57) What are guides to decision making that address repetitive or recurring situations called? 70) Annual objectives are long-term milestones that organizations must achieve to reach short-term objectives. Strategic Management Multiple Choice Questions And Answers Sonali Singh Psychology 2210 March 28, 2015 Test 2: Multiple Choice Questions People from independent cultures are most likely to experience dissonance in situations when they are making decisions for _____, while people from interdependent cultures are likely to experience dissonance when making decisions for _____. In the last few years, the position of chief strategy officer (CSO) has emerged as a new addition to the top management ranks of many organizations. 89) The best approach for strategists is to carefully develop strategic plans themselves and then present them to operating managers to execute. B) unable to have a significant impact on an organization. 6) An organization should take a(n) ________ approach in its industry. Home > Chapter 2 > Multiple Choice Quiz. LO:  1.7: Explain why some firms do no strategic planning. 98) In order for a firm to achieve sustained competitive advantage, a firm must continually adapt to changes in external trends and events and effectively formulate, implement, and evaluate strategies that capitalize upon those factors. 51. A key aim of both business and military strategy is "to gain competitive advantage." The term strategy is derived from a ___________ word ‘strategos’ a. Latin. Business Management Ideas Essays, Research Papers and Articles on Business Management Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. Developing a vision statement is often considered the first step in strategic planning, preceding even development of a mission statement. 'Hunch' artists, who make a diagnosis but don't check it out with facts, are the ones in medicine who kill people, and in management kill businesses." 7) The strategic-management process represents a(n) ________, ________, and ________ approach for determining an enterprise's future direction. 30) ________ is NOT a strategy-implementation activity. E) noticing a sharp decline in online purchases. Greater formality in applying the strategic-management process is usually positively associated with organizational success. b. it creates a framework for internal communication among personnel. 43) Analytical and intuitive thinking complement each other. A) Losing control of non-core activities which don distinguish the firm. 14) Firms, like organisms, must be "adept at adapting" or they will not survive. A) uncontrollable by a single organization. 93) Firms can be more proactive with strategic management. Good strategy and good strategy execution are the most trustworthy signs of good management because management is ultimately responsible for a company's performance and because good execution of a good strategy is the most surefire recipe (but not a guarantee!) http://top20mba.comSee full list of STRAT MGMT Videos: https://www.youtube.com/watch?v=KuAZcdU54iQ&list=PLRYuVYJhTowQxax5V2tglvYqPl2iDlqpLFree Ebooks 2016: https://drive.google.com/folderview?id=0ByL8IO2RG9cVWTBZSGxkZnNjQ2M&usp=sharing Free Case Study Guides and Suggested Answers:http://top20mba.com/mba-cases/64-mba-business-strategy------EBOOKSStrategic Management and Business Policy: Globalization, Innovation and Sustainablility, 14th Edition, Wheenlen, HungerStrategic Management and Business Policy, 14e, Wheelen, 2015Strategic Management Business Policy, 2012, 13th Edition, Wheenlen, HungerSun Tzu, Art of WarBSG Online, Business Strategy Game, 2016, 2017 UpdatesConcepts in Strategic Management and Business Policy: Globalization, Innovation and Sustainability, 15th Edition, Thomas L. Wheelen, 2018Strategic Management and Business Policy: Globalization, Innovation and Sustainability, 15th Edition, Thomas L. Wheelen, 2018Strategic Management: A Competitive Advantage Approach, Concepts and Cases, 16th Edition, Fred R. David, 2017Strategic Management: A Competitive Advantage Approach, Concepts, 16th Edition, Fred R. David, 2017Strategic Management and Competitive Advantage: Concepts and Cases, 5th Edition, Jay B. Barney, 2015. Firms that have many divisions, products, markets and technologies also tend to be more formal in applying strategic-management concepts. Marketing Distribution and Promotion Strategies. 100) List any five nonfinancial benefits to a firm that engages in strategic management, according to Greenley. Explain why. 36) Strategy implementation is often considered to be the most difficult stage in the strategic-management process. 67) A clear mission statement describes the values and priorities of an organization. 40) Many organizations mistakenly spend more time and effort on the implementation of a plan, than on the formulation of the plan itself. C A. environment B. customs C. branding D. tradition 2 In HR terms, what embodies the values and standards that guide peoples behavior?B A. society B. brand C. tradition D. custom E) Trust of management makes it unnecessary. (A) Policies. Answer:  Many organizations today develop a vision statement that answers the question "What do we want to become?" 60) A vision statement identifies the scope of a firm's operations in product and market terms. 109) Managers must be very formal in strategic planning in order to foster flexibility and creativity. MCQ quiz on Strategic Management multiple choice questions and answers on Strategic Management MCQ questions quiz on Strategic Management objectives questions with answer test pdf for interview preparations, freshers jobs and competitive exams. 26) An important activity in ________ is taking corrective action. Strategic Management Prepared by: CHUOP Theot Therith 1 PART A: MULTIPLE CHOICE QUESTIONS CHAPTER ONE The Nature of Strategic Management 1.

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