent serves the purpose of stating what the

organisation wishes to achieve in the long run.

• Mission

• Objective

• Vision

• None of these

Before formulating strategy it is necessary for organization to conduct environmental analysis

• True

• False

________________ relate to the strategic decisions to manage a portfolio of

businesses.

• Business Level Strategies

• Corporate level strategies

• Functional level strategies

• None of these

The aim of ____________ is to develop competitive advantage in the individual businesses that a

company has in its portfolio.

• Corporate Strategies

• Functional Strategies

• Business strategies

• None of these