Strategic Management MCQ Questions and Solutions with Explanations | Management

Structural and stylistic flaws is likely to be the effect of a logical corporate strategy but poor strategy implementation.

Greater control is not a valid reason in support of focused strategies. A focus strategy is usually employed where the comopany knows its segment and has products to competitively satisfy its needs. Focus strategy is one of three generic marketing strategies.

Longevity is not a strategic criteria for deciding which firms to retain in the organizational core. Longevity is most commonly used to describe the length of one's lifetime, but it can also mean a long duration, such as one's longevity working for a certain company for an extended period of time.

Hoarding new businesses is not an activity associated with restructuring. Hoarding is the purchase of large quantities of a commodity by a speculator with the intent of benefiting from future price increases.

Corporate resource allocation may be different depending on the speed of growth of the organization. Past allocations and budgets is inappropriate when facing rapid growth. Resource allocation is a process and strategy involving a company deciding where scarce resources should be used in the production of goods or services. A resource can be considered any factor of production, which is something used to produce goods or services.

A strategic plan outlining means to utilize budget, make sales, and generate profits is not an aspect of a definition of the term budgets. A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.

Policies are designed to guide managers in the pursuit and achievement of strategies and objectives. Policies are instrument for strategy implementation. This thesis defines policy much more narrowly as specific guides to managerial action and decisions in the implementation of strategy.

Strategy effectiveness and competitive success is dependent on Content, change, learning groups of competencies. Strategic success requires a clear understanding of the needs of the market, and the satisfaction of targeted customers more effectively and more profitably than by competitors. Real competitive advantage implies companies are able to satisfy customer needs more effectively than their competitors.

Developing and introducing new processes for cost savings and speedier decision-making competencies relates to functionality. Strategic management include a set of decisions and actions resulting in the formulation and implementation of strategies designed to achieve the ultimate objectives of an organisation. The strategic management encompasses tasks pertaining strategic planning, implementation planning and monitoring.

Doing things right and doing the right things are also known as Efficiency and effectiveness. Strategic management decisions that promote efficiency tend to be aimed at reducing the use of resources through maximizing return. Any action taken to reduce inventory waste, for example, would be a strategic management decision aimed at greater efficiency. Management effectiveness can be measured by results. Goals such as increasing market share, improving customer satisfaction ratings and achieving desired revenue levels come under the heading of management effectiveness.