Strategy Multiple Choice Questions
with answers
Lecture 1 – Introduction
Question 1:
According to Hitt et al (2017), strategy is best described as:
a) A plan to manage resources for long-term success.
b) A set of actions to achieve competitive advantage.
c) A process of integrating goals and policies.
d) A method to compete within an industry.
Answer: b) A set of actions to achieve competitive advantage.
Question 2:
Which of the following best describes a paradox in strategic management?
a) A situation where the firm has no clear goals.
b) Conflicting priorities that persist over time.
c) A strategy that is mutually exclusive.
d) A situation where the firm has no competition.
Answer: b) Conflicting priorities that persist over time.
Question 3:
How does Johnson et al (2008) define strategy?
a) A method to compete within an industry.
b) A plan to integrate goals and policies.
c) A process to manage resources for long-term success.
d) A set of actions to achieve competitive advantage.
Answer: c) A process to manage resources for long-term success.
Question 4:
Which of the following is NOT one of the four parts of strategic management discussed in
the lecture?
a) Strategizing
b) Strategic Content
c) Strategic Process
d) Strategic Innovation
Answer: d) Strategic Innovation
Question 5:
In the context of Functional-Level Strategy, what is the primary focus?
a) Positioning the business against competitors.
b) Optimizing internal departments like finance or marketing.
,c) Deciding which businesses to own or divest.
d) Building partnerships to create value.
Answer: b) Optimizing internal departments like finance or marketing.
Question 6:
Which of the following best describes the focus of Business-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: c) Positioning the business against competitors.
Question 7:
What is the primary question addressed in Missioning and Visioning?
a) How should we think about strategy?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: b) What is our purpose and long-term direction?
Question 8:
Which of the following is a key question in Strategic Change?
a) How do we adapt to changes in the market?
b) How should we think about strategy?
c) What is our purpose and long-term direction?
d) Should we comply with industry standards or create new ones?
Answer: a) How do we adapt to changes in the market?
Question 9:
What is the main focus of Corporate-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: b) Deciding which businesses to own or divest.
Question 10:
Which of the following best describes the focus of Network-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: d) Building partnerships to create value.
,Question 11:
What is the primary question addressed in Industry Content?
a) Should we focus on global or local markets?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: d) Should we comply with industry standards or create new ones?
Question 12:
Which of the following is a key question in International Content?
a) Should we focus on global or local markets?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: a) Should we focus on global or local markets?
Question 13:
What is the main focus of Strategic Innovation?
a) Balancing exploration and exploitation of new ideas.
b) Positioning the business against competitors.
c) Deciding which businesses to own or divest.
d) Building partnerships to create value.
Answer: a) Balancing exploration and exploitation of new ideas.
Question 14:
Which of the following is NOT part of the Strategic Process?
a) Strategy Formation
b) Strategic Change
c) Strategic Content Innovation
d) Strategic Innovation
Answer: c) Strategic Content
Question 15:
What is the main question in Strategy Formation?
a) How do we adapt to changes in the market?
b) Should we focus on global or local markets?
c) Is strategy planned or does it emerge over time?
d) Should we comply with industry standards or create new ones?
Answer: c) Is strategy planned or does it emerge over time?
Question 16:
Which of the following is a key focus of Strategic Context?
a) Industry dynamics and global markets.
,b) Strategy formation and change.
c) Functional and business-level strategies.
d) Strategizing and missioning.
Answer: a) Industry dynamics and global markets.
Question 17:
What is the primary focus of Industry Content?
a) Should we focus on global or local markets?
b) Should we comply with industry standards or create new ones?
c) How do we balance exploration and exploitation?
d) How do we adapt to changes in the market?
Answer: b) Should we comply with industry standards or create new ones?
Question 18:
Which of the following best describes the focus of Strategic Process?
a) Strategy formation, change, and innovation.
b) Functional and business-level strategies.
c) Industry dynamics and global markets.
d) Strategizing and missioning.
Answer: a) Strategy formation, change, and innovation.
Question 19:
What is the main question in Strategizing?
a) Should we comply with industry standards or create new ones?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) How should we approach strategy development?
Answer: d) How should we approach strategy development?
Question 20:
Which of the following is a key focus of Strategic Change?
a) How do we adapt to changes in the market?
b) How do we balance exploration and exploitation?
c) Is strategy planned or does it emerge over time?
d) Should we focus on global or local markets?
Answer: a) How do we adapt to changes in the market?
Lecture 2 – Mission & Vision
Question 1:
What is the primary purpose of a mission statement?
a) To outline the company's financial goals.
,b) To provide a picture of the future state the firm wishes to achieve.
c) To define the fundamental principles guiding strategic choices.
d) To describe the company's market position.
Answer: c) To define the fundamental principles guiding strategic choices.
