Strategic Management MCQ Questions and Solutions with Explanations | Management

Vision is the starting point of strategic intent. The fundamental purpose of strategic planning is to align a company's mission with its vision. Without mission and vision, the plan exists in a vacuum, as the mission is the starting point for planning, the vision is the destination, and the strategic plan is the roadmap that helps you navigate from one to the other.

Corporate level strategy deals with objectives of the corporate. we can simply say that corporate level strategies are concerned with questions about what business to compete in. Corporate Strategy involves the careful analysis of the selection of businesses the company can successful compete in. Corporate level strategies affect the entire organization and are considered delicate in the strategic planning process.

Technology development activity does not comes under the primary activities of value Chain analysis. Value chain analysis is a strategy tool used to analyze internal firm activities. Its goal is to recognize, which activities are the most valuable (i.e. are the source of cost or differentiation advantage) to the firm and which ones could be improved to provide competitive advantage.

Vision statement can be identified as a best statement that represents a firms big picture statements, describing a desired end state, general in scope and not restrictive. A vision statement is an organization's declaration of its mid-term and long-term goals, stating what they want to become in the future. Vision statements act as a goal for a company to strive toward.

One of the top level manager of a large manufacturing plant uses to spend her day trying to ensure that the material waste is not more than 10% , she spends her day performing the management process of controlling. Control is a primary goal-oriented function of management in an organisation. It is a process of comparing the actual performance with the set standards of the company to ensure that activities are performed according to the plans and if not then taking corrective action.

All of the following are key opportunities and threats in external environment because of political, government and legal forces except Social security program. The Social Security program in the United States provides protection against the loss of earnings due to retirement, death, or disability.

Internal audit is done Parallel to external audit. An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity.

Bargaining power of customers is high if Differentiation of competitors product is low. The Bargaining Power of Buyers, one of the forces in Porter's Five Forces Industry Analysis Framework, refers to the pressure that customers/consumers can put on businesses to get them to provide higher quality products, better customer service, and/or lower prices.

The magnitude and changes that may affect an organization is survival owing to all of the following except Dubious firms.

Strategy implementation requires a firm to establish annual objectives, devise, policies, motivates employees and allocate resources for the execution of strategies. Strategic implementation is a process that puts plans and strategies into action to reach desired goals. The strategic plan itself is a written document that details the steps and processes needed to reach plan goals, and includes feedback and progress reports to ensure that the plan is on track.