Chapter 01: An Introduction to Strategic Management
Q1.The development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate strengths & weakness is called as_
Strategy Formulation
Q2.“Basically, a strategy is a set of decisions-making rules for the guidance of organisational behaviour” This definition was given by ___
Alfred D Chandler
Q3.Means by which previously determined plans are executed is called as__
Tactics
Q4.An action plan built to achieve a specific goal or set of goals within a definite time, while operating in an organizational framework is called as__
Strategy
Q5.___ is the study of the function and responsibilities of Senior Management, the crucial problems that affect success in the total enterprise, and the decisions that determine the directions of the organisation and shape of its future
Business Policy
Q6.Who provides five definitions of strategy: Plan, Ploy, Pattern, Position, Perspective
Mintzberg
Q7.The Concept of Strategy started in
1940s
Q8.The process of building capabilities that allow a firm to create value for customers, shareholders, and society while operating in competitive markets is called as
Strategic management
Q9.What are the means by which long term objectives will be achieved?
Strategies
Q10.What is a path finder for business opportunities?
Strategic Planning
Q11.Strategy is a term that comes from the Greek Strategia, meaning _____
Commandership
Q12.A party that can affect or be affected by the actions of the business as a whole is called as__
Stakeholder
Q13.A semi-autonomous unit within an organization is called as__
Strategic Business Unit
Chapter 02: Strategy Formulation and Strategic Intent
Q1.The role by which an organization intends to serve its stakeholders is included in the___
Mission Statement
Q2.Top Management finalises the objectives and sends them downwards for consideration, suggestion and implementation. This is called as ___
Top Down Approach Correct Answer
Q3.The _____ analysis reveals opportunities and threats
external Correct Answer
Q4.The essential purpose of the organisation, concerning particularly, why it is in existence, the nature of businesses it is in, and the customers it seeks to serve and satisfy is called as ___
Mission Correct Answer
Q5.The specific Task to be performed by specific employee is called as ___
Action plan Correct Answer
Q6.____ tells us about the ultimate end results the company wants to accomplish
Objective Correct Answer
Vision
Q7.The ____ analysis can identify the firm's strengths and weaknesses.
Internal Correct Answer
Q8.Low level management staff is asked to prepare the objectives and send them downwards for consideration, suggestion and alteration. This is called as ___
Bottom Up Approach Correct Answer
Q9.___ gives a picture about what an organization must get into immediately in order to use the opportunity
Strategic intent Correct Answe
Q10.Goals should be SMART. In this T stands for
Time-based Correct Answer
Q11._____ includes defining the corporate mission, specifying achievable objectives, developing strategy & setting policy guidelines
Strategy Formulation Correct Answer
Q12.A mental perception of the kind of environment an individual, or an organisation, aspires to create within a broad time horizon and underlying conditions for the actualisation of this perception is called as ___
Vision Correct Answer
CHAPTER 03: Strategy Formulation and Corporate Social Responsibility
Q1.The ____ refers to the environment that most closely linked to the firm and affects the organization directly
micro-environment Correct Answer
Q2.____ refers to the innovation in the efficiency of a machinery, or manufacturing process, raw material mix
Technology Correct Answer
Q3.Aperson who buys goods and services from you is called as ___
Customer Correct Answer
Q4.According to ____ “A company’s marketing environment consists of the actors and forces that affect the company’s ability to develop and maintain successful transactions and relationships with its target customers.”