Question 2:
What is the primary purpose of a vision statement?
a) To outline the company's financial goals.
b) To provide a picture of the future state the firm wishes to achieve.
c) To define the fundamental principles guiding strategic choices.
d) To describe the company's market position.
Answer: b) To provide a picture of the future state the firm wishes to achieve.
Question 3:
Which of the following is NOT one of the four components of a mission and vision?
a) Organizational Purpose
b) Organizational Beliefs
c) Organizational Values
d) Organizational Structure
Answer: d) Organizational Structure
Question 4:
What does Organizational Purpose refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: b) The main objectives pursued by the organization.
Question 5:
What do Organizational Beliefs refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: a) The assumptions about the environment and what the firm needs to do to
succeed.
Question 6:
What do Organizational Values refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
, Answer: c) The ethical behavior and moral responsibilities of the firm.
Question 7:
What does Business Definition refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: d) The guiding principles that distinguish opportunities from diversions.
Question 8:
Why are mission and vision statements important internally?
a) They help define performance standards and inspire employees.
b) They create linkages with customers and suppliers.
c) They serve as a public relations tool.
d) They enlist external support.
Answer: a) They help define performance standards and inspire employees.
Question 9:
Why are mission and vision statements important externally?
a) They help define performance standards and inspire employees.
b) They create linkages with customers, suppliers, and alliance partners.
c) They guide employee decision-making.
d) They establish a framework for ethical behavior.
Answer: b) They create linkages with customers, suppliers, and alliance partners.
Question 10:
What is the role of corporate governance in setting the mission and vision?
a) It is solely the responsibility of the CEO.
b) It is a joint effort between executives and the board of directors.
c) It is determined by external stakeholders.
d) It is managed by the marketing department.
Answer: b) It is a joint effort between executives and the board of directors.
Question 11:
What is the primary function of corporate governance?
a) To manage day-to-day operations.
b) To ensure that senior executives pursue strategies aligned with the corporate mission.
c) To handle customer complaints.
d) To oversee marketing campaigns.
Answer: b) To ensure that senior executives pursue strategies aligned with the corporate
mission.
with answers
Lecture 1 – Introduction
Question 1:
According to Hitt et al (2017), strategy is best described as:
a) A plan to manage resources for long-term success.
b) A set of actions to achieve competitive advantage.
c) A process of integrating goals and policies.
d) A method to compete within an industry.
Answer: b) A set of actions to achieve competitive advantage.
Question 2:
Which of the following best describes a paradox in strategic management?
a) A situation where the firm has no clear goals.
b) Conflicting priorities that persist over time.
c) A strategy that is mutually exclusive.
d) A situation where the firm has no competition.
Answer: b) Conflicting priorities that persist over time.
Question 3:
How does Johnson et al (2008) define strategy?
a) A method to compete within an industry.
b) A plan to integrate goals and policies.
c) A process to manage resources for long-term success.
d) A set of actions to achieve competitive advantage.
Answer: c) A process to manage resources for long-term success.
Question 4:
Which of the following is NOT one of the four parts of strategic management discussed in
the lecture?
a) Strategizing
b) Strategic Content
c) Strategic Process
d) Strategic Innovation
Answer: d) Strategic Innovation
Question 5:
In the context of Functional-Level Strategy, what is the primary focus?
a) Positioning the business against competitors.
b) Optimizing internal departments like finance or marketing.
,c) Deciding which businesses to own or divest.
d) Building partnerships to create value.
Answer: b) Optimizing internal departments like finance or marketing.
Question 6:
Which of the following best describes the focus of Business-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: c) Positioning the business against competitors.
Question 7:
What is the primary question addressed in Missioning and Visioning?
a) How should we think about strategy?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: b) What is our purpose and long-term direction?
Question 8:
Which of the following is a key question in Strategic Change?
a) How do we adapt to changes in the market?
b) How should we think about strategy?
c) What is our purpose and long-term direction?
d) Should we comply with industry standards or create new ones?
Answer: a) How do we adapt to changes in the market?
Question 9:
What is the main focus of Corporate-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: b) Deciding which businesses to own or divest.
Question 10:
Which of the following best describes the focus of Network-Level Strategy?
a) Optimizing internal departments like finance or marketing.
b) Deciding which businesses to own or divest.
c) Positioning the business against competitors.
d) Building partnerships to create value.
Answer: d) Building partnerships to create value.
,Question 11:
What is the primary question addressed in Industry Content?
a) Should we focus on global or local markets?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: d) Should we comply with industry standards or create new ones?
Question 12:
Which of the following is a key question in International Content?
a) Should we focus on global or local markets?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) Should we comply with industry standards or create new ones?
Answer: a) Should we focus on global or local markets?
