Strategic Management
The business world today is considerably different and more complex than it was in the previous years. Both the challenges and opportunities facing organizations of all sizes today are greater than ever. Organizations are required to continuously find better ways to compete in the rapidly changing global business environment. Survival and competition have become imperative for organizations in the current global scenario. In this context, the course develops the strategic thinking and decision making abilities of students, especially in relation to understanding the employability of various strategies in different situations.
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In the basic model of strategic management, the first stage is _________.
ReplyDelete-ENVIRONMENTAL SCANNING
It refers to an environment which is very competitive which will be rare for leaders in the industry to maintain their position for a long term.
-HYPERCOMPETITION
The main part of the balanced scorecard is the _________ which offers a bright way of communicating the high level data in a simply-edible format across of organization.
ReplyDelete-STRATEGY MAPPING
Of the following benefits, which does not belong to strategy map?
-Consolidates all the activitiesStrategy mapping
Goals give focus and direction to organization.
-TRUE
Strategic management also refers to
-Generating, evaluating and selecting strategic options
Strategic planning increases the resistance to change.
-FALSE
Annual/yearly plan is a short-term plan which briefly describes the present situation of organization as well as its goals and objectives strategies, monitoring mechanisms and the budget for the _________.
ReplyDelete-TRUE
Strategic planning leads to competitive advantage which is a sustainable one.
-TRUE
Which of the following questions should be answered in drafting the mission statement?
-Why does the business organization exist?
It refers to the science and art of formulating , implementing, and evaluating cross-functional decisions which enable an organization to attain its objectives.
-STRATEGIC MANAGEMENT
Which of the following is the first step in strategic planning?
-MAKE A SITUATION AUDIT
Strategic ________ refers to employment of suitable system of monitoring and feedback.
-CONTROL
To make the specified strategies succeed, organizational ________ are pursued.
-GOALS
T in SWOT Analysis stands for
-THREATS
Vision must be attainable and realistic.
-FALSE
It refers to a strategy where the business firm acquires another dynamic business.
ReplyDelete-HORIZONTAL INTEGRATION
Expansion strategy is chosen by business organization when its past financial performance and their resource availability are both high.
- TRUE
This strategy is a response to industry and market decline.
-RETRENCHMENT STRATEGY
In this strategy, the business organization retains its present strategy (corporate level) and continues to focus on its present markets and products.
- STABILITY STRATEGY
This can be considered as an entity resulting from a long term agreement between two or more parties.
This can be considered as an entity resulting from a long term agreement between two or more parties.
- JOINT VENTURES
his strategy is also known as intensification or growth strategy.
-EXPANSION STRATEGY
In this strategy, mutual cooperation among competitors and at the same time competing with them is considered so as expansion of market potential becomes possible and materialized.
- EXPANSION THROGH COOPERATION
Pause/proceed with caution strategy is a permanent strategy
-FALSE
Through contributing equity and sharing of expenses,revenue and enterprise control, parties do not create a new entity.
- FALSE
The following are the reasons for considering strategic alliances except for
ReplyDelete-INDIVIDUAL INCREASE OF INCOME
Strategy can be in _________ levels.
-THREE
In this strategy, differences among national markets are recognized and emphasized by managers which results to allowing subsidiaries to differ management practices and product by country.
-MULTI-DOMESTIC STRATEGY
In this strategy, the business firm sells the same products to new group of customers.
-MARKET DEVELOPMENT
________ is chosen by business organization when its past financial performance and their resource availability are both high.
-EXPANSION STRATEGY
A low cost approach which is based on reaping the experience curve effect benefits and location economies and offering standardized products across different countries is adopted by business firm in this strategy.
-GLOBAL STRATEGY
International strategies require business firms to market products and services within national or domestic market.
-FALSE
When if there is a need for consolidation intervening, pause/proceed with caution strategy is important
-TRUE
Multinational strategies may be engaged by a business company when the said business is involved in the number of markets outside the home country.
-TRUE
Development and improvement of new products for its present markets are involved in this strategy.
