Strategic Management MCQ Questions and Solutions with Explanations | Management

The statement that best describes all the benefits a company can derive from analyzing its financial performance is that it can make comparisons with competitors, reveal lost profit and growth potential, emphasize possible dangers and enable a study of trends and progress.

According to Schein (1985), Artifacts, values, underlying assumptions, and behaviors are the levels that make up a company's culture. The first level is the characteristics of the organization which can be easily viewed, heard and felt by individuals collectively known as artifacts. The dress code of the employees, office furniture, facilities, behavior of the employees, mission and vision of the organization all come under artifacts and go a long way in deciding the culture of the workplace. The next level according to Schein which constitute the organization culture is the values of the employees. The values of the individuals working in the organization play an important role in deciding the organization culture. The thought process and attitude of employees have deep impact on the culture of any particular organization. What people actually think matters a lot for the organization? The mindset of the individual associated with any particular organization influences the culture of the workplace. The third level is the assumed values of the employees which can’t be measured but do make a difference to the culture of the organization. There are certain beliefs and facts which stay hidden but do affect the culture of the organization. The inner aspects of human nature come under the third level of organization culture. Organizations where female workers dominate their male counterparts do not believe in late sittings as females are not very comfortable with such kind of culture. Male employees on the other hand would be more aggressive and would not have any problems with late sittings. The organizations follow certain practices which are not discussed often but understood on their own. Such rules form the third level of the organization culture.

Competitive gaming refers to the strategies and counter strategies of a firm that compete in a shared market place. Competitive games are those in which players play against one another and where one player winning means another player loses. Two player games are often competitive, with a distinct win-or-lose outcome.

Industry analysis is also referred to as external strategic management audit. An industry analysis is a business function completed by business owners and other individuals to assess the current business environment. This analysis helps businesses understand various economic pieces of the marketplace and how these various pieces may be used to gain a competitive advantage.

In order for a culture to generate success, Flexible and adaptive it need to be. Flexible and adaptive leadership involves changing behavior in appropriate ways, their experience, skills, values, and needs, and a leader's behavior.

A market-driven business most likely be resourceful. Market-driven is defined as: “Firm's policy or strategy guided by market trends and customer needs instead of the firm's productive capacity or current products.”

Technological forces, Political forces and Economic forces are external forces affecting organizations.

According to Sir Allen Shepherd to apply energy and judgement to the corporate culture to ensure its relevance is the task of corporate leadership. Shepherd leadership is a matter of selfless service to subordinates. This service to others will require a commitment to serve without the potential of immediate recognition or reward. Shepherd leadership will require, at times, gently leading those in their charge, mentoring and sometimes teaching them along the way.

Environmental analysis is identifying opportunities and threats affecting their business. Environmental analysis is a strategic tool. It is a process to identify all the external and internal elements, which can affect the organization's performance. The analysis entails assessing the level of threat or opportunity the factors might present.

According to Press (1990), The resource focus, the shareholder focus, the people focus and the market focus are the four discrete philosophies upon which an organization's culture can be based.