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Strategic Management
MGT6370A 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.
Strategy It is a
SWOT analysis It is the f
Strategy deals with long term developments rather than
FALSE
short-term operations.
The systematic analysis of the factor associated with
customers
Strategic Management and competitors and the organization itself to provide the
basis for
maintaining optimum management practices.
Strategic Management serves as a foundation for all key
TRUE
decisions of the firm.
Selection against objectives, Referral to a Johnson and Scholes three ways in strategies selection.
higher authority, Partial Implementation
According to , strategy is organisation‘s pattern of
Igor Ansoff response to its environment over a period of time to
achieve its goals and mission.”
Strategy provides overall framework for guiding
TRUE organizational thinking
and action.
Without a perfect foresight, the firms must be ready to
deal with the
TRUE
uncertain events which constitute the business
environment.
The systematic analysis of the factor associated with
customers and
Strategic Management competitors and the organization itself to provide the
basis for maintaining optimum
management practices.
He defines strategy as a creation of a unique
and valued position involving a different activity from
Micheal Porter
rivals or performs
similar activities in different ways.
Strategy is derived from the Greek word strategos,
TRUE
meaning military leader or general.
FALSE Igor Chandler is the Father of Strategic Management.
Strengths, weaknesses, opportunities, threats SWOT stands for ?
viewed that in developing strategy,
it was essential to systematically anticipate future
environmental challenges to an
Igor Ansoff
organization, and draw up appropriate strategic plans for
responding to these
challenges.
It is a method or plan chosen to bring about a desired
Strategy future, such as achievement of a goal or a solution to a
problem.
It is the framework used to evaluate a company's
SWOT analysis competitive position and to
develop strategic planning.
Goals are the end results that the organization attempts
TRUE
to achieve.
A statement, that provides a perspective of the means,
Strategic Intent which will lead the
organization, reach the vision in the long run.
This
takes Strategic Intent to an all-together new level by
Sense of Destiny
including the employee's
emotions with the organization aspirations.
It seeks to explain the business undertaken by the firm,
with respect to
Business Definition
the customer needs, target audience, and alternative
technologies.
TRUE Organizations need to set adequate and appropriate
 objective to cover all performance areas.
It is time-based measurable actions, which help in the
Objectives
accomplishment of goals.
It is the dream of the business and an inspiration, base
Vision for the
planning process.
Both an Art and science of formulating, implementing,
and evaluating,
Strategic management cross-functional decisions that facilitate an organization
to accomplish its
objectives.
It is designed to help potential shareholders and
Mission Statement investors understand
the purpose of the company.
The quality of the objectives can be judge on the basis of
FALSE
its ability to give scientific direction.
Organizational systems and processes Which is an element of strategy Implementation?
Which of the following is not a major attribute of strategic
Sense of Awareness
intent?
Implementing strategy means mobilizing employees and
TRUE
managers to put formulated
Comes from the Greek word "strategos", which refers to
Strategy
a military general.
TRUE Only verifiable
It allows fewer resources and less time to be
devoted to correcting erroneous or ad hoc It allows fewer resources and less time to be devoted to
decisions. correcting erroneous or ad hoc decisions.
When an organization assumes success, it often fails to
Poor reward structure
reward
Short-term milestones that organizations must achieve to
Annual Objectives
reach long-term objectives.
The action stage of strategic management is called
FALSE
strategy  formulation.
Statement of how employees should conduct themselves
Values
and their business to help achieve the company mission.
Operative objective It is an objective that seeks to attain in reality.
Some firms do not do strategic planning because some
TRUE may think that if a firm is successful, individuals may feel
there is no
It refers to the actions that managers have to take or do
Strategy in order to
What do we want to become? A vision statement answers the question.
Strategy provides some framework for guiding
FALSE organizational thinking
People and leadership Which is not an element of Strategy  Formulation?
Some organization do not engage in strategic planning
TRUE because managers and employees show no support.
Strategy Set of related actions that managers take to increase
 their company's performance.
Strategy Implementation Putting Strategy into action.
Sense of discovery It
It is described as the "Long-term Market or Competitive
Sense of direction Position"
The translation of the strategy into action takes place
here, and it details the firm's competitive tactics and
Business model initiatives.
Anything that a firm does especially well compared to
Competitive advantage rival firms is referred to as?
Strategy Implementation ensures the long-term survival
FALSE of the firm while coping with competition and
Creating competitive advantage through effective
Strategic Leadership management of the strategy-making process.
Strategy Formulation, strategy What are the three major components in Strategic
implementation, strategy evaluation Management?
Selecting strategies based on analysis of an
Strategy Formulation organization's external and internal environment.
TRUE The quality of the objectives can be judged on the
It states that Strategic Intent is differentiated because
here in this case the employees are allied and they are
Sense of discovery convinced about the concept of Strategic Intent.
The correct answer is: Which is not a Pitfall in Strategic Planning?
Environmental Analysis It has vital role in businesses by indicating current and
Internal Analysis It is the methodical evaluation of the key
Differentiation Strategy It focuses on providing a product or service that is
Scanning It implies the process of critically examining the factors
Competition in the Industry, Potential of New
Entrants into an Industry, Power of Suppliers,
Power of Customers, Threat of Substitutes Enumerate the Porter's Five Forces.
Porter's Five Forces It is a model that identifies and analyzes five competitive
It is a strategy which focuses on reducing the costs
Cost Leadership involved
Identifying, Scanning, Analyzing, Forecasting What are the Steps Involved in Environmental analysis?
