Which one of the following is not a part of the strategic management process?

20 Questions  |  By Vijaynegi | Last updated: Mar 22, 2022 | Total Attempts: 26697

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Are you ready for a Strategic management quiz? In the business world, the term "strategic management process" refers to any strategy which an organization uses to define itself; a strategy whereby managers within a company will choose from a number of different possible ways for that company to be run, picking the best one possible given the circumstances so that the organization can achieve the best performance available.

• 1. 

  The term _________ is used to refer to strategy formulation, implementation, and evaluation, with _________referring only to strategy formulation.

  • A. 

    Strategic planning; strategic management

  • B. 

    Assessment; planning

  • C. 

    Strategic management; strategic planning

  • D. 

    Management cycle; brainstorming

• 2. 

  Which of these requires a firm to establish annual objectives, devise policies, and allocate resources?

  • A. 

    Strategy formulation

  • B. 

    Strategy implementation

  • C. 

    Strategy evaluation

  • D. 

    Strategy manipulation

• 3. 

  Anything that a firm does especially well compared to rival firms is referred to as:

  • A. 

    Competitive advantage.

  • B. 

    Comparative advantage.

  • C. 

    An external opportunity.

  • D. 

    Opportunity cost

• 4. 

  __________ are the individuals who are most responsible for the success or failure of an organization.

  • A. 

    Strategists

  • B. 

    Consultants

  • C. 

    Operatives

  • D. 

    Ethics Officers

• 5. 

  A disadvantage of international operations is:

  • A. 

    Competitors in foreign markets may not exist.

  • B. 

    Language, culture, and value systems differ among countries, causing communication barriers and problems managing people.

  • C. 

    Economies of scale can be achieved from operation in global rather than solely domestic markets.

  • D. 

    Foreign operations can allow firms to establish low-cost production facilities in locations close to raw materials and/or cheap labor.

• 6. 

  The problem of limited resources within a firm makes ______________ particularly important as the firm decides how to allocate its resources.

  • A. 

    Long-range planning

  • B. 

    Short-term planning

  • C. 

    Strategy formulation

  • D. 

    Strategy implementation

• 7. 

  All of these are pitfalls an organization should avoid in strategic planning except:

  • A. 

    Using strategic planning to gain control over decisions and resources.

  • B. 

    Failing to involve key employees in all phases of planning.

  • C. 

    Hastily moving from mission development to strategy formulation.

  • D. 

    Using plans as a standard for measuring performance.

• 8. 

  The process of conducting research and gathering and assimilating external information is called:

  • A. 

    Mission development

  • B. 

    Long-range planning

  • C. 

    Industry analysis

  • D. 

    Lobbying

• 9. 

  The term strategic planning refers only to strategy formulation.

  • A. 

    True

  • B. 

    False

• 10. 

  The action stage of strategic management is called strategy formulation.

  • A. 

    True

  • B. 

    False

• 11. 

  ________ is the process by which a firm manages the formulation and implementation of its strategy.

  • A. 

    Total Quality Management

  • B. 

    Strategic Management

  • C. 

    Micro-Management

  • D. 

    Economic Logic

• 12. 

  The two most critical questions that __________ strategy must address are how a company will achieve its objectives today, when other firms may be competing to satisfy the same customer's needs and how the firm plans to compete in the future.

  • A. 

    Corporate

  • B. 

    Functional

  • C. 

    Operational

  • D. 

    Business

• 13. 

  Which of the following is not one of the three fundamental questions addressed by the corporate strategy?

  • A. 

    In what business will we compete?

  • B. 

    How can we, as a corporate parent, add value to our various lines of business?

  • C. 

    How will diversification or our entry into a new industry help us to compete in our other industries?

  • D. 

    How can we best position our operations to compete against present and future rivals within a particular business?

• 14. 

  Which of the following statements regarding strategy formulation and strategy implementation is the most accurate?

  • A. 

    Neither strategy formulation nor strategy implementation can succeed without the other.

  • B. 

    Strategy formulation is more important than strategy implementation.

  • C. 

    Strategy implementation is more important than strategy formulation.

  • D. 

    Neither strategy formulation nor strategy implantation can have a significant impact on firm performance.

• 15. 

  All of the following are elements of the strategy diamond except

  • A. 

    Vehicles

  • B. 

    Advantages

  • C. 

    Arenas

  • D. 

    Staging

• 16. 

  • Within the strategy diamond ______ refer(s) to decisions about the areas in which a firm will be active, including its products, services, distribution channels, market segments, geographic areas, technologies, and even stages of the value creation process

  • A. 

    Vehicles

  • B. 

    Arenas

  • C. 

    Differentiators

  • D. 

    Economic logic

• 17. 

  The five elements of the strategy diamond are technologies, vehicles, differentiators, staging, and economic logic.

  • A. 

    True

  • B. 

    False

• 18. 

  Which one is not a part of strategy formulation?

  • A. 

    Business level strategy

  • B. 

    Corporate level strategy

  • C. 

    Competitive dynamics

  • D. 

    Corporate governance

• 19. 

  Which is not a part of strategy implementation?

  • A. 

    Strategic Leadership

  • B. 

    Entrepreneurship & Innovation

  • C. 

    Structure & Control

  • D. 

    International Strategy

• 20. 

  Which is not a part of the international strategy lifecycle?

  • A. 

    Product Demand Develops and Firm Exports Products

  • B. 

    Firm Introduces Innovation in Domestic Market

  • C. 

    Production Becomes Standardized and is Relocated to Low-Cost Countries

  • D. 

    Diversification Strategy

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