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Strategic Management MCQ Questions and Solutions with Explanations | Management

Strategic Management MCQ Questions and answers with easy and logical explanations. Management provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Strategic Management MCQ is important for exams like MAT, CAT, CA, CS, CMA, CPA, CFA, UPSC, Banking and other Management department exam. Page-4 section-4

Each section contains 100 MCQs on Strategic Management .
31
The "balanced scorecard" supplies top managers with a _____________ view of the business.
Discuss
Answer & Solution
Answer: Option D
Solution:
The "balanced scorecard" supplies top managers with a fast but comprehensive view of the business. A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations.
32
Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called ________.
Discuss
Answer & Solution
Answer: Option C
Solution:
Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries this is called industry convergence. Industry convergence represents the most fundamental growth opportunity for organizations and will redefine industry boundaries by shifting the focus from individual products to cross-industry value experiences, based on digital business principles.
33
What kind of organizational structure combines a vertical chain of command with horizontal reporting requirements?
Discuss
Answer & Solution
Answer: Option B
Solution:
Matrix kind of organizational structure combines a vertical chain of command with horizontal reporting requirements. Matrix organization represents a middle course. Project and functional organizations exist side by side in a matrix structure. Matrix organizations are combination of vertical as well as horizontal relationships and are extremely useful in meeting the challenges of new and complex problems.
34
What kind of training program is most appropriate for a simple task?
Discuss
Answer & Solution
Answer: Option A
Solution:
On-the-job training kind of training program is most appropriate for a simple task. On-the-job training, also known as OJT, is a hands-on method of teaching the skills, knowledge, and competencies needed for employees to perform a specific job within the workplace. Employees learn in an environment where they will need to practice the knowledge and skills obtained during their training.
35
Possibly the most important pre-20th century influence on management was:
Discuss
Answer & Solution
Answer: Option A
Solution:
Possibly the most important pre-20th century influence on management was Scientific management. The Scientific Management Theory is well known for its application of engineering science at the production floor or the operating levels.
36
Strategic stretch involves:
Discuss
Answer & Solution
Answer: Option B
Solution:
Strategic stretch involves creating new opportunities by stretching and exploiting capabilities in new ways. Strategic Stretch refers to the planning period adopted by an organisation or company while Straregic Intent refers to the sratement of desired organisational leadership that an organisation intends or wishes to achieve in future.
37
What are core competences?
Discuss
Answer & Solution
Answer: Option D
Solution:
Core competences means activities that underpin competitive advantage and are difficult for competitors to imitate or obtain. Core competencies are the resources and capabilities that comprise the strategic advantages of a business. A modern management theory argues that a business must define, cultivate, and exploit its core competencies in order to succeed against the competition.
38
Best in Class Benchmarking seeks to assess organisational performance against:
Discuss
Answer & Solution
Answer: Option B
Solution:
Best in Class Benchmarking seeks to assess organisational performance against the competitor who is 'best in class' wherever that may be. Benchmarking is also a way of measuring your firm's strategies and performance against “best‐in‐class” firms, both inside and outside your own industry.
39
Cost efficiency is determined by which of the following drivers?
Discuss
Answer & Solution
Answer: Option A
Solution:
Cost efficiency is determined Supply Costs, Experience, Product/Process Design and Economies of Scale. Cost efficiency is the strategic choice for many construction companies.
40
The three stages of strategic management are
Discuss
Answer & Solution
Answer: Option C
Solution:
The three stages of strategic management are strategy formulation, strategy implementation, and strategy evaluation. Strategy formulation is the process of establishing the organization's mission, objectives, and choosing among alternative strategies.