MCQs - Strategic Management

Strategic management is a combination of which two words?

• Strategy and Planning

• Strategy and Management

• Business and Policy

• Mission and Vision

Strategy can be best described as:

• A long-term plan of action

• A daily operational task

• A short-term budget plan

• A company's routine activities

Who defined strategy as the determination of basic long-term goals and adoption of action courses?

• Porter

• Chandler

• Ansoff

• Mintzberg

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

• Long-term focus

• Integration of all functional areas

• Random decision-making

• Sustainable competitive advantage

The purpose of strategic management is to:

• Handle routine operations

• Exploit and create new opportunities

• Prepare financial statements

• Supervise daily staff work

Which of the following is an objective of strategic management?

• Clear direction for the organization

• Short-term profit only

• Ignoring external environment

• Avoiding competition

Strategic management helps in:

• Risk minimization

• Random allocation of resources

• Avoiding long-term sustainability

• Limiting employee growth

Which factor is emphasized in long-term sustainability?

• Only profits

• Social, environmental, and ethical aspects

• Marketing campaigns only

• Random expansion

Business policy provides:

• Informal guidelines

• Formal guiding principles and framework

• Temporary instructions

• Random directions

Which is NOT an example of business policy?

• Code of conduct

• Employee attendance policy

• Stock market prices

• Equal opportunity policy