SM & TQM QUIZ 1

What is the primary goal of strategy in a business

• To increase employee satisfaction

• To gain and sustain superior performance relative to competitors

• To maximize short-term profits

• To minimize operational costs

Which of the following is NOT one of the three key elements of good strategy?

• A diagnosis of the competitive challenge

• A guiding policy to address the competitive challenge

• A set of coherent actions to implement the guiding policy

• A comprehensive market research study

Strategic management is defined as:

• The planned use of a company's resources to reach its goals and objectives

• The process of hiring and firing employees

•  The art of predicting future market trends

• The practice of micromanaging daily operations

Which of the following is NOT a benefit of strategic management?

• Achieving goals

• Competitive advantage

• Guaranteed profitability

• Sustainable growth

What does the "S" in SWOT analysis stand for?

• Strategy

• Systems

• Strengths

Prescriptive strategic management involves:

• Developing strategies in advance of an organizational issue

• Putting strategies into practice when needed

• Analyzing past performance to predict future outcomes

• Ignoring potential future challenges

 The A.F.I. model in strategic management stands for:

• Analyze, Forecast, Implement

• Adapt, Formulate, Innovate

• Analyze, Formulate, Implement

• Assess, Focus, Integrate

Strategic leadership style is characterized by:

• The ability to micromanage all aspects of an organization

• A focus on short-term gains over long-term vision

• The ability to visualize, plan, lead, and efficiently execute strategies

• A preference for maintaining the status quo

Which of the following is an external factor in a SWOT analysis?

• Strengths

• Weaknesses

• Opportunities

• Company culture

The "guiding policy" in strategy formulation refers to

•  A set of strict rules that employees must follow

• The company's mission statement

• The approach chosen to address the competitive challenge

• The financial budget for the next fiscal year