Philip Kotler Correct Answer
Q5.The firms that aid the company in promoting, selling and distributing its goods to final buyers are called as ___
Marketing intermediaries Correct Answer
Q6.The person who supplies the inputs like raw materials and components to the company is called as ___
Supplier Correct Answer
Q7.____ include factors like the size, growth rate, age composition, sex composition, family size, economic stratification of the population
Demographic Dynamics Correct Answer
Q8.The process by which the strategist monitors the political, economical, social, technological, ecological, legal and international settings to determine the opportunities and threats to their firms and to take policy decisions is called as _____
Environment Analysis Correct Answer
Q9.The internal factors are generally regarded as ____ factors
controllable Correct Answer
Q10.The external factors are generally regarded as ____ factors
uncontrollable Correct Answer
Q11.In "PESTEL" L stands for ____
Legal Correct Answer
Q12.The prospects of a business depend not only on its resources but also on the _____
Environment Correct Answer
Q13.The _____ includes the customs, traditions, taboos, tastes and preferences, of people
customer satisfaction
socio-cultural Environment Correct Answer
Q14.___ refers to natural resource such as forest and mineral wealth, weather and climatic conditions
Ecological factors Correct Answer
Q15.Gathering, filtering and analysing the information related to environment is called as
Environment Scanning Correct Answer
Chapter 04 :Business Environment Forecasting and Analysis
Q1.Procuring the Right quality and Right quantity at Right Time and Right Priceis called as ___ strategy
Outsourcing Correct Answer
Q2.The ____ strategy is a result of company efficiency, size, scale, scope and accumulated experience
cost leadership Correct Answer
Q3.Making an organization or brand stand out by providing unique features, benefits, services or other elements of your solution is called as ___
differentiation Correct Answer
Q4.Which strategy is designed to help a firm target a specific niche within an industry such as particular buyer group?
focus Correct Answer
Q5.The ___ Strategy deals with product and process innovation and improvement.
R & D Correct Answer
Q6.The _____ strategy provides unique features that fulfil the demands of a narrow segment of market.
focused differentiation Correct Answer
Q7.The _____ strategies include the plans or methods a firm may use to conduct numerous functions in operating their business
Business Unit level Correct Answer
Q8.The _____strategies reduce the company’s level of activities
Retrenchment Correct Answer
Q9.The ____ strategy fundamentally is concerned with the selection of businesses in which the company should compete
Corporate level Correct Answer
Q10.The _____ strategies make no change to the company’s current activities
Stability Correct Answer
Q11.The _____ Strategy emphasizes the improvement of operational efficiency and is probably most appropriate when a corporation’s problems are pervasive but not yet critical.
Turnaround Correct Answer
Q12.A division, product line, or other profit center that can be planned independently from the other business units of the firm is called as ___
strategic business unit Correct Answer
Q13.When a company finds itself in the worst possible situation with a poor competitive position in an industry with few prospects, it adopts ______ strategy.
Liquidation Correct Answer
Q14.The _____ strategy makes sense if managements can still obtain a good price for its shareholders and the employees can keep their jobs
sell out Correct Answer
Q15.The ___ Strategy is a very deliberate attempt to make only incremental improvements until a particular environmental situation changes
Pause/Proceed With Caution Correct Answer
Chapter 05: Corporate Analysis and Forecasting
Q1.A function of deciding a right product strategy, a right place strategy, a right pricing strategy and a right promotion strategy so as to achieve customer satisfaction and augment the sales of the organisation is called as Strategic ____ Management
Marketing Correct Answer
Q2.An outline of the methods and resources required to achieve organizational goals within a specific target market is called as ___
Strategic marketing plan Correct Answer
Q3.A strategy to use the right marketing channels, at the right time, right cost and right place to reach the right customers to sell a product is called as ____
Distribution strategy Correct Answer
Q4.The application of financial techniques to strategic decisions in order to help achieve the decision-maker's objectives is called as Strategic ____ Management
Financial Correct Answer
Q5.The ____ is a business level strategy in which firms attempt to create and exploit differences between their products and those offered by competitors.
Product differentiation Correct Answer
Q6.The strategic issues at the____ level are related to business processes and the value chain.
Functional Correct Answer
Q7.Communicating with the customers about the product through various activities like advertising, personal selling, publicity, and public relations to achieve the increase in demand for the product is called as ___
Promotion strategy Correct Answer
Q8.The ____ deals with the life of a product in the market with respect to business or commercial costs and sales measures
Product life cycle (PLC) Correct Answer
Q9.Functional level strategies involve the development and coordination of resources through which ____ level strategies can be executed efficiently
Business Unit Correct Answer
Q10.Strategic ____ Management aims at increasing the quality and quantity of the output and decreasing the cost of the output.
Operations Correct Answer
Q11.The _____ Strategy determines how and where a product or service is to be manufactured, the level of vertical integration in the production process and the deployment of physical resources.