Question 13:
What is the main focus of Strategic Innovation?
a) Balancing exploration and exploitation of new ideas.
b) Positioning the business against competitors.
c) Deciding which businesses to own or divest.
d) Building partnerships to create value.
Answer: a) Balancing exploration and exploitation of new ideas.
Question 14:
Which of the following is NOT part of the Strategic Process?
a) Strategy Formation
b) Strategic Change
c) Strategic Content Innovation
d) Strategic Innovation
Answer: c) Strategic Content
Question 15:
What is the main question in Strategy Formation?
a) How do we adapt to changes in the market?
b) Should we focus on global or local markets?
c) Is strategy planned or does it emerge over time?
d) Should we comply with industry standards or create new ones?
Answer: c) Is strategy planned or does it emerge over time?
Question 16:
Which of the following is a key focus of Strategic Context?
a) Industry dynamics and global markets.
,b) Strategy formation and change.
c) Functional and business-level strategies.
d) Strategizing and missioning.
Answer: a) Industry dynamics and global markets.
Question 17:
What is the primary focus of Industry Content?
a) Should we focus on global or local markets?
b) Should we comply with industry standards or create new ones?
c) How do we balance exploration and exploitation?
d) How do we adapt to changes in the market?
Answer: b) Should we comply with industry standards or create new ones?
Question 18:
Which of the following best describes the focus of Strategic Process?
a) Strategy formation, change, and innovation.
b) Functional and business-level strategies.
c) Industry dynamics and global markets.
d) Strategizing and missioning.
Answer: a) Strategy formation, change, and innovation.
Question 19:
What is the main question in Strategizing?
a) Should we comply with industry standards or create new ones?
b) What is our purpose and long-term direction?
c) How do we adapt to changes in the market?
d) How should we approach strategy development?
Answer: d) How should we approach strategy development?
Question 20:
Which of the following is a key focus of Strategic Change?
a) How do we adapt to changes in the market?
b) How do we balance exploration and exploitation?
c) Is strategy planned or does it emerge over time?
d) Should we focus on global or local markets?
Answer: a) How do we adapt to changes in the market?
Lecture 2 – Mission & Vision
Question 1:
What is the primary purpose of a mission statement?
a) To outline the company's financial goals.
,b) To provide a picture of the future state the firm wishes to achieve.
c) To define the fundamental principles guiding strategic choices.
d) To describe the company's market position.
Answer: c) To define the fundamental principles guiding strategic choices.
Question 2:
What is the primary purpose of a vision statement?
a) To outline the company's financial goals.
b) To provide a picture of the future state the firm wishes to achieve.
c) To define the fundamental principles guiding strategic choices.
d) To describe the company's market position.
Answer: b) To provide a picture of the future state the firm wishes to achieve.
Question 3:
Which of the following is NOT one of the four components of a mission and vision?
a) Organizational Purpose
b) Organizational Beliefs
c) Organizational Values
d) Organizational Structure
Answer: d) Organizational Structure
Question 4:
What does Organizational Purpose refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: b) The main objectives pursued by the organization.
Question 5:
What do Organizational Beliefs refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: a) The assumptions about the environment and what the firm needs to do to
succeed.
Question 6:
What do Organizational Values refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
, Answer: c) The ethical behavior and moral responsibilities of the firm.
Question 7:
What does Business Definition refer to in the context of a mission and vision?
a) The assumptions about the environment and what the firm needs to do to succeed.
b) The main objectives pursued by the organization.
c) The ethical behavior and moral responsibilities of the firm.
d) The guiding principles that distinguish opportunities from diversions.
Answer: d) The guiding principles that distinguish opportunities from diversions.
Question 8:
Why are mission and vision statements important internally?
a) They help define performance standards and inspire employees.
b) They create linkages with customers and suppliers.
c) They serve as a public relations tool.
d) They enlist external support.
Answer: a) They help define performance standards and inspire employees.
Question 9:
Why are mission and vision statements important externally?
a) They help define performance standards and inspire employees.
b) They create linkages with customers, suppliers, and alliance partners.
c) They guide employee decision-making.
d) They establish a framework for ethical behavior.
Answer: b) They create linkages with customers, suppliers, and alliance partners.
Question 10:
What is the role of corporate governance in setting the mission and vision?
a) It is solely the responsibility of the CEO.
b) It is a joint effort between executives and the board of directors.
c) It is determined by external stakeholders.
d) It is managed by the marketing department.
Answer: b) It is a joint effort between executives and the board of directors.
Question 11:
What is the primary function of corporate governance?
a) To manage day-to-day operations.
b) To ensure that senior executives pursue strategies aligned with the corporate mission.
c) To handle customer complaints.
d) To oversee marketing campaigns.
Answer: b) To ensure that senior executives pursue strategies aligned with the corporate
mission.
