Strategic Management-Multiple Choice Questions

Strategic Management-Multiple Choice Questions CHAPTER ONE The Nature of Strategic Management 1. Which of these is not a reason why some firms do no strategic planning? a. Laziness b. Competitive leadership c. Honest difference of opinion d. Poor reward structures 2 .Developing a vision and mission, identifying an organization's external opportunities and threats, and determining internal strengths and weaknesses are all activities. a. strategy-formulation b. strategy-implementation c. long-range planning d. short-range planning 3 . The means by which long-term objectives will be achieved are a. mission statements b. strategies. c. vision statements. d. long-term goals. CHAPTER TWO Business Mission 4. The answers the question "What do we want to become?" whereas answers the question "What is our business?" a. vision statement; mission statement b. short-term objectives; long-term objectives c. objectives; strategies d. mission; vision 5. What is the recommended length of an effective mission statement? a. One page b. Less than 200 words c. One sentence of 10 to 20 words. d. There is no recommendation. It can be as long as the management wants. CHAPTER THREE External Assessment 6. represents the average score in both EFE and CPM. a. 2.0 b. 3.0 c. 2.5 d. 4.0 7. All of these, except , are part of Porter's competitive forces in industry analysis. a. potential entry of new competitors b. bargaining power of suppliers c. development of substitute products d. bargaining power of union 8. is based on the assumption that the future will be just like the past. [Hint] a. Delphi forecasts b. Econometric models c. Linear regression d. Scenario forecasts