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Strategic management MCQ questions
Question 1 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
External analysis means examining the industry environment of the company, including factors such as competitive structure, competitive position, dynamics, and history. On a macro scale, external analysis includes macroeconomic, global, political, social, demographic, and technological analysis.
External Factors in SWOT Analysis. SWOT analysis is another popular business analysis technique. Unlike with PESTLE analysis, not all of the factors taken into account in SWOT analysis are external. SWOT analysis looks at the Strengths, Weaknesses, Opportunities, and Threats of (or facing) a given company, so in fact, it looks at two internal factors and two external factors.
Question 2 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
This takes place in someone's head, and the decisions may not be written down in any extensive form It is often practiced by entrepreneurial managers with real flair
This requires managers to spend time discussing the future opportunities and threats and areas in which the organization might develop
This involves managers throughout the organization, and ensures that everyone involved in implementing plans will be consulted
This relates to decisions taken at the higher parts of the organization and passed onto other managers for implementation These managers will have had little or no input into the planning process
Top-down and bottom-up are both strategies of information processing and knowledge ordering, used in a variety of fields including software, humanistic and scientific theories, and management and organization. In practice, they can be seen as a style of thinking, teaching, or leadership.
Top-Down Planning is a method of planning, defining objectives and ways to achieve them through the top down. First, global (framework) goals are set, and ways how to achieve them. They are gradually moved to lower and lower levels of the organizational hierarchy to be developed and specified. It is therefore a divergent approach.
Top-Down Planning. Top-down planning is referred to as strategy. Top-down project planning is focused on keeping the decision making process at the senior level. Goals and quotas are established at the highest level, and those at the top are not often willing to take advice or any guidance from lower level employees.
With the top-down method of scheduling project work, you identify the major phases (or summary tasks) first, and then break the phases down into individual tasks (subtasks), rather than the other way around. You need Project 2010 or later to use top-down planning.
Top Down Planning As proposed projects move towards confirmation and their scope gets finalised, there is a need to estimate the project costs more accurately and ensure that the demand for resources is understood in sufficient detail.
In fact, it is these preseason top down plans that guide the bottom-up planning decisions. It would be accurate to say that all companies perform top-down planning, but not all companies bottom-up plan. Top-Down Planning. One of the benefits of top-down planning is the flexibility to react to the business based on in-season trends.
Bottom-Up Planning is a method of planning, defining objectives and ways to achieve them through the bottom up.First, relatively close targets at lower levels of the organizational hierarchy are set. They are then gradually integrated into the framework of global goals and global strategy at higher and higher levels.
Question 3 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Managers are responsible for employees
Teams provide increased productivity
Managers are responsible for deploying employees
Scientific management principles and systems should be used to deal with employees
Question 4 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Awareness of wider environmental developments
Knowledge of competitor activity
Reflecting on past actions
Applying activity maps
Applying lessons learned contains three process groups: analyze, store and retrieve. Now that the organization is identifying and documenting lessons, it is important to apply them to existing and future projects. Applying lessons learned is necessary in establishing and sustaining a culture of consistent project management improvement.
Application of the Five Disciplines of Learning Organizations. Applying the five disciplines of learning organizations can be challenging for many organizations. It would be more attractable to only focus on one or a few of these disciplines. However, the utilization of all disciples is critical since all disciplines are interlinked.
Question 5 [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
means value for money
is best described as the benefits the business chooses to give to customers through its product/service
is the benefits of a product/service as perceived by the customer
does not offer competitive advantage
A product benefit is the value that customers realize from a product or service. They are expressed in terms of customer needs, expectations, requirements and motivations. It is a fundamental rule of marketing and sales that customers are typically more interested in benefits as opposed to the technical details or features of your product.
An effective benefit statement will tell the world how your product or service will make it a happier place. As advertisers, we have to show the customers not just what the product is, but what it does, what it will do for them, and how that will improve their lives.
Accurate customer service will build trust amongst consumers, contribute to a positive brand reputation, as well as send repeat business your way. Giving customers accurate service will encourage them to come back time and time again, since they know they won't be underserved at your company.
While a value statement isn't necessary to have to form a successful business there are a couple of powerful benefits which make the path to lasting success much easy to maintain. Value statements are good guidelines for culture, marketing, and more. A value statement shows what a company prioritizes and deems important.