Question

Multiple-choice questions

1. SWOT Analysis is the only step needed in the strategic planning process

-True , or

- False

2. Strategic management is

- Creative thinkers who look at their business environment from a different perspective

- Expansive and wasteful

- Constantly seeking opportunities to exploit consumers to maximize profits in the short- term

- Management that bases decision on how it will boost share prices quarter to quarter .

- Management that bases all actions , activities and decisions on what is most likely -within an ethical framework - to ensure successful performance in the marketplace.

3. Which of the following would be an external threat ?

- Failures of competitors

- Obsolete facilities

- Availability of new customers

- Potentially damaging demographic changes

4.Which of the following statements do not apply when developing a mission statement ?

- The how to statements

- Describe the " who , what and where of organization

- Be brief , but comprehensive

- Choose wording that is simple

- Choose wording that is simple and easy ti understand and descriptive

Answer 1

Question 1: SWOT Analysis is the only step needed in the strategic planning process.

Answer: False

Explanation: SWOT analysis is part of the strategic planning but not the only step in the process. It helps to plan business goals, operations and other business pertinent. SWOT as the name suggests identifies the Strengths, Weakness, Opportunity and Threats of the organization and provides better standpoint of the market.

Question 2: Strategic management is

Answer: Management that bases all actions, activities and decisions on what is most likely -within an ethical framework - to ensure successful performance in the marketplace.

Explanation: Strategic Management is the process which involves planning, analyzing organization, assess the organization to converge better goals and objectives.

Question 3: Which of the following would be an external threat ?

Answer: Potentially damaging demographic changes

Explanation: Demographic changes are global phenomenon and is the external treat to the potential organization. When the transition occurs the whole country's GDP growth will take a hit which in turn leads to the organizational catastrophe.

Example: Climate change, pollution catastrophe, population aging and cultural factors, etc.

Question 4: Which of the following statements do not apply when developing a mission statement ?

Answer: Be brief, but comprehensive

Explanation: The mission statements are the short description of organizational goals which includes Who, What and Where statements, it does not include lengthy comprehensive briefs. It is an identity which should stand out when compared with the other organization and mission statements defines the future yearning of the organization.

Example: Google's mission statement is: “to organize the world’s information and make it universally accessible and useful.” Short and simple statements which captures Google's purpose.