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MCQ on Introduction to Strategic Management

1. There are ____ indispensable phases of every strategic management process.
(A) Five
(B) Four
(C) Six
(D) Three

2. Which of the following describes the desired future position of the company?
(A) Vision statement
(B) Mission statement
(C) Planning statement
(D) Forecasting statement

3. Which of these basic questions should a vision statement answer?
(A) What is our business?
(B) Who are our competitors?
(C) Where we are to go?
(D) Why do we exist?

4. Strategic management _____.
(A) Is not a static
(B) Is a continuous process
(C) Consists of different phases
(D) All of the above

5. What type of organizational struc¬ture do most small businesses follow?
(A) Divisional Structure
(B) Functional Structure
(C) Hour Glass Structure
(D) Matrix Structure

6. A defines the company’s business, its objectives, and its approach to reach those objectives.
(A) Vision statement
(B) Mission statement
(C) Planning statement
(D) Forecasting statement

7. The strategic management process is defined as the process by which the managers are able to make a choice of a set of strategies for the organization that will enable it to accomplish –
(A) Targeted marketing plans
(B) Improved performance
(C) Better debt-equity ratio
(D) Government help

8. There are mainly two types of business environment –
(A) Internal and external
(B) Internal and operational
(C) Operational and external
(D) Matrix and diagonal

9. The operational strategy focuses on issues of
(A) Resources
(B) Processes
(C) People
(D) All of above

10. Out of all the alternatives generated in the earlier stage, the organization selects the best suitable alternative. This stage in the strategic management process is called as ______.
(A) Evaluation
(B) Means
(C) Ends
(D) Beginning

11. Which of the following is a characteristic of the business environment?
(A) Environment is complex.
(B) Environment is dynamic.
(C) Environment is multi-faceted.
(D) All of the above

12. Which of the following is the first phase of the strategic management process?
(A) Strategy Formulation
(B) Strategy Evaluation
(C) Strategy Implementation
(D) Environmental Scanning

13. Which of the following is an element of the microenvironment?
(A) Demographic Environment
(B) Competitors
(C) Socio-cultural factors
(D) Economic terms

14. Environment scanning is careful monitoring of an organization’s environment for detecting early signs of opportunities and threats that may influence its current and future plans.
(A) Internal
(B) External
(C) Internal and external
(D) Internal or external

15. Strategic management involves the decision-making and the activities in an organization which –
(A) Have wider ramifications
(B) Have a long time perspective
(C) Use critical resources towards perceived opportunities or threats in a changing environment
(D) All of the above

16. Identify which of the following forces does not form part of Porter’s Competitive Position Analysis?
(A) Buyer power
(B) Risk of losses
(C) Threat of new entry
(D) Supplier power

17. According to Glueck ‘Strategic Management’ is a set of decisions and actions which lead to the development of an effective strategy or strategies to help achieve ______.
(A) Major objectives
(B) Planning objectives
(C) Corporate objectives
(D) National objectives

18. What is likely to happen if many new businesses enter a market?
(A) Barriers to entry will rise
(B) Industry capacity will fall
(C) Competitive rivalry will intensify
(D) Industry profits will increase

19. Strategic management emphasizes the monitoring and evaluation of external opportunities and threats in the light of a company’s and designing strategies for the survival and growth of the company.
(A) Plans and budget
(B) Asset and liabilities
(C) Strengths and weaknesses
(D) Opportunities and plans

20. According to Porter, suppliers are more able to exercise bargaining power over buyers when:
(A) The supply industry is dominated by a few large firms
(B) The supply industry is populated by a large number of small firms
(C) When buyers have the ability to take over suppliers
(D) There are few buyers in the market

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