StratMan
Strategic Management Quiz
Test your knowledge on strategic management concepts with this comprehensive quiz! Whether you are a student, educator, or industry professional, you'll find valuable insights and challenge yourself with 46 thought-provoking questions.
Key Features:
- 46 multiple-choice questions
- Covers a wide range of strategic management topics
- Perfect for self-assessment and learning
An integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage
Strategy
Strategic leadership
Business-level strategy
Scenario planning
Helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies
Strategy
Strategic leadership
Business-level strategy
Strategic management process
Formulation of strategy based on the knowledge of the internal and external factors and the projection of what will happen to the organization
Strategy
Strategic leadership
Business-level strategy
Scenario planning
Plan of action that strategic managers adopt to use a company’s resources and distinctive competencies to gain a competitive advantage over its rivals in a market or industry
Strategy
Strategic leadership
Business-level strategy
Scenario planning
A manager’s potential to express a strategic vision for the organization, or a part of the organization, and to motivate and persuade others to acquire that vision
Strategy
Business-level strategy
Strategic leadership
Scenario planning
Refers to an enterprising entity or organization that carries out professional activities
Sole Proprietorship
Business
Partnership
Corporation
A business where two or more people run it together
Sole Proprietorship
Business
Partnership
Corporation
There isn’t any kind of legal separation between the owner and business.
Sole Proprietorship
Business
Partnership
Corporation
A group of individuals act together as a single entity
Sole Proprietorship
Business
Partnership
Corporation
Refers to a process of collecting, scrutinizing and providing information for strategic purposes
Strategy Formulation
Strategy Implementation
Strategy Evaluation
Environmental Scanning
it implies making the strategy work as intended or putting the organization’s chosen strategy into action
Strategy Formulation
Strategy Implementation
Strategy Evaluation
Environmental Scanning
The process of deciding best course of action for accomplishing organizational objectives and, hence achieving organizational purpose
Strategy Formulation
Strategy Implementation
Strategy Evaluation
Environmental Scanning
It means the company achieved the lowest cost of operation in the industry where they belong
Cost leadership
Differentiation strategy
Focus strategy
It means that the company achieves a cost leadership or differentiation status in a niche market
Cost leadership
Differentiation strategy
Focus strategy
It is an action model coined by author Henry Mintzberg that describes a business strategy that develops over time as a business balances its goals with changing circumstances
Emergent Strategy
Deliberate Strategy
Differentiation Strategy
Focus Strategy
It is a top-down approach to strategic planning that emphasized intention
Emergent Strategy
Deliberate Strategy
Differentiation Strategy
Focus Strategy
Describe what an organization excels at and what separates it from the competition
Strengths
Opportunities
Competitive Rivalry
Threat of New Entrants
Refer to factors that have the potential to harm an organization
Environmental Factors
Threats
Threat of New Entrants
Threat of Substitute Products or Services
Centers on how the courts influence business activity
Political Factors
Legal Factors
Social Factors
Economic Factors
Desires, wants, or cravings that can be satisfied by means of the characteristics of a product
Customer Needs
Product Differentiation
Market Segmentation
Distinctive Competencies
The way a company decides to group customers, based on important differences in their needs or preferences, in order to gain a competitive advantage
Customer Needs
Product Differentiation
Market Segmentation
Distinctive Competencies
The process of creating a competitive advantage by designing products—goods or services
Customer Needs
Product Differentiation
Market Segmentation
Distinctive Competencies
Refers to a superior characteristic, strength, or quality that distinguishes a company from its competitors
Customer Needs
Product Differentiation
Market Segmentation
Distinctive Competencies
They are responsible to the top management for the functioning of their department
Upper Level of Management
Middle Level of Management
Lower Level of Management
This level of management consists of supervisors, foremen, section officers, superintendents, and all other executives whose work must do largely with HR oversight and the direction of operative employees
Upper Level of Management
Lower Level of Management
Middle Level of Management
Centers on improvements in products and services that are provided by science
Technological Factors
Technology Skills
Environmental Factors
Refer to shifts or evolutions in the ways that stakeholders approach life and leisure, which in turn can impact commercial activity
Economic Factors
Social Factors
Political Factors
Environmental Factors
Include trends in demographics such as population size, age, and ethnic mix, as well as cultural trends such as attitudes toward obesity and consumer activism
Economic Factors
Social Factors
Political Factors
Environmental Factors
This role represents an entry-level position for management professionals.
Team Leaders
First-Line Managers
Authoritative Leaders
Visionary Managers
Managers who specialize in a particular task, product, or project
Team Leaders
First-Line Managers
Authoritative Leaders
Visionary Managers
Actively court feedback and try to involve their employees in the decision-making process
Visionary Managers
Participative Leaders
Coaching Leaders
Authoritative Leaders
The “take-charge” leaders who provide their employees with constant monitoring and direction
Visionary Managers
Participative Leaders
Coaching Leaders
Authoritative Leaders
Can paint a picture of what the future could look like
Visionary Managers
Participative Leaders
Coaching Leaders
Authoritative Leaders
A form of marketing and distribution in which the owner of a business system (the franchisor) grants to an individual or group of individuals (the franchisee) the right to run a business selling a product or providing a service using the franchisor's business system
Chaining
Franchising
Horizontal Merger
A business consolidation that occurs between firms who operate in the same space, often as competitors offering the same good or service
Chaining
Franchising
Horizontal Merger
Networks of linked merchandising outlets that are interconnected by advanced IT that they function as one large business entity
Chaining
Franchising
Horizontal Merger
Companies increase or decrease product prices to convey their competitive intentions to other companies
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Product Development
Market Development
One company informally takes the responsibility for setting industry prices
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Product Development
Market Development
A form of market signaling in which one company starts to cut prices aggressively, and then competitors respond in a similar way
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Product Development
Market Development
A company concentrates on expanding market share in its existing product markets
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Market Development
Product Development
A strategy involving a search for new market segments, and therefore new uses, for a company’s products
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Market Development
Product Development
A strategy involving the constant creation of new or improved products to replace existing ones.
Price Signaling
Tit-for-Tat Strategy
Price Leadership
Market Penetration
Market Development
Product Development
A strategy through which a company seeks to become the dominant player in a declining industry
Leadership Strategy
Niche Strategy
Harvest Strategy
Divestment Strategy
The strategy of focusing on pockets of demand that are declining more slowly than demand in the industry as a whole
Leadership Strategy
Niche Strategy
Harvest Strategy
Divestment Strategy
This strategy involves sacrificing market position in return for bigger near-term cash flows or current profitability
Leadership Strategy
Niche Strategy
Harvest Strategy
Divestment Strategy
A strategy in which a company sells off its business assets and resources to other companies
Leadership Strategy
Niche Strategy
Harvest Strategy
Divestment Strategy
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