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MCQs on Nature and Scope of Strategic Management
Strategic management is the management of an organization’s resources to achieve its goals and objectives. Here in MCQs.CLUB we have prepared easy Multiple-Choice Questions (MCQs) on the Nature and Scope of Strategic Management that fully cover MCQ on nature and importance of strategic management and its characteristics, fundamentals of strategic management, introduction to strategic management. Theses MCQs explain the meaning and are an overview of strategic management. These mcq on nature and scope of financial management are also useful for competitive exams, business management exams and professional accountancy exams.
- Strategic management is the management of an organization’s resources to achieve its goals and objectives.
- True
- False
- Strategic management involves:
- setting objectives
- analyzing the competitive environment and the internal organization
- evaluating strategies
- ensuring that management rolls out the strategies across the organisation
- All of the above
- The core of a company’s strategy concerns its markets and its products and is about choosing:
- where to compete – which business segments.
- how to compete – on what basis shall we compete.
- Both A&B
- None
- Strategic decisions relate to the scope of a firm’s activities, the long-term direction of the organisation, and allocation of resources.
- True
- False
- The characteristics of strategic decisions are:
- Strategy involves the matching of the activities of an organisation to its environment.
- Strategies need to be considered in terms of the extent to which resources can be obtained, allocated and controlled to develop a strategy for the future.
- Operational decisions will be affected by strategic decisions because they will set off waves of lesser decisions
- All of the above
- The process of strategic management includes:
- goal setting, analysis
- strategy formation, strategy implementation, and strategy monitoring
- Both A&B
- None
- Managing business strategy involves the entire cycle of planning and control, at a strategic level.
- True
- False
- Which of the following is correct?
- Planning is the ‘establishment of objectives and the formulation, evaluation and selection of the policies, strategies, tactics and action required to achieve them.
- Planning comprises long-term/strategic planning, and short-term/operational planning’.
- Both A&B
- None
- A STRATEGIC PLAN is a ‘statement of long-term goals along with a definition of the strategies and policies which will ensure achievement of these goals’.
- The above statement is correct
- The above statement is incorrect
- Which of the following is correct?
- Strategy is the direction and scope of an organisation over the long term which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.
- A Strategy is a ‘course of action, including the specification of resources required, to achieve a specific objective’.
- Both A&B
- None
- To develop a business strategy, an organisation has to decide:
- What it is good at
- How the market might change
- How customer satisfaction can be delivered
- What might constrain realisation of the plan
- What should be done to minimise risk
- What actions should be put in place
- (II) (III) and (VI) only
- (I) (IV) and (V) only
- All of the above
- None
- Benefits of Strategic management include:
- It allows fewer resources and less time to be devoted to correcting erroneous or ad hoc decisions.
- It allows more effective allocation of time and resources to identified opportunities.
- It provides a cooperative, integrated, and enthusiastic approach to tackling problems and opportunities.
- All of the above
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