Strategic Management Exam Prep |
Comprehensive Study Guide | 2026/2027
What do we mean by 'Strategic Management'? - correct answer-The art & science
of formulating, implementing and evaluating cross-functional decisions that
enable an organization to achieve its objectives
What does a STRATEGIST do? (his job function) - correct answer--Track industry
and competitive trends
-spot emerging market opportunities
-identify threats
-develop creative plans
What question goes with 'Mission Statement' ? - correct answer-What is our
business?
What question goes with 'Vision Statement' ? - correct answer-What do we want
to become?
Give the steps of the strategic management process or model? (from Fred R.
David) - correct answer-strategy formulation
strategy implementation
strategy evaluation
Name 3 non-financial tangible benefits that strategic management offers to
companies? - correct answer-identifying and prioritizing of opportunities
, Provides objective view of management problems
Control activities
Mention 4 of the 9 components of Mission Statement... - correct answer-
Customers (who are the company's customers)
Product or services (what is the company's product)
Market
Technology
What are the 5 categories of EXTERNAL factors? - correct answer-Economic forces
Governmental forces
Social, cultural forces
Technological forces
Competitive forces
Name the Five forces model of Porter that is used for developing strategies? -
correct answer-Rivalry among competing firms
Potential entry of new competitors
Potential development of substitute product
Bargaining power of suppliers
Bargaining power of consumers
What is the purpose of Porter's Model? - correct answer-To determine if the
industry is attractive/profitable
Comprehensive Study Guide | 2026/2027
What do we mean by 'Strategic Management'? - correct answer-The art & science
of formulating, implementing and evaluating cross-functional decisions that
enable an organization to achieve its objectives
What does a STRATEGIST do? (his job function) - correct answer--Track industry
and competitive trends
-spot emerging market opportunities
-identify threats
-develop creative plans
What question goes with 'Mission Statement' ? - correct answer-What is our
business?
What question goes with 'Vision Statement' ? - correct answer-What do we want
to become?
Give the steps of the strategic management process or model? (from Fred R.
David) - correct answer-strategy formulation
strategy implementation
strategy evaluation
Name 3 non-financial tangible benefits that strategic management offers to
companies? - correct answer-identifying and prioritizing of opportunities
, Provides objective view of management problems
Control activities
Mention 4 of the 9 components of Mission Statement... - correct answer-
Customers (who are the company's customers)
Product or services (what is the company's product)
Market
Technology
What are the 5 categories of EXTERNAL factors? - correct answer-Economic forces
Governmental forces
Social, cultural forces
Technological forces
Competitive forces
Name the Five forces model of Porter that is used for developing strategies? -
correct answer-Rivalry among competing firms
Potential entry of new competitors
Potential development of substitute product
Bargaining power of suppliers
Bargaining power of consumers
What is the purpose of Porter's Model? - correct answer-To determine if the
industry is attractive/profitable
