Strategic Management Quiz 1

What are the stages of Strategic Management?

• Strategy formulation > Strategy evaluation > Strategy implementation

• Strategy formulation > Strategy implementation > Strategy evaluation

• Strategy evaluation > Strategy implementation > Strategy formulation

• Strategy evaluation > Strategy formulation > Strategy implementation

Among the following, which is TRUE for Strategy Formulation?

• Developing a vision and mission

• Establishing long-term objectives

• Determining internal strengths and weaknesses

• All of the above

Strategy Evaluation is often called the action stage. True or False?

• True

• False

Which is NOT a fundamental activity for Strategy Evaluation?

• Reviewing external and internal factors that are the bases for current strategies

• Measuring performance

• Allocate resources so that formulated strategies can be executed

• Taking corrective actions

Enhanced communication > Deeper/ Improved understanding > X > The result. Above are benefits to a firm that does strategic planning. What is X?

• Greater commitment

• Greater participation

• Greater success rate

• All of the above

Strategic planning enable a firm to develop deeper/improved understanding of others' views and what the firm is doing/planning and why. True or False?

• True

• False

Among the following, which is the reason that some firms do no strategic planning?

• No formal training in strategic management

• No punishment for not planning

• No monetary rewards for doing planning

• All of the above

A vision statement should answer the basic question; "What do we want to become?" True or False?

• True

• False

Only selective managers should have input into developing the vision statement. True or False?

• True

• False

One of the importance of vision and mission statements is ensuring the following understand the firm's purpose or reason for being;

• Top managers

• All employees

• Managers

• All of the above