Quiz on Strategic Management
Multiple Choice (20 items)
1. What is the key focus of strategic management? a) Day-to-day operations b) Short-term profit
maximization c) Long-term organizational goals and objectives d) None of the above
2. Which of the following is NOT a key component of the strategic management process? a)
Environmental scanning b) Strategy formulation c) Crisis management d) Strategy evaluation
3. What is the purpose of environmental scanning in strategic management? a) To identify and
analyze internal and external factors affecting the organization b) To develop marketing
campaigns c) To manage financial resources d) To conduct performance reviews
4. Which of the following is a key element of strategy formulation? a) Setting organizational
objectives b) Conducting market research c) Implementing operational plans d) Evaluating
performance metrics
5. What does strategy implementation involve? a) Putting strategic plans into action b) Analyzing
market trends c) Developing financial budgets d) Monitoring competitor activities
6. What is the purpose of strategy evaluation? a) To assess the effectiveness of strategies and
make adjustments b) To identify new product opportunities c) To recruit and train employees d)
To manage customer relationships
7. Which of the following is NOT a key concept in strategic management? a) Vision b) Mission c)
Objectives d) Market segmentation
8. What is a vision statement? a) A short-term goal b) A description of the organization's current
state c) A long-term aspiration of what the organization wants to achieve d) A financial
projection
9. What is a mission statement? a) A long-term goal b) A description of the organization's purpose
and values c) A marketing plan d) A performance evaluation
10. What are objectives in strategic management? a) Vague and aspirational statements b) Specific,
measurable goals that guide the organization's efforts c) Financial projections d) Competitor
analysis
11. Which of the following is NOT a strategic management theory? a) Classical approach b)
Emergent strategy c) Resource-based view (RBV) d) Porter's Five Forces
12. What does the classical approach to strategic management emphasize? a) Flexibility and
adaptation b) Rational planning and analysis c) Innovation and creativity d) Collaboration and
teamwork
13. What is emergent strategy? a) A planned and deliberate strategy b) A strategy that emerges
from unplanned actions and opportunities c) A strategy based on competitor analysis d) A
strategy based on market research
14. What does the resource-based view (RBV) of strategic management focus on? a) External
market factors b) Internal organizational resources and capabilities c) Competitor analysis d)
Financial performance
15. What is contingency theory in strategic management? a) A theory that emphasizes a one-sizefits-all approach b) A theory that emphasizes adapting strategies to specific situations c) A
theory that focuses on innovation d) A theory that focuses on cost leadership
16. What is the importance of strategic management? a) To gain a competitive advantage b) To
utilize resources efficiently c) To adapt to environmental changes d) All of the above
17. What is the scope of strategic management? a) Limited to the top management b) Crossfunctional, involving all levels of the organization c) Focused only on short-term goals d)
Primarily concerned with financial performance
18. What is the role of leadership in strategic management? a) To provide direction and guidance in
implementing strategies b) To make all the decisions without input from others c) To focus
solely on day-to-day operations d) To avoid taking risks
19. What is the relationship between strategic management and organizational culture? a) Strategic
management should align with and shape organizational culture b) Organizational culture has no
impact on strategic management c) Strategic management should ignore organizational culture
d) None of the above
20. What is the ultimate aim of strategic management? a) To achieve sustainable growth and
profitability b) To maximize short-term profits c) To maintain the status quo d) To eliminate all
competition
Answer Key
1. c
2. c
3. a
4. a
5. a
6. a
7. d
8. c
9. b
10. b
11. d
12. b
13. b
14. b
15. b
16. d
17. b
18. a
19. a
20. a