Strategic Management exam questions with answers

Strategic Management exam questions |\ |\ |\ |\




with answers |\




What do we mean by 'Strategic Management'? - CORRECT ANSWERS
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✔✔The art & science of formulating, implementing and evaluating cross-
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functional decisions that enable an organization to achieve its objectives
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What does a STRATEGIST do? (his job function) - CORRECT ANSWERS
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✔✔-Track industry and competitive trends
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-spot emerging market opportunities
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-identify threats |\




-develop creative plans |\ |\




What question goes with 'Mission Statement' ? - CORRECT ANSWERS
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✔✔What is our business? |\ |\ |\




What question goes with 'Vision Statement' ? - CORRECT ANSWERS
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✔✔What do we want to become? |\ |\ |\ |\ |\




Give the steps of the strategic management process or model? (from Fred R.
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David) - CORRECT ANSWERS ✔✔strategy formulation
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strategy implementation
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strategy evaluation |\

, Name 3 non-financial tangible benefits that strategic management offers to
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companies? - CORRECT ANSWERS ✔✔identifying and prioritizing of
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opportunities

Provides objective view of management problems
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Control activities
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Mention 4 of the 9 components of Mission Statement... - CORRECT
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ANSWERS ✔✔Customers (who are the company's customers)
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Product or services (what is the company's product)
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Market

Technology



What are the 5 categories of EXTERNAL factors? - CORRECT ANSWERS
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✔✔Economic forces |\




Governmental forces |\




Social, cultural forces
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Technological forces |\




Competitive forces |\




Name the Five forces model of Porter that is used for developing strategies? -
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CORRECT ANSWERS ✔✔Rivalry among competing firms
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Potential entry of new competitors
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Potential development of substitute product
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