Strategic Management Quiz

What is the primary focus of strategic management?

• Formulating, implementing, and evaluating decisions

• Financial planning

• Human resource management

• Marketing strategies

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

• Strategy implementation

• Market analysis

• Strategy evaluation

• Strategy formulation

What does a vision statement answer?

• What do we want to become?

• What are our strengths?

• What is our business?

• What are our weaknesses?

What is a key benefit of good strategic management?

• Increased employee turnover

• Reduced market share

• Improved communication and commitment

• Higher operational costs

What is the purpose of a mission statement?

• To distinguish one business from others

• To outline financial objectives

• To describe market trends

• To define the company's future goals

What is the action stage of strategic management called?

• Strategy implementation

• Strategy evaluation

• Strategy formulation

• Strategic planning

What does the term 'competitive advantage' refer to?

• A firm's market share

• A firm's financial stability

• A firm's employee satisfaction

• A firm's ability to outperform rivals

Which of the following is a reason some firms do not engage in strategic planning?

• Effective communication

• High employee morale

• Lack of knowledge

• Strong market position

What is the role of strategists in an organization?

• To handle customer service

• To ensure the success of the organization

• To oversee financial audits

• To manage daily operations

What is a key characteristic of annual objectives?

• They are long-term goals

• They are vague and non-specific

• They are only financial targets

• They are short-term milestones