1. Which of the following best describes the concept of
"strategic planning"?
- A) The process of setting short-term operational goals
- B) The process of defining an organization's strategy and
making decisions on allocating resources
- C) The process of managing day-to-day operations
- D) The process of conducting market research
- ANS: B) The process of defining an organization's strategy
and making decisions on allocating resources
, - Rationale: Strategic planning involves defining an
organization's long-term strategy and making decisions on
resource allocation to achieve its goals.
2. What is the primary purpose of a SWOT analysis in strategic
development?
- A) To identify the strengths, weaknesses, opportunities, and
threats related to a business
- B) To determine the pricing strategy for a new product
- C) To analyze the financial performance of a company
- D) To develop a new advertising campaign
- ANS: A) To identify the strengths, weaknesses,
opportunities, and threats related to a business
- Rationale: SWOT analysis helps businesses understand
their internal strengths and weaknesses, as well as external
opportunities and threats.
3. Which of the following is a key characteristic of a successful
strategic implementation?
- A) High advertising expenditure
- B) Clear communication and alignment of goals
- C) Focus on short-term sales
- D) Reliance on traditional marketing methods
, - ANS: B) Clear communication and alignment of goals
- Rationale: Successful strategic implementation requires
clear communication and alignment of goals across the
organization.
4. What is the primary difference between corporate strategy
and business strategy?
- A) Corporate strategy focuses on the overall direction of the
organization, while business strategy focuses on individual
business units
- B) Corporate strategy is concerned with day-to-day operations,
while business strategy is concerned with long-term goals
- C) Corporate strategy is only used by large corporations, while
business strategy is used by small businesses
- D) Corporate strategy involves marketing, while business
strategy involves finance
- ANS: A) Corporate strategy focuses on the overall
direction of the organization, while business strategy focuses on
individual business units
- Rationale: Corporate strategy sets the overall direction for
the organization, while business strategy focuses on specific
business units or product lines.
5. Which of the following best describes the concept of
"balanced scorecard"?
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