________________ is used when a company faces
Transnational Strategy significant cost
Joint Ventures It is the 1+1=3
They are the end users of the products and services that
Customers the company
Threats It refers to factors that have the potential to harm an
Standardization strategy ____________is used when a company treats the whole
Demographic and psychographic factors are the primary
TRUE indicators considered
It refers to selling directly into the market you have
Direct Exporting chosen using
FALSE Strategic objectives should not be communicated to the
 employees to protect the important information.
Corporate level strategy This level outlines what you want to achieve: growth,
Business management level Which is not belong in the group?
It is the degree to which the company is able to use the
Global Integration same
Partnering is a
Turnkey Projects Particular to companies that provide services such
Which of the following is the third step in strategy 
Forming Quantitative Goals formulation?
Barriers to Entry It is an economic term describing the existence of high
works well for firms that have a repeatable business
Franchising model
Target Market ___________ i
________________is used when a company is primarily
Export Strategy focused on its
It represents what the organization must achieve in order
Strategic Objectives for it to
This level concentrates on how an organization is going
Functional Level Strategy to
It is the areas in the business that needs to improve to
Weaknesses remain
Strengths It describe what an organization excels at and
_____________________is where you buy the land,
Greenfield Investment build the
Corporate level, Business level, Functional
level Which is in a proper order?
Opportunities It refers to favorable external factors that could give
Feedback plays a very important role in the evaluation
TRUE stage, providing the strategists
Multi-domestic Strategy _____________customizes products or processes to the
Performance analysis This is done to estimate the degree of variation
If you have a particularly interesting and unique product
Piggybacking or service
When companies decide to compete internationally, they
FALSE should
It is a relatively sophisticated arrangement where a firm
Licensing transfers
Decisions regarding which industries to
Industry strategy compete in are the concern of:
Strategy
Conscious and sub-conscious formulation takes place at two levels. These are:
Kay (1993)
The sees the strategy of an organization as matching
industry life cycle capabilities with:
Competitive positioning Competitive strategy is also known as:
The An organization’s external environment consists
competitive environment of the general or macro environment and:
The
Analysis, formulation, implementation key activities in the strategic management process are
Military
conflicts Strategy has its antecedents in:
It
Achieve competitive advantage is generally agreed that the role of strategy is to:
According to
How the Markides (1999), a strategic position represents a
company can do this at the lowest cost company’s answers to three
The statement of an organization’s
Vision statement aspirations can be found in the organization’s:
Strategy
SWOT analysis analysis is also referred to as:
Drucker refers
to an organization’s assumption about its environment
Theory of business and its strength and
According
to Porter (1996) in his article “What is strategy?”, strategy
Different is about being
The
perspective on that is associated with framework such as
Emergent School the
Mission The goals of an organization derive from its:
What can be defined as the art and science of
formulating, implementing and evaluating cross-
functional decisions that enable an organization to
Strategic Management achieve its objectives?
It is an involved, intricate, and complex process that
Strategic Planning takes an organization into uncharted territory.
Who are the individuals who are most responsible for the
Strategist success or failure of an
Technological advancement can create new advantages
Competitive that are more powerful than existing advantages.
Threats The negative trends in external environmental factors?
Policies It include
It states that, there should be a clear indication and guide
on how the main activities or
Systems operations of the business are carried out.
Policy must be unambiguous. It should avoid use of
jargons and
TRUE connotations.
People, resources, structure, Systems, What are the Five (5) factors that support strategy
Culture implementation?
is as significant as because it throws
light on the efficiency and effectiveness of the
comprehensive plans in achieving
Strategy Evaluation the desired results.
Structure It must be visible to everyone, and clearly identify
 how the departments, divisions, units and sections are
organized, with the lines
of authority and accountability clearly established.
Strategy is concerned with both thought and actions.
While policy is
FALSE concerned mostly with action.
deals with acquisition of resources with which
organizational goals
Business Policy can be achieved.
Policy should be__________ or else it will lead to
indecisiveness and
uncertainty in minds of those who look into it for
Stable guidance.
tackles theand _________of the activities of the
what, why organization.
This addresses the management or leadership in force
within the
organization, from top management to the team leaders
and managers in the
Style smaller units.
Strategy must be uniform enough so that it can be
FALSE efficiently followed by the subordinates.
This does not
imply that a policy should be altered always, but it should
be wide in scope so as
to ensure that the line managers use them in
Flexibility repetitive/routine scenarios.
Employees without are worthless resources to the
Skills organization.
Strategy Evaluation is where the organization’s mission,
objectives, and
FALSE strategies are defined and set.
A policy is what is, or what is not done. While a strategy
is the
methodology used to achieve a target as prescribed by a
TRUE policy.
Relative competitive position It means the ratio of the business’s market
Need very little capital expenditure but return high levels
Cash cow of cash income. Can be used to finance the stars.
Because of their low market share these businesses are
Dogs often expected to
In the Directional Policy Matrix, the horizontal axis is
Competitive Strength defined as.
In the Directional Policy Matrix, the vertical axis is
Market Attractiveness defined as.
Corporate portfolio analysis It can be defined as a group of techniques that
Question Mark Have a potential to be stars if successfully developed.
BGC Matrix It is a tool that can be used to determine what priorities
Market growth rate It refers to the projected rate of sales growth for the
 This promise high returns so reinvest heavily to defend
Stars market share and position.

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