Business strategy and strategy development MCQs

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Strategic planning can be divided into strategic analysis, strategic choice and strategic implementation. Here on MCQs.CLUB we have prepared helpful
Business strategy and strategy development MCQs

Business strategy and strategy development MCQs

Strategic planning can be divided into strategic analysis, strategic choice and strategic implementation. Here on MCQs.CLUB we have prepared helpful Multiple-Choice Questions (MCQs) on Business strategy and strategy development that fully cover MCQs on nature of strategy implementation and strategy evaluation, these MCQs discuss the nature of strategy formulation implementation and evaluation activities. These MCQs also discuss and explain the nature of strategic management. These MCQs are also useful for business management exams, professional accountancy exams and competitive exams.

  1. Strategic planning can be divided into:
    1. strategic analysis
    2. strategic choice
    3. strategic implementation
    4. All of the above
  1. Firms can take different approaches to strategic planning, meaning that they prioritise different elements of strategic analysis.  The main approaches to strategic planning include:
    1. Accounting-led
    2. Position-based approach
    3. Resource-based approach
    4. All of the above
  1. Accounting-led approach –
    1. Starts by looking at its key stakeholders and their objectives (e.g. to increase pre-tax profits by x% per year, and earnings per share (EPS) by y% per year).
    2. Analyses its environment (e.g. markets and competitors; using PEST analysis and Porter’s five forces) before setting its objectives and strategy.
    3. Organisations should focus their strategy on their own core competences and capabilities – what they are good at.
    4. None
  1. Position-based approach –
    1. Starts by looking at its key stakeholders and their objectives (e.g. to increase pre-tax profits by x% per year, and earnings per share (EPS) by y% per year).
    2. Analyses its environment (e.g. markets and competitors; using PEST analysis and Porter’s five forces) before setting its objectives and strategy.
    3. Organisations should focus their strategy on their own core competences and capabilities – what they are good at.
    4. None
  1. Resource-based approach –
    1. Starts by looking at its key stakeholders and their objectives (e.g. to increase pre-tax profits by x% per year, and earnings per share (EPS) by y% per year).
    2. Analyses its environment (e.g. markets and competitors; using PEST analysis and Porter’s five forces) before setting its objectives and strategy.
    3. Organisations should focus their strategy on their own core competences and capabilities – what they are good at.
    4. None
  1. Organisations need strategies to establish their direction and scope in the long term, and to determine the resources and competences needed to achieve their desired courses of action.
    1. True
    2. False
  1. The rational model provides a useful way of summarising the strategic planning process.
    1. True
    2. False
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