#1
Which of the following is a step in the strategic planning process?
Setting long-term goals
ExplanationSetting long-term goals is a fundamental step in defining the direction and vision of an organization.
#2
SWOT analysis is used in strategic planning to assess:
Internal strengths and weaknesses
ExplanationSWOT analysis focuses on internal strengths and weaknesses as well as external opportunities and threats.
#3
Which of the following is NOT a component of a SWOT analysis?
Trends
ExplanationWhile trends are important in strategic analysis, they are not typically included in a SWOT analysis.
#4
Which strategic planning tool helps in identifying potential areas for growth and expansion?
Ansoff Matrix
ExplanationThe Ansoff Matrix provides a framework for identifying growth opportunities, including market penetration, product development, market development, and diversification.
#5
Which of the following is NOT a characteristic of strategic management?
Short-term focus
ExplanationStrategic management is focused on long-term planning and direction, rather than short-term objectives.
#6
Which of the following is an external factor in a PESTLE analysis?
Economic conditions
ExplanationPESTLE analysis considers external factors such as Political, Economic, Social, Technological, Legal, and Environmental factors.
#7
Which of the following is NOT a characteristic of a well-defined strategic goal?
Ambiguous
ExplanationAmbiguity in strategic goals can lead to confusion and lack of direction within an organization.
#8
Porter's Five Forces framework is used to analyze:
Market competition
ExplanationPorter's Five Forces framework assesses the competitive intensity and attractiveness of a market.
#9
In the context of strategic management, what does the term 'core competency' refer to?
Unique capabilities that give a firm a competitive advantage
ExplanationCore competencies are the strengths and capabilities that differentiate a company from its competitors and contribute to its long-term success.
#10
Which strategic planning approach emphasizes continuous adaptation and learning?
Agile Strategy
ExplanationAgile Strategy focuses on flexibility, adaptability, and rapid response to changes in the business environment.
#11
What is the purpose of a competitive advantage in strategic management?
To differentiate the company's offerings
ExplanationA competitive advantage allows a company to stand out from competitors by offering unique products, services, or capabilities.
#12
Which strategic planning tool helps in evaluating the attractiveness of different market segments?
Segmentation analysis
ExplanationSegmentation analysis helps identify and evaluate different market segments based on factors such as demographics, psychographics, and behavior.
#13
What does the acronym 'SMART' stand for in the context of strategic planning?
Specific, Measurable, Achievable, Relevant, Time-bound
Explanation'SMART' criteria ensure that objectives are well-defined and actionable.
#14
What is the primary purpose of a vision statement in strategic planning?
To communicate the organization's long-term aspirations
ExplanationA vision statement articulates the organization's future goals and aspirations, providing a clear direction for strategic planning.
#15
What is the role of strategic management in organizational success?
To align organizational goals with external opportunities
ExplanationStrategic management ensures that an organization's goals and strategies are in alignment with external market opportunities and competitive dynamics.
#16
What is the primary purpose of a mission statement in strategic planning?
To communicate the company's values and ethics
ExplanationA mission statement articulates the purpose, values, and ethical principles that guide an organization's actions and decisions.
#17
What is the role of strategic planning in organizational agility?
To foster innovation and responsiveness
ExplanationStrategic planning enables organizations to anticipate changes, innovate, and respond quickly to shifts in the market and competitive landscape.