Skip to main content
SM Introduction MCQs Quiz - Blog 4
Strategic Management - Chapter 1 - MCQs
1. What is Strategic Management?
- a) Management of day-to-day operations
- b) Long-term planning for achieving specific goals
- c) Setting up tactical plans for the organization
- d) Ensuring smooth workflow in the organization
2. Which of the following is a feature of strategic management?
- a) Short-term orientation
- b) Reactive in nature
- c) Proactive decision-making
- d) Department-specific focus
3. Which of the following is NOT a stage in the strategic management process?
- a) Strategy Formulation
- b) Strategy Implementation
- c) Operational Planning
- d) Strategy Evaluation
4. SWOT analysis stands for:
- a) Strengths, Weaknesses, Opportunities, and Threats
- b) Strategies, Weaknesses, Opportunities, and Tactics
- c) Strengths, Weaknesses, Opportunities, and Targets
- d) Success, Weaknesses, Opportunities, and Threats
5. Which of the following best describes a mission statement?
- a) A summary of the organization's business strategy
- b) A statement of long-term goals and values
- c) A document outlining the organization's tactical steps
- d) A short-term operational plan
6. The term 'competitive advantage' refers to:
- a) A firm’s profitability within the industry
- b) A unique strength that allows a firm to outperform its competitors
- c) Reducing costs below competitors’ costs
- d) Efficient management practices
7. Porter's Five Forces framework is used for:
- a) Analyzing the internal environment of an organization
- b) Assessing the competitive forces within an industry
- c) Evaluating the firm's operational efficiency
- d) Formulating strategies for market entry
8. Which of the following is an example of a corporate-level strategy?
- a) Pricing strategy
- b) Diversification
- c) Marketing campaign
- d) Human resource management
9. The BCG matrix categorizes business units into which of the following categories?
- a) Stars, Question Marks, Cash Cows, and Dogs
- b) Leaders, Laggards, Innovators, and Adapters
- c) Stars, Innovations, Risk Takers, and Followers
- d) Growth, Stability, Turnaround, and Retrenchment
10. The primary focus of strategic management is:
- a) Tactical decisions and routine operations
- b) Monitoring competitors' short-term plans
- c) Achieving long-term organizational goals
- d) Creating short-term solutions for immediate issues
11. Vision statements are concerned with:
- a) The daily operations of the organization
- b) The future aspirations of the organization
- c) Employee performance and satisfaction
- d) Financial management of the company
12. Which of the following is an external factor in a PESTEL analysis?
- a) Management capabilities
- b) Organizational culture
- c) Economic conditions
- d) Financial position
13. Which of the following is an example of a functional strategy?
- a) Product diversification
- b) Market expansion
- c) Employee training programs
- d) Joint ventures
14. Which of the following is not one of Porter’s generic strategies?
- a) Cost leadership
- b) Differentiation
- c) Focus
- d) Market segmentation
15. Which of the following is NOT a method for strategy implementation?
- a) Resource allocation
- b) Organizational restructuring
- c) Establishing control mechanisms
- d) Market research
16. Which of the following is considered a strategic objective?
- a) Increased employee productivity
- b) Improved customer satisfaction
- c) Expansion into new markets
- d) Decreasing operational costs
17. Which of the following describes the 'Growth strategy'?
- a) Merging with a competitor
- b) Expanding the company’s activities into new products or markets
- c) Reducing the scale of operations
- d) Increasing cash reserves through asset sales
18. The primary goal of a strategic audit is to:
- a) Monitor the company’s financial performance
- b) Identify strengths and weaknesses in the company's strategies
- c) Increase operational efficiency
- d) Ensure regulatory compliance
19. The difference between strategic and operational decisions is:
- a) Strategic decisions are concerned with short-term outcomes
- b) Operational decisions are made by top management
- c) Strategic decisions focus on long-term goals, while operational decisions focus on day-to-day activities
- d) Strategic decisions do not require extensive planning
20. Which of the following is true about strategic planning?
- a) It is a one-time activity
- b) It is focused on the short term
- c) It is an ongoing process of aligning the organization with its environment
- d) It is primarily concerned with internal stakeholders
Very informative Sir
ReplyDelete