-PRODUCT DEVELOPMENT
Which of the following activities is not included in the staffingfunction of a leader?
ReplyDelete-LEADING
Business inefficiency may result from both understaffing and overstaffing.
-TRUE
Business inefficiency may result from both understaffing and overstaffing.
-LONG TERM
The following are the factors which affect the employees' productivity except for
-PRICES OF PRODUCT
Flexibility is not a must in attaining good performance.
-FALSE
The following are the advantages of territorial structural arrangements except for
-Closer contact between customers familiar with the territory and their subordinates is present.
What is involved in organization coordination is the comparison of actual performance with a pre-established plans or standards.
-TRUE
Management includes _________ so as to attain success in organization.
-leadership, vision-mission of organization, goals and objectives
It is the _________ responsibility to continually evaluate the organization's performance.
-top management's
It refers to the image which a business organization aims to establish and project to both its employees and the public while the term mission refers to the organization's purpose.
-VISION
One of the ways on how to enhance strategically the memory-based system of an organization is to appreciate the value of _________.
ReplyDelete-knowledge, communication technology and information in business.
________ are the organizations' strengths which consist of collective expertise, creative and problem solving capabilities, personal traits, entrepreneurial, managerial, and competency asset skills and organizational human-centered assets.
-Human resource assets
Specific competencies are required in every job task.
-TRUE
Leverage and a competitive edge are created when human resource assets are possessed.
-TRUE
The best assurance in achieving competitive advantage, business sustainability and creating the bargaining power is _________.
-INNOVATION
These refer to the assets which result from mind activities.
-Intellectual property assets
Application of technology has become the unifying force in the management of facilities and equipment.
-TRUE
Through organizational monopoly.
-High cost leadership is enjoyed by business organization and its competitive strength is increased.
There are _______ classifications of competencies.
-THREE
It refers to creating, conceptualizing or inventing new ideas. It is re-engineering new knowledge and insights.
-INNOVATION
________ has become the unifying force in the management of facilities and equipment.
ReplyDelete-Application of technology
Regardless of the situation, all strategies are applicable for all business firms.
-FALSE
A business company will be successful without a strong customer base.
-FALSE
Product development is considered by the said firm when existing opportunities are present.
-FALSE
It refers to all kinds of information, technical or non-technical like organizational programs, philosophy, strategies, financial data, processes, transaction data and lists of suppliers and customers.
-TRADE SECRET
In this example, "Garments company merging with pharmaceutical company.", _________ merger is practiced.
-Conglomerate
In setting objectives, business organization should make them specific, measurable, achievable, realistic and time specific.
-TRUE
Strategies can be in three levels.
-THREE
These include a positive organizational features like structure,organizational culture, management philosophy, high involvement practices, technology and quality standards which enable the business organization to establish its competitive advantage.
-Infrastructure assets
_________ will guide and give direction to business.
-OBJECTIVES
The following are the benefits of human resource assets to business firm except for
-Firm will be put at the back of the limelight.
A sub-type of merger and acquisition which happens when two business organizations are related to each other in terms of customer groups or customer functions merge.
-Concentric merger
Geography, regulation, technology, intellectual exchange and sharing of capital and risk trigger a joint venture.
-TRUE
Time frame in which the expected program changes will take place should be clear in the objectives to be set.
-TRUE
Documentation of planning assumptions and success metric development are involved in a successful _________ strategy.
-TECHNOLOGY
Directing includes identifying, dividing, grouping and coordinating different activities to achieve the set goals.
-FALSE
________ refers to leading and communicating with employees to attain the objectives.
-DIRECTING
Vision refers to the image which a business organization aims to establish and project to both its employees and the public while the term mission refers to the organization's purpose.
-TRUE
Prices of product affects the productivity of employees in a business organization.
-FALSE
In operational effectiveness strategy, _________.
-better equipment and facility maintenance is being harnessed to increase productivity of workforce.
The best way to define business firm is by determining its customers.