Operation Correct Answer
Q12.Strategic ____ Management is a function that deals with procurement of raw materials, management of inventory, manufacturing process and logistic management so that the quality of the end product conforms to the goals of the organisation and industry standards and meets the expectations of the customers.
Operations Correct Answer
Q13.The ____ deals with obtaining the raw materials, parts and suppliers needed to perform the operations functions.
Purchasing Strategy Correct Answer
Q14.The ____ is the policy by which a company determines the wholesale and retail prices for its products or services
Pricing policy Correct Answer
Q15.A function concerned with appointing the right staff, at the right time and right place for a right job by giving him right training and right compensation and right working conditions so as to attract and retain the talent is called as Strategic ____ Management
HR Correct Answer
Chapter 06: Types Of Strategies
Q1.The process of allocating resources to support the chosen strategies is called as ___
Strategy Implementation Correct Answer
Q2.There are several difficulties in resource allocation such as
Scarcity of resources Correct Answer
Q3.The _____is an Intellectual process
Strategy Formulation Correct Answer
Q4.Which of the following is not a part of MCKINSEY’S Framework?
Society Correct Answer
Q5.The _____ is an Operational process.
Strategy Implementation Correct Answer
Q6.MCKINSEY’S Framework has
7S Correct Answer
Q7.Resources of an organisation include _____ resources
human
financial
physical
all of these Correct Answers
Q8.Which is the last step in Strategic Management?
Strategy Evaluation Correct Answer
Q9.Companies allocate resources by
percentages
Portfolio models
product life-cycle charts
all of these Correct Answer
Q10.Which is the first step in Strategic Management?
Strategic Intent Correct Answer
Chapter 07: Functional Strategies
Q1.Results of measurements over a period of time with statistically determined upper and lower limits are shown by ____
Control charts Correct Answer
Q2.Comparing the actual performance with the expected performance or the pre decided standard performance is called as __
Strategic evaluation Correct Answer
Q3.The point at which if stock of the material in store approaches, the store keeper should initiate the purchase requisition is called as __
Reorder Point Correct Answer
Q4.According to Pears and Robinson which of the following is not a part of strategic control
Concurrent Audit Correct Answer
Q5.Implementation control is a system of ongoing control of ____ performance
actual Correct Answer
Q6.The _____ is concerned with controlling and guiding efforts on behalf of the strategy as action is taking place
Strategic control Correct Answer
Q7.Which of the following is not a part of Operations control tools
Histogram Correct Answer
Q8.The size of the order where the total cost is lowest is called as __
Economic Order Quantity (EOQ) Correct Answer
Q9.A strategy can be evaluated by comparing the actual performance with the or the
A or B Correct Answer
Q10.The ____ is designed to check systematically and continuously whether the assumptions are valid or no
Premise Control Correct Answer
Chapter 08: Strategy Implementation
Q1.Resources include physical, financial and human resources essential for implementing plans
`TRUE Correct Answer
Q2.A ______ Top Management team may infuse desired changes for spearheading successful strategic change
Homogenous Correct Answer
Q3.Which one of the following is not a part of the Critical 7S model
Settings Correct Answe
Q4.The difference between strategy formulation and strategy implementation is that
Strategy is developed by Top Management Team and implemented by Managers
Strategy is created by a few but implemented by all
Strategy is customer centric and implementation is operations centric
All of the Mentioned Correct Answer
Q5.The McKinsey 7-S Framework was employed by Peters and Waterman to help them understand what made their 43 excellent companies worthy of the accolade. The huge sales of their book "In Search of Excellence" have resulted in the Framework being widely known and instantly recognisable. Which statement below is true
The 7-S Framework has stood the test of time. The process was fundamentally sound, based on common sense, instinct and the views of unconventional people. The eight themes are as relevant today as they were in 1982. Correct Answer
Q6.Under 7S framework Systems imply which of the following
IT up gradation Correct Answer
Q7.Strategic management deals with
Business process Correct Answer
Q8.The ''soft'' elements of the 7-S framework include all of the following EXCEPT which
Shared Values Correct Answer
Q9.The critical 7S model was developed and created by reputed consulting firm:
Mckinsey Correct Answer
Q10.A significant change in strategy calls for a complete overhaul of the
Organization structure, systems, processes, resources Correct Answer
Q11.Developing a vision and mission, identifying an organization’s external opportunities and threats, and determining internal strengths and weaknesses are all __________ activities
strategy-formulation Correct Answer
Q12.What is meant by the element of ''style'' in the 7-S framework
How the company's managers lead. Correct Answer
Q13.The three stages of strategic management ar
strategy formulation, strategy implementation, and strategy evaluation Correct Answe
Q14.Conducting research to determine internal strengths and weaknesses is performed during which stage ofstrategic management
Formulation Correct Answe
Q15.The McKinsey 7-S Framework highlights the _____ of the seven hard and soft elements
interconnectedness Correct Answer
Chapter 09: Strategy Implementation: Organisational issues
Q1.A major part of strategy implementation is
Resource Allocation Correct Answer
Q2.These people are charged with the responsibility of continuous screening of performance?
