Comprehensive Guide to Business Policy and
Strategic Management Concepts UPDATED
ACTUAL Questions and CORRECT Answers
What is the purpose of business To guide the decisions and actions of members
policies? within an organization.
What can business policies be Written documents such as operational manuals,
expressed in? personnel handbooks, and memoranda.
Why is it important to have written To avoid misadventures and financial losses that
business policies? can occur from informal or unwritten rules.
How has globalization affected It has prompted organizations to be more
business policies? externally-oriented and adopt strategic
management concepts.
, What is the relationship between Business policies provide guidelines, while
business policies and operational operational strategies focus on long-term
strategies? competitive success.
What is the basic theory of It revolves around planning, organizing, staffing,
management? coordinating, controlling, and evaluating.
Who typically sets business policies? Top management within the organization.
What are business policies They are considered marching orders that must be
considered for middle management? implemented.
What does business policy generally A set of rules guiding the conduct of the business
refer to? in pursuit of profit and objectives.
What are the types of strategies Strategy formulation, strategy implementation, and
defined by Wright, Kroll, and strategic control.
Parnell?
What is the difference between Intended strategy is the original plan, while
intended and realized strategy? realized strategy is what is actually implemented.
What does Thompson and Strickland A set of competitive moves and business
characterize strategy as? approaches to run the company.
What is a key characteristic of It is a grand plan made considering potential
strategy? actions of competitors.
Why is competition relevant to Strategy derives its relevance from the existence of
strategy? competition in business.
What does strategy imply regarding It connotes a general program of action and
resource deployment? deployment of resources to achieve objectives.
Strategic Management Concepts UPDATED
ACTUAL Questions and CORRECT Answers
What is the purpose of business To guide the decisions and actions of members
policies? within an organization.
What can business policies be Written documents such as operational manuals,
expressed in? personnel handbooks, and memoranda.
Why is it important to have written To avoid misadventures and financial losses that
business policies? can occur from informal or unwritten rules.
How has globalization affected It has prompted organizations to be more
business policies? externally-oriented and adopt strategic
management concepts.
, What is the relationship between Business policies provide guidelines, while
business policies and operational operational strategies focus on long-term
strategies? competitive success.
What is the basic theory of It revolves around planning, organizing, staffing,
management? coordinating, controlling, and evaluating.
Who typically sets business policies? Top management within the organization.
What are business policies They are considered marching orders that must be
considered for middle management? implemented.
What does business policy generally A set of rules guiding the conduct of the business
refer to? in pursuit of profit and objectives.
What are the types of strategies Strategy formulation, strategy implementation, and
defined by Wright, Kroll, and strategic control.
Parnell?
What is the difference between Intended strategy is the original plan, while
intended and realized strategy? realized strategy is what is actually implemented.
What does Thompson and Strickland A set of competitive moves and business
characterize strategy as? approaches to run the company.
What is a key characteristic of It is a grand plan made considering potential
strategy? actions of competitors.
Why is competition relevant to Strategy derives its relevance from the existence of
strategy? competition in business.
What does strategy imply regarding It connotes a general program of action and
resource deployment? deployment of resources to achieve objectives.
