Q#1: Various job titles of a strategist may include all of the following EXCEPT:
(A) Chief executive officer
(B) President
(C) Owner
(D) Foreman
Answer: (D) Foreman
Q#2: According to Peter Drucker, what is the prime task of strategic management?
(A) To develop the vision of the business
(B) Effectively evaluate the strategies
(C) To think through the overall mission of a business
(D) Develop alternative set of strategies
Answer: (C) To think through the overall mission of a business
Q#3: Strategist is an individual who is involved in the strategic management process, thus may be known as:
(A) Member board of director
(B) President
(C) Division manager
(D) All of the given options
Answer: (D) All of the given options
Q#4: External opportunities and threats that can significantly benefit or harm an organization may include all of the following EXCEPT:
(A) Demographics
(B) Competitive trends
(C) Technological changes
(D) Research and development
Answer: (D) Research and development
Q#5: The S & T Organization has an established “game plan” for its business operations. This reflects that the organization has an established:
(A) Goal
(B) Formality
(C) Policy
(D) Strategy
Answer: (D) Strategy
Q#6: Identify the term that is known as a means of providing guidance to actions and procedures, including how resources are allocated and tasks are accomplished.
(A) Policies
(B) Objectives
(C) Aspirations
(D) Goals
Answer: (A) Policies
Q#7: All of the following statements are true about a firm’s mission statement EXCEPT:
(A) A mission statement directly contributes positively to financial performance
(B) A mission statement does not directly contribute positively to financial performance
(C) A mission statement should not provide useful criteria for selecting strategies
(D) Primary reason is not to attract customers
Answer: (A) A mission statement directly contributes positively to financial performance
Q#8: All of the following external forces directly affect an organization EXCEPT:
(A) Market segmentation strategies
(B) Types of products/services offered
(C) Management structure of an organization
(D) Choice of businesses to acquire or sell
Answer: (C) Management structure of an organization
Q#9: Market growth rate, number of sellers, and product differentiation represent which type of industry forces?
(A) Social forces
(B) Competitive forces
(C) Economic forces
(D) Technological forces
Answer: (B) Competitive forces
Q#10: If a currency value falls, the effect on companies in different industries and locations is:
(A) Significant and equal
(B) Marginal and equal
(C) Significant and unequal
(D) Insignificant and unequal
Answer: (C) Significant and unequal
Q#11: Which of the following falls under Social, Cultural, Demographic, and Environmental variables?
(A) Propensity of people to spend
(B) Buying habits
(C) Level of disposable income
(D) Income differences by region
Answer: (B) Buying habits
Q#12: Local, state, and national elections, oil, currency, labor markets, tariffs are examples of:
(A) Economic forces
(B) Political, governmental, and legal forces
(C) Social forces
(D) Competitive forces
Answer: (B) Political, governmental, and legal forces
Q#13: A systematic and ethical process for gathering and analyzing competitor activities is called:
(A) External assessment
(B) Industry analysis
(C) Competitive intelligence program
(D) Business ethics
Answer: (C) Competitive intelligence program
Q#14: Which is considered a barrier to entering a market or industry?
(A) Lack of economies of scale and experience
(B) Presence of many rivals
(C) Relatively large capital requirements and economies of scale
(D) Absence of tariffs and regulations
Answer: (C) Relatively large capital requirements and economies of scale
Q#15: Supplier bargaining power is weak when:
(A) Firms seek suppliers with just-in-time capabilities and low prices
(B) Suppliers provide critical scarce components
(C) Buyers collaborate closely with suppliers
Answer: (C) Buyers collaborate closely with suppliers