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28 Cards in this Set
- Front
- Back
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A group of managers is considering how their organisation can compete successfully in a particular market. What type of strategy are they devising?
Corporate Business Operational Strategic |
Business
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Which of the following terms must be included in a definition of strategy? Choose all that apply.
Direction and scope Long term Stakeholder expectations Constant environment |
Direction and scope
Long term Stakeholder expectations Constant environment |
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Which of the following is a definition of strategic management?
Strategic management is concerned with the annual planning processes by which an organisation determines its annual targets and budget allocations. Strategic management refers to those activities and processes through which an organisation determines its mission and/or objectives and the plans, policies and actions to achieve them. Strategic management refers to an approach to business planning based on the objectives of the various stakeholder groups affected by the organisation's activities. Strategic management refers to those aspects of management that are the responsibility of an organisation's most senior managers. |
Strategic management refers to those activities and processes through which an organisation determines its mission and/or objectives and the plans, policies and actions to achieve them.
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Corporate governance is concerned with how the organisation serves its customers and deals with the environment. True or false?
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False
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Which one of the following is not a major concern of strategic management?
Mission and objectives The external environment The marketing mix Organisational resources and competencies Strategic options |
Marketing mix
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Which of the following is an outcome of the analysis of the strategic capability of an organisation?
An understanding of opportunities and threats An understanding of HR capability An understanding of customer needs An understanding of strengths and weaknesses |
An understanding of strengths and weaknesses
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Which type of strategy is most likely to relate to the expectations of the shareholders and the stock market?
Corporate-level Business-level Operational Strategic-business-level |
Corporate-level
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What is the difference between a mission and a vision?
A mission specifies why the organisation exists, while the vision expresses what the organisation is trying to achieve in the foreseeable future. A vision expresses why an organisation exists, while a mission specifies what an organisation is trying to achieve in the foreseeable future. A vision is what the organisations leaders would like to achieve, while a mission is the task they have accepted as more realistic. The terms 'mission' and 'vision' refer to the same thing. The two terms are synonymous. |
A mission specifies why the organisation exists, while the vision expresses what the organisation is trying to achieve in the foreseeable future.
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Which of the following best describes the goal of an organisation?
General statement of aim or purpose Long term direction Overriding purpose in line with the values or expectations of shareholders Desired future state: the aspiration of the organisation |
General statement of aim or purpose
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A mission is the desired future state of the organisation. True or false?
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False
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Which four of the following four factors define the strategic position and are central for evaluating future strategy?
The external environment The organisation’s strategic capability Organisational goals Organisational culture Business strategy Strategy evaluation |
The external environment
The organisation's strategic capability Organisational goals Organisational culture |
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What do you understand by the term 'strategic drift'?
Progressive failure of strategies to address the strategic position of the organisation Sudden failure of strategies to address the strategic position of the organisation Where an intended strategy is unrealised Emergent approach to strategy |
Progressive failure of strategies to address the strategic position of the organisation
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Which of the following are not usually key stakeholder groups in the not-for-profit sector?
Government regulators Recipients of the service Shareholders Funding providers |
Shareholders
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In the private sector the overriding objective of strategy is to achieve value for money in service provision. True or false?
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False?
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In the private sector, strategy making is dominated by pursuit of which of the following objectives?
Market share New product development Profits Corporate social responsibility |
Profits
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Which of the following groups' interests are given greatest importance when developing strategy in business organisations?
Employees Suppliers Customers Shareholders |
Shareholders
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Which of the decisions listed below is not an example of a strategic decision?
Decision to launch new product Decision to enter a new market Decision to invest in a new production plant Decision to launch a new advertising campaign |
Decision to launch a new advertising campaign
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Why is it important that objectives are measurable?
Strategy is best evaluated using quantitative data so measurements must be taken. Controlling strategy implementation and evaluating the outcomes of a strategy depend on being able to measure organisational performance against targets. Reward systems depend on meeting targets so it is vital that measurements are taken so that performance-related pay and bonuses can be calculated. All of the key measures of business performance are financial and so setting financial targets is vital. |
Controlling strategy implementation and evaluating the outcomes of a strategy depend on being able to measure organisational performance against targets.
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Strategic choices are concerned with the impact on strategy of the external environment, an organisation's strategic capability and the expectations of stakeholders. True or false?
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False
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What do you understand by the term 'strategic direction'?
'Strategic direction' refers to the direction the organisation would like to move in the next five years. 'Strategic direction' refers to the underlying intent of a strategy, e.g. growth, consolidation, market entry or diversification. 'Strategic direction' refers to the general direction in which an industry as a whole is moving. 'Strategic direction' refers to the leadership offered by the senior management team of an organisation. |
'Strategic direction' refers to the underlying intent of a strategy, e.g. growth, consolidation, market entry or diversification.
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The strategic capability of the organisation is made up of resources and competences. True or false?
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True
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Which type of strategy is concerned with the overall purpose and scope of an organisation?
Operational strategy Strategic-business-level strategy Business-level strategy Corporate-level strategy |
Corporate-level strategy
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Which type of strategy focuses on how resources, processes and people can be used to deliver high-level strategies?
Operational strategy Corporate strategy Business-level strategy Strategic-business-level strategy |
Operational Strategy
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Which of the following statements is least likely to apply to strategic decisions?
They are simple in nature. They are made in situations of uncertainty. They affect operational decisions. They involve considerable change. |
They are simple in nature.
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Which term is used for the overall purpose of the organisation?
Mission Vision Goal Strategic capability |
Mission
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Which of the following does not help explain why strategy implementation is often difficult to achieve in the way intended?
The complex range of changes involved Poor understanding of the strategy by those implementing it Changes in the external environment The difficulties of planning for unintended outcomes The problems associated with marketing new products |
The problems associated with marketing new products
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Which of the following would you not expect to see in an organisational mission statement?
A statement of why the organisation exists An indication of the nature of the industry the organisation is in A statement of what the organisation is trying to achieve A quantified financial target |
A quantified financial target
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How do an organisation's strategic objectives relate to its mission?
Strategic objectives break the mission down into those parts that relate to specific functional areas of the business. Strategic objectives provide a more precise or quantifiable basis for developing strategy than the general mission statement. Strategic objectives are based on the mission but each one relates to a specific SBU of the organisation. Strategic objectives do not usually relate to the mission but are the basis for an organisation's strategic plan. |
Strategic objectives provide a more precise or quantifiable basis for developing strategy than the general mission statement.
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