Strategic Management Concepts and Strategies Quiz

Test your knowledge on strategy with questions on SWOT analysis, Porter's Five Forces, differentiation, blue ocean strategy & more.

#1

Which of the following is NOT a component of SWOT analysis?

Strengths
Weaknesses
Opportunities
Tactics
#2

What does Porter's Five Forces framework assess?

Internal strengths and weaknesses of a company
Market competition and industry attractiveness
Market segmentation and targeting strategies
Financial performance and profitability ratios
#3

What does the acronym SMART represent in the context of strategic management goals?

Strategic, Measurable, Achievable, Relevant, Timely
Systematic, Manageable, Analytical, Realistic, Tangible
Sustainable, Meaningful, Attainable, Responsive, Targeted
Strategic, Meaningful, Analytical, Realistic, Tangible
#4

Which of the following is NOT a step in the strategic management process?

Strategy formulation
Strategy execution
Strategy observation
Strategy evaluation
#5

Which of the following is a key element of strategic control?

Setting short-term financial goals
Monitoring day-to-day operations
Comparing actual performance with desired outcomes
Implementing tactical decisions
#6

Which of the following is NOT a dimension of the balanced scorecard?

Financial
Customer
Internal Processes
Technology
#7

Which strategy focuses on increasing market share by selling existing products in existing markets?

Market development
Product development
Market penetration
Diversification
#8

What is a core competency in strategic management?

A unique capability that creates high value
Standard operating procedures
Basic skills of employees
Administrative functions
#9

Which of the following is a characteristic of a differentiation strategy?

Competing based on price
Offering unique features valued by customers
Focusing on a narrow market segment
Pursuing cost leadership
#10

What is the primary focus of a blue ocean strategy?

Beating the competition in existing markets
Creating uncontested market space
Achieving operational efficiency
Exploiting market opportunities
#11

What does the term 'core values' refer to in strategic management?

Ethical principles guiding decision-making
Key performance indicators
Financial targets
Market segmentation criteria
1 answered
#12

Which of the following is NOT considered a PESTEL analysis factor?

Political
Economic
Sociocultural
Strategic
#13

Which strategic management tool helps in visualizing the competitive positions of companies in an industry?

Value chain analysis
Boston Consulting Group (BCG) matrix
Competitive profile matrix (CPM)
Ansoff matrix
#14

Which strategic management concept suggests that organizations pass through a series of lifecycle stages?

Resource-based view
Industry lifecycle
Experience curve
Value chain
#15

What does the VRIO framework evaluate?

Market attractiveness
Organizational culture
Competitive advantage potential of resources
Profitability ratios
#16

What is the main focus of the Ansoff Matrix?

Market attractiveness
Competitive positioning
Growth strategies
Resource allocation
#17

Which strategic management approach emphasizes continuous improvement and problem-solving through involving employees at all levels?

Total Quality Management (TQM)
Six Sigma
Lean manufacturing
Kaizen
#18

Which of the following is NOT a characteristic of a strategic alliance?

Involves a formal agreement between two or more firms
Aims to achieve mutually beneficial outcomes
Results in a merger of the companies involved
Allows companies to leverage each other's strengths

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