STUDENTS SUCCESS
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
Strategic Management Assignments and (100% correct
answers) 2024-2025
Strategic Management
ans:>the art and science of formulating, implementing, and evaluating
cross-functional decisions that enable an organization to achieve its
objectives
strategic management
ans:>refers to strategy formulation, implementation and evaluation
strategic planning
ans:>refers only to strategy formulation
strategy formulation
ans:>includes developing a vision and mission, identifying an
organization's external opportunities and threats, determining internal
strengths and weaknesses, establishing long-term objectives, generating
alternative strategies, and choosing particular strategies to pursue
strategy implementation
ans:>requires a firm to establish annual objectives, devise policies
motivate employees, and allocate resources so that formulated
strategies can be executed
strategy evaluation
,ans:>the primary means for obtaining information on whether or not a
strategy is working well; you review external and internal factors,
measure performance, and take corrective actions
corporate, divisional or strategic business unit and functional
ans:>strategy formulation, implementation and evaluation activities
occur at what three hierarchical levels in a large organization?
intuition
ans:>while strategy formulation is often much more of science than an
art, besides the facts what do companies often have to rely on in making
their strategic decisions?
competitive advantage
ans:>anything that a firm does especially well compared to rival firms,
when a firm can do something that rival firms cannot do, or owns
something that rival firms desire, that can represent what?
sustained competitive advantage
ans:>a firm must strive to achieve this by continually adapting to
changes in external trends and events and internal capabilities,
competencies, and resources; and by effectively formulating,
implementing and evaluating strategies that capitalize upon those factors
strategists
ans:>the individuals who are most responsible for the success or failure
of an organization, they can have various job titles, such as chief
executive officer, president, owner, chair of the board, or entrepreneur
strategist
ans:>these people help an organization gather, analyze and organize
information, they track industry and competitive trends, develop
forecasting models and scenario analyses, evaluate corporate and
divisional performance, spot emerging market opportunities, identify
business threats and develop creative plans
,strategic manager
ans:>the CEO is the most visible one, but any manager who has
responsibility for a unit or division, responsible for profit and loss
outcomes, or direct authority over a major piece of the business is one of
these
vision statement
ans:>this answers the question "what do we want to become?" and is
the first step in strategic planning, preceding even development of a
mission statement
mission statement
ans:>these are "enduring statements of purpose that distinguish one
business from other similar firms, it identifies the scope of a firm's
operations from other similar firms," it address the basic question that
faces all strategists: "what is our business?"
external opportunities and threats
ans:>refer to economic social, cultural, demographic, environmental,
political, legal, governmental, technological, and competitive trends and
events that could significantly benefit or harm an organization in the
future
environmental scanning
ans:>the process of conducting research and gathering and assimilating
external information, otherwise known as industry analysis
internal strengths and weaknesses
ans:>are an organization's controllable activities that are preformed
especially well or poorly, they arise in the management, marketing,
finance/accounting, production/operations, research and development,
and management information systems activities of a business
objectives
ans:>can be defined as specific results that a organization seeks to
achieve in pursuing its basic mission, they are essential for
organizational success because they state direction; aid in evaluation;
, create synergy; reveal priorities; focus coordination; and provide a basis
for effective planning, organizing and motivating and controlling activities
strategies
ans:>are the means by which long-term objectives will be achieved, may
include geographic expansion, diversification, acquisition product
development, market penetration, retrenchment, divestiture, liquidation
and joint ventures
annual objectives
ans:>these are short term milestones that organizations much achieve
to reach long-term objectives
policies
ans:>these are the means by which annual objectives will be achieved,
include guidelines, rules and procedures established to support efforts to
achieve stated objectives, they are guides to decision making and
address repetitive or recurring situations
strategic management
ans:>allows an organization to be more proactive that reactive in
shaping its own future; it allows an organization to initiate and influence
(rather than just respond to) activities--and thus to exert control over its
own destiny
communication
ans:>what is a key to successful strategic management?
empowerment
ans:>is the act of strengthening employees' sense of effectiveness by
encouraging them to participate in decision making and to exercise
initiative and imagination, and rewarding them for doing so
True (research indicates that organizations that use strategic-
management concepts are more profitable and successful than those
that do not)
Revision Examination Tests
“Come all for this greatness”
...100% Correct Ans...