-TRUE
The following are the benefits of global environment strategy except for
-reduce costs
A leader serves as a ________who settles issues, concerns and other problems between labor and management.
-mediator
Being a delegator means that a leader should concretize the mission, vision and enterprise's plans in accordance to set goals and objectives.
-FALSE
There are _________ main areas are covered by global strategies.
-THREE
Business organizations should recognize that they have _________ to non-shareholder stakeholders.
-contractual, legal, social and market driven obligations
Intensification strategy is the other name for expansion strategy.
-TRUE
Territorial structure becomes a feasible design when a business firm begins to serve its customers who are from different geographical areas.
-TRUE.
A strategy wherein a business organization takes up activities which are not related to the existing business definition.
-Unrelated diversification
Expansion strategy is chosen by business organization when its past financial performance and their resource availability are both ________.
-HIGH
-
The following are profitability measures except for
ReplyDelete-Current ratio
Receivables collection period refers to the average period it takes _______ of company to pay their debts.
-CUSTOMERS
It involves understanding of the needs of business as well as the context for change.
-Analyze the current state.
The fourth task in strategy analysis is ________.
-Define change strategy.
There is only one way of measuring the financial performance of business.
-FALSE
Through market performance metrics, ________can be adequately actualized in addition to financial performance.
-feedback
To experience productivity, manufacturing companies have to be inconsistent and involved with incentive practices .
-FALSE
Salary is an important factor in _________ in an organization.
-attracting, retaining and motivating people
Incentive design process always begins with goal and expected outcome recognition which is usually known as incentive philosophy.
-TRUE
The following performance metrics are used to determine the efficiency and productivity performance except
-Dividend yield
A good business leader should know how to communicate well with all the people involved in the said organization.
ReplyDelete-TRUE
In a business organization, having multiple personalities in an organization may result _______.
-CONFLICT
Capacity of customers should also be assessed to make and sustain the change in the future state.
-FALSE
Which of the following should be reviewed by a business leader with regards to business operation?
-Processes, practices and strategies
Verbal praise and positive feedback can be done through the following techniques except for
-reimbursement of tuition fee
_________ refers to the process of shadowing, observing and scrutinizing the context.
-Surveillance
In which of the following strategic analysis task is SWOT analysis is not utilized?
-Assess risks
Leaders in business organization should consider providing activities that will promote ________ among its members.
-camaraderie, unity and cooperation
Incentives can motivate employees to work well.
-TRUE
________ measures workplace approach in business firm which is designed to ensure that its employees are motivated to contribute to the success of business, committed to the goals and values of organization and at the same time, are able to improve their own sense of well being.
-Employee engagement index
Balanced scorecard can be utilized as strategic management.
ReplyDelete-TRUE
Developing metrics in evaluating the satisfaction of customers to products and services provided by a certain business firm should be considered in studying the ________ perspective of business using the balanced scorecard.
-customer
Technological tools like intranet is also included in the financial perspective of balanced scorecard.
-FALSE
The following are the objectives of business organization in using balanced scorecard except:
-communicate what the customer is trying to accomplish
Balanced scorecard acts as a device which integrate a diverse corporate programs.
-TRUE
_______ is one of the metrics that can be used for customer perspectives.
-Share of wallet
The balanced scorecard catalyzes one to _________
-create metrics, set target for performance and collect and analyze data.
Balanced scorecard which is more than a system of measurement but a management system.
-TRUE
It pertains to a management system which gives feedback on both internal business processes and external result to improve strategic performance and results continuously.
-Balanced Scorecard
It refers to how one promote ongoing change and continuous improvement.
-Learning and growth
The following metrics can be utilized in implementing balanced scorecard in the customer perspective except
ReplyDelete-Sales performance
There is a need to have inclusion of additional financial-related data such as cost-benefit and risk assessment data in the ________ perspective.
-financial
Developing metrics in evaluating the satisfaction of customers to products and services provided by a certain business firm should be considered in the ________.
-customer
Kaplan and Norton developed a balanced scorecard , a framework which is based on ________ perspectives.
