Strategic Management MCQ Questions and Solutions with Explanations | Management

The pie slices within the circles of a BCG matrix reveal the percent of corporate profits contributed by each division. BCG matrix is a framework created by Boston Consulting Group to evaluate the strategic position of the business brand portfolio and its potential. It classifies business portfolio into four categories based on industry attractiveness (growth rate of that industry) and competitive position (relative market share).

The markets to service of the following is of concern for not-for-profit organizations. Market, a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through mediating agents or institutions.

Emergent strategy implies an ability to react to events. An emergent strategy is a pattern of action that develops over time in an organization in the absence of a specific mission and goals, or despite a mission and goals. Emergent strategy is sometimes called realized strategy.

The impact of strategies on the general direction and basic character of a company is long range.

Value is the benefits of a product/service as perceived by the customer. A value proposition is a comparison of the benefits offered by a company's products and services to the price it asks customers to pay.

The acronym SWOT stands for Strengths, Weakness, Opportunities and Threats. It is a way of summarizing the current state of a company and helping to devise a plan for the future, one that employs the existing strengths, redresses existing weaknesses, exploits opportunities and defends against threats.

A process consisting of the determination of direction, strategic actions to achieve objectives, the implementation of desired strategy, and monitoring of that strategy statements best describes strategic management. Strategic management is the ongoing planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Changes in the business environment require organizations to constantly assess their strategies for success.

Competition is a key external factors that should be taken into account by a corporate strategy. Strategic competition is a commitment within an organization to make a very large change in competitive relationships.

Product-market is one of the following would not be considered a functional strategy. A product market refers to a place where goods and services are bought and sold.

The two internal elements of SWOT analysis are strength and weaknesses.