Strategic Management MCQ Questions and Solutions with Explanations | Management

Risk communication is any verbal or written exchange that attempts to communicate information regarding risk to public health and safety and the environment. Risk communication refers to the exchange of real-time information, advice and opinions between experts and people facing threats to their health, economic or social well-being.

Image restoration is the last stage in the conflict management lifecycle. Image Restoration is the operation of taking a corrupt/noisy image and estimating the clean, original image. Corruption may come in many forms such as motion blur, noise and camera mis-focus.

'A prospector organisation' means An organisation that actively seeks new opportunities and change. Prospector organizations face the entrepreneurial problem of locating and exploiting new product and market opportunities.

SWOT's focus on the external environment is too broad and integrative is not a limitation of SWOT (Strengths, Weaknesses, Opportunity, Threats) analysis.

A marketing department that promises delivery quicker than the production department's ability to produce is an example of a lack of understanding of the interrelationships among functional areas and firm strategies. The Marketing Department is the key to good marketing and sales. It promotes and establishes a business in its niche, based on the products or services the business is offering. It identifies the areas in which the product fits and where the business should focus its marketing strategy and, therefore, spend its budget for the maximum coverage and results.

Human resource management, information systems, procurement, and firm infrastructure comprises of support activities.

Although firm infrastructure is quite frequently viewed only as overhead expense, it can become a source of competitive advantage. Examples include all of the following except marketing expertise increasing a firm's revenues and enabling it to enter new markets. Firm infrastructure refers to an organization's structure and its management, planning, accounting, finance and quality-control mechanisms.

The competencies or skills that a firm employs to transform inputs into outputs are organizational capabilities. An organizational capability is a company's ability to manage resources, such as employees, effectively to gain an advantage over competitors. The company's organizational capabilities must focus on the business's ability to meet customer demand.

An array of firm resources include interpersonal relations among managers in the firm, its culture, and its reputation with its customers and suppliers. Such competitive advantages are based upon social complexity. Social complexity is the study of the phenomena of human existence – emigration patterns, armed conflicts, political movements, marriage practices, natural disasters, etc, etc – and the many possible arrangements of relationships between those discrete phenomena.

A company's ability to meet its short-term financial obligations is measured by liquidity ratios. Liquidity ratios are an important class of financial metrics used to determine a debtor's ability to pay off current debt obligations without raising external capital.