Strategic Management MCQ Questions and Solutions with Explanations | Management

In Ansoff's matrix, product development involves going in the direction of new products to present markets. The Ansoff Matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future growth.

A business model typically includes a description of your customers, how customers use your product, how you distribute your product and details about how you promote your business. The model also describes key operational tasks, staffing and other resource requirements as well as details about how business is conducted. A business model describes your business using visual images, typically on a single page, while a business plan describes your business in a more lengthy document.

What the organization seeks to do to reach desirable future states is not expected to see in a vision statement.

Strategies are the decisions and actions that determine long-run performance of an organization. Strategic management therefore emphasizes the monitoring and evaluating of external opportunities and threats in lights of a corporation's strengths and weaknesses.

Campbell (1989) suggestion to be a dimension of valuable mission statements states the values of the organization.

Strategic management is the collection of managerial decisions and actions that determine the long-run performance of an organization. Strategic management is the ongoing planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Changes in the business environment require organizations to constantly assess their strategies for success.

Non-price competition refers to competition between companies that focuses on benefits, extra services, good workmanship, product quality.

Strategic management important because It is involved in many of the decisions that managers make. It acts as a foundation for all key decisions of the firm. It attempts to prepare the organization for future challenges and play the role of pioneer in exploring opportunities and also helps in identifying ways to reach those opportunities.

Organization is not an aspect of the MOST analysis. MOST Analysis is a technique for analysing what an organisation aims to achieve (mission & objectives) and how it aims to achieve this (strategy & tactics).

Opportunities and Threats are outcomes from a study of the external environment.