Which of the following statements about the strategic management process is true?

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

To find out what an organization's strategy is, you should:

a) Read the mission statement

b) Look at what the organization actually does

c) Read the strategic plan

d) Ask the CEO

Question 2

Which of the following statements is not true when describing a successful strategy?

a) It provides some property that is unique or distinctive

b) It provides the means for renewing competitive advantage

c) It addresses changes in the external environment

d) It guarantees long term survival

Question 3

In the context of strategic management resources can be defined as:

a) The knowledge and skills within the organization

b) Something that an organization owns or controls that cannot be copied

c) Something that an organization owns, controls or has access to on a semi-permanent basis

d) The physical assets of the organization

Question 4

In the context of strategic management, stakeholders can be defined as:

a) An individual or group with a financial stake in the organization

b) An external individual or group that is able to impose constraints on the organization

c) Internal groups or individuals that are able to influence strategic direction of the organization

d) An individual or group with an interest in the organization's activities and who seeks to influence them

Question 5

In the case where an organization acquires its supplier, this is an example of:

a) Horizontal integration

b) Forwards vertical integration

c) Backwards vertical integration

d) Downstream vertical integration

Question 6

When a firm seeks the benefits of global integration and local adaptation, it is best described as which type of strategy?

a) Transnational

b) Global

c) Multi-national

d) Global-local

Question 7

Knowledge which is difficult to define and codify is known as:

a) Explicit

b) Tangible

c) Tacit

d) Random

Question 8

Competitive advantage based on the creation of opportunities using internal resources is characterized by which approach/view?

a) The positioning approach

b) The outside-in approach

c) The resource-based view

d) The knowledge-management approach

Question 9

'Reputation' in the context of an organization's resources can provide competitive advantage because:

a) It is difficult to copy

b) It is based on word-of-mouth

c) It is a threshold resource

d) It is explicit

Question 10

A strategic manager that seeks to reach acceptable profit targets as opposed to making as much profit as possible is making decisions of which type?

a) Satisfactory

b) Satisficing

c) Irrational

d) Optimal

Which statement is true about strategic management?

Which of the following statements about the strategy implementation process is true?

Which of the following statements is true about strategic planning?

Which of the following statements is true regarding strategic decision making?