Strategic Management Quiz

What is Strategic Management?

• The science of managing day-to-day operations.

• The art of making financial decisions.

• The art and science of formulating, implementing, and evaluating cross-functional decisions.

• The process of managing human resources.

What is another term used synonymously with Strategic Management?

• Tactical Planning

• Strategic Planning

• Operational Management

• Resource Allocation

Which of the following is part of the Strategy Formulation stage?

• Motivating employees

• Allocating resources

• Reviewing external and internal factors

• Developing a mission statement

Which stage of Strategic Management is often called the action stage?

• Strategy Formulation

• Strategy Implementation

• Strategy Evaluation

• Strategic Planning

Which activity is involved in Strategy Evaluation?

• Establishing annual objectives

• Taking corrective actions

• Identifying external threats

• Developing a vision

What is considered the first step in strategic planning?

• Developing a mission statement

• Setting short-term goals

• Establishing long-term objectives

• Creating a vision

Which of the following is an example of an external opportunity?

• High interest rates

• The ongoing pandemic

• Skilled labor force

• Strong brand reputation

What are internal strengths and weaknesses determined relative to?

• External opportunities

• Organizational history

• Competitors

• Customer satisfaction

What is a strategic objective that lasts for more than one year called?

• Tactical Objective

• Long-term Objective

• Annual Goal

• Functional Objective

Which of the following are examples of strategies?

• Establishing policies

• Setting annual objectives

• Geographic expansion, diversification, and joint ventures

• Conducting internal audits