Strategic Management MCQ Questions and Solutions with Explanations | Management

The strategic management process is a dynamic process involving the full set of commitments, decisions, and actions related to the firm. The term ‘strategic management’ is used to denote a branch of management that is concerned with the development of strategic vision, setting out objectives, formulating and implementing strategies and introducing corrective measures for the deviations (if any) to reach the organization’s strategic intent.

Organizations require good people with appropriate skills and abilities to work together effectively to be successful. Capable characteristics is not seen as critical for this. Strategic management makes employees capable of understanding the market reactions to organization's product and taking corrective measures for the organization.

Hard human resource management assumes Employees are resources to be used effectively in the search for competitive advantage. Hard human resources management, or hard HRM is a staff management system in which workers are seen as a resource that needs to be controlled to achieve the highest profit and a competitive advantage. The focus of hard HRM is on the task that needs to be done, cost control, and achieving organizational goals.

Strategic mission is a statement of a firms unique purpose and scope of operations. Strategic mission is a type of marketing approach which is based on the core philosophy of organization. It is a long term plan on which the company operates to achieve its mission and vision objectives and goals.

Teams provide increased productivity is a characteristic of soft human resource management. Soft human resource management (HRM) is an approach to human resource management that involves treating employees as one of a company's most important assets. When management uses soft HRM, it views its employees as critical resources who are key to their long-term business strategies.

The Strategic Business Unit structure has its own business strategy, objectives and competitors and these are often differ from parent company. A strategic business unit, popularly known as SBU, is a fully-functional unit of a business that has its own vision and direction. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. It reports to the headquarters about its operational status.

Competent is not an example of a managerial mindset. A worldly mindset helps you operate in diverse regions, with the cultural and social insights needed to serve varied customers. Managing relationships (collaborative mindset).

The vision and mission statement can often be found in annual reports. A Mission Statement defines the company's business, its objectives and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. Elements of Mission and Vision Statements are often combined to provide a statement of the company's purposes, goals and values.

Vision statement should be created first and foremost. A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of five to ten years, or sometimes even longer.

S.M.A.R.T. is an acronym that stands for specific, measurable, achievable, realistic and timescale.