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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-8 section-2

Each section contains 100 MCQs on Strategic Management .
71
Which component of a mission statement addresses the firms distinctive competence or major competitive advantage?
Discuss
Answer & Solution
Answer: Option D
Solution:
Self-concept component of a mission statement addresses the firms distinctive competence or major competitive advantage. A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.
72
Which of these characteristics best describes a customer-driven organization?
Discuss
Answer & Solution
Answer: Option C
Solution:
Responsiveness characteristics best describes a customer-driven organization. Responsiveness, in communication, refers to the degree that what YOU say, responds clearly and directly, to what the other person just said. If you are being responsive, the other person knows you are paying attention, and care enough about what he or she is talking about to "stay on that topic".
73
Which of the following is a source of differentiation?
Discuss
Answer & Solution
Answer: Option A
Solution:
Relationships with customers is a source of differentiation. Product differentiation is a marketing strategy that strives to distinguish a company's products or services from the competition. Successful product differentiation involves identifying and communicating the unique qualities of a company's offerings while highlighting the distinct differences between those offerings and others on the market.
74
Which component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm?
Discuss
Answer & Solution
Answer: Option B
Solution:
Philosophy component of a mission statement addresses the basic beliefs, values, aspirations, and ethical priorities of the firm. What are the basic beliefs, values, aspirations, and philosophical.
75
Effective mission statements
Discuss
Answer & Solution
Answer: Option D
Solution:
Effective mission statements stand the test of time and require little revision. To be effective, mission statements need to clarify the intentions of the business while being inspirational and meaningful to customers and employees. Successful mission statements may take time to create, but when they are developed correctly, they provide a company with clear direction and purpose.
76
Which of the following best relates to market share? Market share is:
Discuss
Answer & Solution
Answer: Option D
Solution:
Market share is subjective. Subjective marketing is founded on the marketer's own experience regarding product successes and failures, knowledge of new products, understanding of the customer and prospect base, and existing and past customer relationships. These all are essential to setting up a marketing plan.
77
The goal of the cost leader is to:
Discuss
Answer & Solution
Answer: Option D
Solution:
The goal of the cost leader is to make high margins. Leader pricing is a common pricing strategy used by retailers to attract customers. It involves setting lower price points and reducing typical profit margins to introduce brands or stimulate interest in the business as a whole or a particular product line. Products sold in this strategy are often sold at a loss.
78
Which of the following is a means to develop a customer commitment focus in the organization?
Discuss
Answer & Solution
Answer: Option C
Solution:
Enhancing customer service is a means to develop a customer commitment focus in the organization. Great customer service can help you build trust, improve brand awareness, gain customer loyalty, drive sales, and attract new customers through valuable recommendations.
79
The means by which long term objectives will be achieved are
Discuss
Answer & Solution
Answer: Option B
Solution:
The means by which long term objectives will be achieved are strategies. Strategy determines the direction and scope of an organization over the long term, and they say that it should determine how resources should be configured to meet the needs of markets and stakeholders.
80
By what means should an organization measure its performance?
Discuss
Answer & Solution
Answer: Option C
Solution:
By economy, efficiency, and effectiveness means should an organization measure its performance. analyzing a company's performance against its objectives and goals. In other words, organizational performance comprises real results or outputs compared with intended outputs.