-four
It pertains to internal processes in business.
-Business process perspective
The following are some of the drawbacks of the balanced scorecard except
-It is not easy to have a balance between the two perspectives
By translating strategy into _________, balanced scorecard makes strategy operational
-targets and performance measures
It is not easy to have a balance between the four perspectives.
-TRUE
The following are the metrics that can be analyzed during the strategy review meeting except
-personal matters
The following are the objectives of balanced scorecard except for
-to make the business suppliers successful
Intellectual capital is intangible and can be felt.
ReplyDelete-TRUE
In this step of optimizing technology, the entire workforce is empowered in initiating changes within the organization.
-Process improvement
The following are natural capitalism central strategies except for
-Investing in artificial capital to eliminate wastes
It refers to stale and ordinary knowledge because minimum expectations and knowledge are satisfied by this category of knowledge.
-Common knowledge
Strategy is teaching.
-FALSE
The following are the main players which should be taken into account in designing business strategy except
-Suppliers
________ is an intellectual capital in a closer perspective.
-STRATEGY
Significant perspectives for performance measurement should be aligned to the vision and mission of organization.
-TRUE
The following statements can describe a strategy as intellectual elasticity except for
-Strategy is referred to as creativity in irradical initiative launching.
_______ is the combination of continuous adaptation which refers to responding to environmental changes and continuous improvement.
-Benchmarking
The following are four significant perspectives for performance measurement illustrated in a balanced scorecard except for
-Supplier
The ability to quantify performance is a competitive
-TRUE
It pertains to a condition which is exhibited when the average cost (AC) or the cost per unit of output declines over a range of output which can be product or service.
-Economies of scale
Technology is not important in business process re-engineering.
-FALSE
Any business cycle begins with the business organization coming up with a strategic concept which is of product - product or service, organizes itself around the basic product and in the process, creates a personality and culture for itself.
-TRUE
Economic and environmental priorities are not compatible with one another.
-FALSE
As business grows in operations and size, ________ regulates its activities.
-government
The following are natural capitalism central strategies except for
-Practice creativity in radical initiative launching.
It refers to synergistic convergence and interrelationships of the valued resources of business organization.
-Intellectual capital
Strategies for _________ are largely dependent on the expertise's sophistication equipment, process and tool while technology has catalyzed production.
-competitiveness, profitability and cost effectiveness
________ refers to a community of people with similar or different traditions, beliefs and aspirations who live in the same geographic area.
ReplyDelete-Nation
Less capital investments are required by competition.
-FALSE
Use of tariffs, quotas and other trade contracts which may carry certain restrictions and limitations make up the _________ policy of a country.
-trade
These pertain to the facts of the case.
-Areas of consideration
There are ________ steps involved in doing strategic analysis.
-5
Both strategy and structure should be preferably intercorrelated to create a good fit.
-TRUE
Surpluses are achieved and deficits are incurred by the government depending on their policies on spending.
-True
One comes up with _________ once the areas of consideration have been analyzed.
-Alternative courses of action
A component of case analysis which refers to the duration of the case.
-Time context
________ refers to the reviewing process of the strategic goals set by the company, the skills and capabilities of its people resources, the strategies formulated and the performance metrics established.
-Strategic analysis
Meaning of S in the acronym SMART which should be the characteristics of objectives.
-SPECIFIC
Resources are the least important competitiveness supply.
-FALSE
There are _______ components of case analysis.
-11
The following should be the characteristics of the alternative courses of action that should be set in analyzing a case except
-Inappropriate
The following belong to micro policies except for
-Fiscal policy
Which of the following is the first step to follow in taking course of action?
-Analyze the central issue.
________ refers to possessions and money which is used in producing wealth or used in starting and operating a business should be invested wisely.
-Capital
On a national scale, strategies for development include the country's _________
-policies, resources and the government
Economic development is brought about the localindirect investments or investments from sources outside a nation.
-FALSE
The outlook of an outsider will be acceptable in analyzing a case.
-FALSE