Accounting technicians scheme west africa
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| Summary Strategic management was defined as a process of developing a game plan by which organisations gain competitive advantage over rivals, attract and please customers, compete successfully and conduct operations and achieve other organisational objectives. Importance of strategic management was adequately discussed. The stages of strategic management process of developing vision, mission and objectives, SWOT analysis, formation, implementation and evaluation of strategies were well articulated and detailed attention given types of strategy namely, Corporate Strategy, Business Strategy, Functional Strategy and Operational Strategy. Review Questions MULTIPLE CHOICE QUESTIONS (MCQS) 1. Which is the functional area of Strategic Management A. Production and operation B. Finance C. Marketing D. Research & Development 185 E. All of the above 2. Which of the following is not part of the task environment A. Technology B. Shareholders C. Competitors D. Publics E. Creditors 3. The word tactic is most likely to be associated with A. Business Strategy B. Corporate strategy C. Operational Strategy D. Divisional strategy E. All of the above 4. Which of these seeks to relate the goals of organization to the means of achieving them A. Strategy B. Levels C. Monitoring D. Management E. Relationship management 5. When market & competitive conditions take an unexpected turn then required strategy is ___________. A. Proactive B. Reactive C. Adaptive D. Both E. None 6. In which level do we have Top managers A. Corporate Level B. Business Level C. Functional Level D. None of these E. Board level 7. What is required by companies to meet changing condition in their industries A. Strategy B. Vision C. Develop long term strategies D. Mission E. All the above 8. In large organization operational strategies are formulated at which level A. Corporate level 186 B. Divisional Level C. Functional level D. Business Level E. All of the above 9. Which is not an advantage of strategic management A. Helps organizations to be proactive. B. Control their own destiny in better manner. C. Identify available opportunity D. Minimise threats in the marketplace E. None of the above 10. Which is not a limitation of strategic management A. Time Consuming Process B. Difficult Estimation of competitive responses C. Costly Process D. Understandable complex environment E. All of the above 11. Developing a vision and mission, identifying an organization's external opportunities and threats, and determining internal strengths and weaknesses are all __________ activities. A. strategy-formulation B. strategy-implementation C. long-range planning D. short-range planning E. None of the above 12. The means by which long-term objectives will be achieved are A. mission statements B. strategies. C. vision statements. D. long-term goals. E. Goals Download 3.37 Mb. Share with your friends:
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