Strategic Management Assignments and (100% correct
answers) 2024-2025
Strategic Management
ans:>the art and science of formulating, implementing, and evaluating
cross-functional decisions that enable an organization to achieve its
objectives
strategic management
ans:>refers to strategy formulation, implementation and evaluation
strategic planning
ans:>refers only to strategy formulation
strategy formulation
ans:>includes developing a vision and mission, identifying an
organization's external opportunities and threats, determining internal
strengths and weaknesses, establishing long-term objectives, generating
alternative strategies, and choosing particular strategies to pursue
strategy implementation
ans:>requires a firm to establish annual objectives, devise policies
motivate employees, and allocate resources so that formulated
strategies can be executed
strategy evaluation
,ans:>the primary means for obtaining information on whether or not a
strategy is working well; you review external and internal factors,
measure performance, and take corrective actions
corporate, divisional or strategic business unit and functional
ans:>strategy formulation, implementation and evaluation activities
occur at what three hierarchical levels in a large organization?
intuition
ans:>while strategy formulation is often much more of science than an
art, besides the facts what do companies often have to rely on in making
their strategic decisions?
competitive advantage
ans:>anything that a firm does especially well compared to rival firms,
when a firm can do something that rival firms cannot do, or owns
something that rival firms desire, that can represent what?
sustained competitive advantage
ans:>a firm must strive to achieve this by continually adapting to
changes in external trends and events and internal capabilities,
competencies, and resources; and by effectively formulating,
implementing and evaluating strategies that capitalize upon those factors
strategists
ans:>the individuals who are most responsible for the success or failure
of an organization, they can have various job titles, such as chief
executive officer, president, owner, chair of the board, or entrepreneur
strategist
ans:>these people help an organization gather, analyze and organize
information, they track industry and competitive trends, develop
forecasting models and scenario analyses, evaluate corporate and
divisional performance, spot emerging market opportunities, identify
business threats and develop creative plans
,strategic manager
ans:>the CEO is the most visible one, but any manager who has
responsibility for a unit or division, responsible for profit and loss
outcomes, or direct authority over a major piece of the business is one of
these
vision statement
ans:>this answers the question "what do we want to become?" and is
the first step in strategic planning, preceding even development of a
mission statement
mission statement
ans:>these are "enduring statements of purpose that distinguish one
business from other similar firms, it identifies the scope of a firm's
operations from other similar firms," it address the basic question that
faces all strategists: "what is our business?"
external opportunities and threats
ans:>refer to economic social, cultural, demographic, environmental,
political, legal, governmental, technological, and competitive trends and
events that could significantly benefit or harm an organization in the
future
environmental scanning
ans:>the process of conducting research and gathering and assimilating
external information, otherwise known as industry analysis
internal strengths and weaknesses
ans:>are an organization's controllable activities that are preformed
especially well or poorly, they arise in the management, marketing,
finance/accounting, production/operations, research and development,
and management information systems activities of a business
objectives
ans:>can be defined as specific results that a organization seeks to
achieve in pursuing its basic mission, they are essential for
organizational success because they state direction; aid in evaluation;
, create synergy; reveal priorities; focus coordination; and provide a basis
for effective planning, organizing and motivating and controlling activities
strategies
ans:>are the means by which long-term objectives will be achieved, may
include geographic expansion, diversification, acquisition product
development, market penetration, retrenchment, divestiture, liquidation
and joint ventures
annual objectives
ans:>these are short term milestones that organizations much achieve
to reach long-term objectives
policies
ans:>these are the means by which annual objectives will be achieved,
include guidelines, rules and procedures established to support efforts to
achieve stated objectives, they are guides to decision making and
address repetitive or recurring situations
strategic management
ans:>allows an organization to be more proactive that reactive in
shaping its own future; it allows an organization to initiate and influence
(rather than just respond to) activities--and thus to exert control over its
own destiny
communication
ans:>what is a key to successful strategic management?
empowerment
ans:>is the act of strengthening employees' sense of effectiveness by
encouraging them to participate in decision making and to exercise
initiative and imagination, and rewarding them for doing so
True (research indicates that organizations that use strategic-
management concepts are more profitable and successful than those
that do not)