Audit Committee Correct Answer
Q3.Change in culture, attitude, and mindset calls for:
Organization design change Correct Answer
Q4.________ and greater accountability replace formal control.
Self-discipline Correct Answer
Q5.Companies employ trained ________ to develop “competency models” to identify potential leaders.
Psychologists Correct Answer
Q6.Strategic management is concerned with
Long range planning Correct Answer
Q7.Change management is essential for strategy execution following the:
need for resource allocation Correct Answer
Q8.Change in company’s __________ gives rise to problems necessitating a new _________ to be made
strategy, structure Correct Answer
Q9.It is used extensively in organisation and is concerned with action or performance.
Operational control Correct Answer
Q10.It provides a way to bring in the people dimension in macro company analysis without using psychological models of human behaviour.
Culture Correct Answer
Q11.Factor(s) determining HRP (Human Resource Planning)
All of the Mentioned Correct Answer
Q12.Style of a company are the patterns of actions taken by members of _____ management over a period of time
Top Correct Answer
Q13.The benefits of a change in process are defined in terms of _______ cost savings
Labour Correct Answer
Q14.Three C’s affecting today’s companies are
Customer, Competition, Change Correct Answer
Q15.________ should have the ability to develop a vision to see patterns into the future.
Leaders Correct Answer
Chapter 10: Strategy Evaluation and Control
Q1.While scheduling a project by C.P.M.
a project is divided into various activities
required time for each activity is established
Sequence of various activities is made according to their importance
All of the Mentioned Correct Answer
Q2.The artificial activity which indicates that an activity following it, cannot be started unless the preceding activity is complete, is known as
Dummy Correct Answer
Q3.Pick up the correct network for the activities of pouring concrete, erection of form work, removal of form work and curing of concrete from the following :
1.Erection of form work 2.Pouring of concrete 3.Curing of concrete 4.Removal of form work Correct Answer
Q4.PERT analysis is based on
optimistic time
pessimistic time
most likely time
All of the Mentioned Correct Answer
Q5.Completion of an activity on CPM network diagram, is generally known
Event
Node
Connector
All of the Mentioned Correct Answer
Q6.The difference between the time available to do a job and the time required to do the job, is known as
Float Correct Answer
Q7.Due to increased consumption in the United States, water from the Colorado River has not reached its natural terminus at the Sea of Cortez since 1998. The global change risk associated with this type of occurrence is:
Major shifts in the availability natural resources. Correct Answer
Q8.Pick up the correct statement from the following :
Programme Evaluation and Review Technique, is event oriented Correct Answer
Q9.The critical activity has
zero float Correct Answer
Q10.The estimated time required to perform an activity, is known as
Duration Correct Answer
Q11.A dummy activity
is artificially introduced
is represented by a dotted line
does not consume time
All of the Mentioned Correct Answer
Q12.Pick up the incorrect statement from the following :
The arrows are drawn to scale from left to right Correct Answer
Q13.Critical path method
is an improvement upon bar chart method
provides a realistic approach to daily problems
avoids delays which are very common in bar charts
All of the Mentioned Correct Answe
Q14.For completion of a project, the critical path of the network represents
minimum time Correct Answer
Q15.The performance of a specific task in CPM, is known
Activity Correct Answer
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