Strategic Management MCQ Questions and Solutions with Explanations | Management

Situation analysis allows the organization to examine both external and internal factors. Situation analysis is defined as an analysis of the internal and external factors of a business. It clearly identifies a business's capabilities, customers, potential customers and business environment, and their impact on the company.

What businesses are we in and what to do with those businesses? is an issue considered in developing corporate strategies?

Assigning administrative tasks is NOT a major element of the strategic management process. The process of strategic management includes goal setting, analysis, strategy formation, strategy implementation, and strategy monitoring.

They are concerned with how the organization is going to compete in a specific business or industry is not true regarding corporate strategies.

An example of a corporate strategy would involve the decision to spin Taco Bell off from Pepsi.

Strategic management accounting systems places a very strong emphasis on incorporating data relating to its competitors in the preparation of management reports. Strategic management accounting is about having an accounting system that checks, accommodates, supports and controls your strategic management goals.

Performance measurement best describes the use of both financial and non-financial measures in assessing whether an entity has achieved its objectives. Performance measurement is generally defined as regular measurement of outcomes and results, which generates reliable data on the effectiveness and efficiency of programs. Resources (human resources, employee time, funding) used to conduct activities and provide services.

A conflict is any sharp disagreement or collision of interests and ideas. Conflict is serious disagreement and argument about something important. If two people or groups are in conflict, they have had a serious disagreement or argument and have not yet reached agreement.

Environmental scanning occurs in Proactive phase of strategic conflict management. Conflict management is the practice of being able to identify and handle conflicts sensibly, fairly, and efficiently. Since conflicts in a business are a natural part of the workplace, it is important that there are people who understand conflicts and know how to resolve them. This is important in today's market more than ever. Everyone is striving to show how valuable they are to the company they work for and at times, this can lead to disputes with other members of the team.

Reputation management takes place in the recovery phase of strategic conflict management. Reputation management (sometimes referred to as rep management, online reputation management or ORM) is the practice of attempting to shape public perception of a person or organization by influencing online information about that entity.