CM 4223 Chapter 1 Exam Questions with Correct Answers Latest Update 2025-2026
strategic management definition - Answers the art and science of formulating, implementing,
and evaluating cross-functional decsisions that enable an organization to achieve its objectives.
what are the sections of strategic management - Answers integrating management, marketing,
finance and accounting, production and operations, research and development, information
systems
strategic management is also known as - Answers strategic planning
another term for strategic management - Answers strategy formulation, implementation,
evaluation
what is the purpose of a strategic managment - Answers exploit and create new and different
opportunities for tomorrow
a strategic plan is in essence - Answers a company's game plan
strategic plan results from - Answers tough managerial choices among numerous good
alternatives, commitment to specific markets policies, procedure, and operations in lue of other
"less desirable" course of action
what are the three stages of strategic management process - Answers strategy formulation
strategy implementation
strategy evaluation
strategy formulation - Answers includes developing a vision and mission, identifying an
organization's external opportunities and threats, determining internal strengths and
weaknesses, establishing long term objectings, generating alternative strategies, choosing
particular strategies to pursue
strategy-formulation decisions commit an organization to - Answers specific products, markets,
resources, and technologies over an extended period of time
strategy forumlation involves types of decisions including - Answers what new business to
endet
what businesses to abandon
whether to expand operations or diversity
whether to enter international markets
whether to merge or form a joint venture
, how to avoid a hostile takeover
strategy implementation - Answers firm to establish annual objective, devise policies, motivate
employees, allocate resources
strategy implementation is called - Answers action stage
strategy implementation includes - Answers developing a strategy-supportive culture, perparing
budgets, developing and using information systems, linking employee compensation to
organizational performance
strategy evaluation - Answers the final stage in strategic management
strategy evaluation is the primary means for - Answers obtaining infomation about strategies
working
strategists - Answers individuals most responsible for the success or failure of an organization.
various job titles
vision statement - Answers answers the question "what do we want to become"
developing a vision statement is the - Answers first step in stragetic planning
mission statements - Answers enduring statements of purpose that distinguish one business
from other similar firms. Identifies the scope of a firm's operations in product and market terms
external opportunities and threats - Answers beyond the control of a single organization thus
the word external
internal strengths and weaknesses - Answers controllable activities that are performed
especially well or poorly and are determined relative to competitors
objectives are - Answers essential for organizational success becuase they provide direction,
aid in evaluation, create synergy, reveal priorities, focus coordination, and provide a basis for
effective planning, organziaing and motivating, controlling activities
strategties - Answers means by which long term objectives will be achieved. geogrpahic
expansion, diversification, acquisition, product development, market penetration, retrenchment,
divestiture, liquidation, joint venture
annual objectives - Answers short-term milestones that organizations must achieve to reach
long term objectives. They should be measureable, quantitavtive, challenging, realistic,
consistent and prioritized. established at every level of production
policies - Answers guidelines, rules, procedures, establish support efforts to achieve stated
objectives
strategic management definition - Answers the art and science of formulating, implementing,
and evaluating cross-functional decsisions that enable an organization to achieve its objectives.
what are the sections of strategic management - Answers integrating management, marketing,
finance and accounting, production and operations, research and development, information
systems
strategic management is also known as - Answers strategic planning
another term for strategic management - Answers strategy formulation, implementation,
evaluation
what is the purpose of a strategic managment - Answers exploit and create new and different
opportunities for tomorrow
a strategic plan is in essence - Answers a company's game plan
strategic plan results from - Answers tough managerial choices among numerous good
alternatives, commitment to specific markets policies, procedure, and operations in lue of other
"less desirable" course of action
what are the three stages of strategic management process - Answers strategy formulation
strategy implementation
strategy evaluation
strategy formulation - Answers includes developing a vision and mission, identifying an
organization's external opportunities and threats, determining internal strengths and
weaknesses, establishing long term objectings, generating alternative strategies, choosing
particular strategies to pursue
strategy-formulation decisions commit an organization to - Answers specific products, markets,
resources, and technologies over an extended period of time
strategy forumlation involves types of decisions including - Answers what new business to
endet
what businesses to abandon
whether to expand operations or diversity
whether to enter international markets
whether to merge or form a joint venture
, how to avoid a hostile takeover
strategy implementation - Answers firm to establish annual objective, devise policies, motivate
employees, allocate resources
strategy implementation is called - Answers action stage
strategy implementation includes - Answers developing a strategy-supportive culture, perparing
budgets, developing and using information systems, linking employee compensation to
organizational performance
strategy evaluation - Answers the final stage in strategic management
strategy evaluation is the primary means for - Answers obtaining infomation about strategies
working
strategists - Answers individuals most responsible for the success or failure of an organization.
various job titles
vision statement - Answers answers the question "what do we want to become"
developing a vision statement is the - Answers first step in stragetic planning
mission statements - Answers enduring statements of purpose that distinguish one business
from other similar firms. Identifies the scope of a firm's operations in product and market terms
external opportunities and threats - Answers beyond the control of a single organization thus
the word external
internal strengths and weaknesses - Answers controllable activities that are performed
especially well or poorly and are determined relative to competitors
objectives are - Answers essential for organizational success becuase they provide direction,
aid in evaluation, create synergy, reveal priorities, focus coordination, and provide a basis for
effective planning, organziaing and motivating, controlling activities
strategties - Answers means by which long term objectives will be achieved. geogrpahic
expansion, diversification, acquisition, product development, market penetration, retrenchment,
divestiture, liquidation, joint venture
annual objectives - Answers short-term milestones that organizations must achieve to reach
long term objectives. They should be measureable, quantitavtive, challenging, realistic,
consistent and prioritized. established at every level of production
policies - Answers guidelines, rules, procedures, establish support efforts to achieve stated
objectives
