Strategic Management MCQ Questions and Solutions with Explanations | Management

Strength are the resources, skills or other advantages a firm enjoys relative to its competitors. Strategic strength is your ability to set the right goals and to create action plans and follow them. Strategic strength is the foundation for success.

If unprepared, Competitive and environmental pressures, and excessive control strategic pressures are recognized as key factors that can weaken the organization.

A Weakness is a limitation or deficiency in resources, skills and capabilities that seriously impede effective performance. The organizational weaknesses that have the potential to lead the organization to inefficiency and ineffectiveness should be known and improved.

Robert Kalpan and David developed the balanced score card in the early 1990 as a performance measurement system. Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component.

Flexibility is said to be the key factor in maintaining organizational growth (e.g., Hurst 1995). Strategic flexibility is the organization's. capability to identify major changes in the external environment, quickly commit. resources to new courses of action in response to those changes, and recognize and act. promptly when it is time to halt or reverse existing resource commitments.

Critical success factors are defined as resources, skills and attributes of an organization that are essential to deliver success in the market place. A critical success factor (often abbreviated “CSF”) may sound complicated, but it's actually a pretty simple concept.

Strategic planning is still important today because A critical success factor (often abbreviated “CSF”) may sound complicated, but it's actually a pretty simple concept. Strategic planning is a process in which organizational leaders determine their vision for the future as well as identify their goals and objectives for the organization.

SWOT analysis is a widely used framework to summarize a company's situation or current position. SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential.

Top-down planning 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 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 belongs in all organizations is true for small businesses in relation to strategic planning. Strategic planning is a process in which organizational leaders determine their vision for the future as well as identify their goals and objectives for the organization.