1. Which one of the following is the best description of strategic planning?

 Engage in an internal and external analysis of your organization in order to

develop a long-term vision and strategy that lays the foundation for
implementation and assessment of a strategic plan
2. What is a SWOT analysis?
 An analysis that looks at an organization's strengths, weaknesses,
opportunities, and threats
3. Which of the following is not one of the steps in strategic planning?
 Board approval of the plan
4. It creates a drill line of what you're trying to achieve, how you're tracking your
progress, and what you are actively doing in terms of projects to improve your
results.
 Balanced scorecard
5. It is a visual representation of your strategy. Oftentimes, it's with the balanced
scorecard
 strategy map
6. It is helpful for seeing what you're doing great, what's not so great, and where you
can improve
 SWOT analysis
7. It identifies where you are and where you want to be, and that it informs a
strategic plan in what objectives and metrics and projects need to be created
and established a chart in order to close that gap.
 Gap planning model
8. It is very quantitative and straight forward in creating a strong alignment between
what you're trying to do and how you're measuring that performance.
 OKRs (Objectives and Key Results)
9. These are designed to help organizations develop their action plan to achieve
their goals.
 Strategic planning tools or models
10. It examines the threat of entry; the threat of substitute products or services; the
bargaining power of customers; the bargaining power of suppliers; and the
competitive rivalry among existing firms
  Porter's Five Forces
11. It is a strategy management framework created by Drs. Robert Kaplan and David
Norton. It takes into account your objectives, measures, and initiatives.
 Balanced scorecard
12. It is a major part of the Balanced Scorecard (though it isn't exclusive to the BSC)
and offers an excellent way to communicate the high-level information across
your organization in an easily digestible format.
 Strategy Map
13. It is often used in conjunction with the external factors of a SWOT analysis
 Gap planning
14. It is helpful for seeing what you're doing great, what's not so great, and where you
can improve.
 Strategy Map
15. To develop in "uncontested market space" instead of a market space that is either
developed or saturated
 Blue Ocean Strategy
16. It is built around the forces that impact the profitability of an industry or a market.
 Porter's Five Forces
17. This strategic planning process relates more to your vision statement than your
overall strategy. It is an acronym for "value, rarity, imitability, organization
 VRIO Framework
18. This strategy Planning Model is to help organization innovate and improve, while
achieving their mission and vision. The award is currently open to manufacturing,
service, small business, nonprofit, government, education, and healthcare sectors.
 Baldrige Framework
19. It is designed to create alignment and engagement around measurable goals by
clearly defining its objectives and key results.
 OKRs
20. Aligns your strategic goals with your projects and tasks to ensure that efforts are
coordinated. This strategic management model is less focused on measures and
more on goals and initiatives.
 Hoshin Planning
21. It aims to identify the major challenges your organization faces now - in other
words, you start with the problems to iron out issues before expanding, shifting your
strategy, etc.
 Issue-Based Strategic Planning
22. This approach works backward from the future to the present. It all starts with your
organization's vision.
 Goal-Based Strategic Planning
23. Your strategic planning will start by identifying a goal and analyzing which
operations or resources need to be aligned with that goal. Then you'll identify
which parts of operations are working well and which are not, brainstorming ideas
from the successful aspects on how to address problems.
 Alignment Strategic Planning Model
24. A company uses "natural," self-organizing systems that originate from its values and
then leverages its own resources to achieve goals, conserve funds, and operate
effectively.
 Organic Model of Strategic Planning
25. It involves examining the variable elements of your environment, evaluating them
for plausibility and impact, and factoring those scenarios that are most relevant
into your decision-making.
 Scenario Planning
26. Environmental Scanning
 An analysis and evaluation process that businesses use to understand their
current environment
27. Society
 The community of people living in a particular region and having shared
customs, laws, and organizations
28. Demographics
 The physical and social characteristics of the population
29. Internal analysis
 A comprehensive evaluation of the internal environment's potential
strengths and weaknesses
30. Culture
 Consists of the beliefs, behaviors, objects, and other characteristics
common to the members of a particular group or society
31. Reasons For Conducting an Environmental Scan
 To identify a number of broad factors and issues that will have a significant
impact on businesses and their plans for the future
 To take action in a more suitable and efficient manner
 Provides you the capability to formulate essential adjustments in the
organization's reaction to the factors that can turn out to be the difference
between success and failure
32. Is the term an Internal or External Environment that Businesses Should Scan to
Obtain Information? Technology
 External Environment
33. Is the term an Internal or External Environment that Businesses Should Scan to
Obtain Information? Financial Resources
 Internal Environment
34. In the BCG (Boston Consulting Group) Matrix, a business that has a low market
share in an industry characterized by high market growth is termed as
 Question mark
35. What are the characteristic of dogs in BCG Matrix? You can choose more than
one answer.
 Low market share
 Low market growth
36. Who is using the BCG Matrix Chart?
 Boston Consulting Group
37. Which of the Boston Consulting Group Model (BCG Model) categories are being
described here: A fast growing market leader?
 Star
38. Which of the Boston Consulting Group Model (BCG Model) categories are being
described here: a business unit that generates more cash that it needs to maintain
its market share?
 Cash Cow
39. Which of the Boston Consulting Group Model (BCG Model) categories are being
described here: a business that has low growth potential and a small market
share?
 Dog
40. Identifying internal strengths and weaknesses, and also examining external
opportunities and threats.
 SWOT Analysis
41. Strategy group analysis refers to
 identifying firms with similar strategies or competing on similar bases
42. Mobility
 barriers which prevent other firms entering the strategic group and
threatening the existing members.
43. Michael Porter has argued that the most important determinant of a firm's
profitability is/are:
 Industry attractiveness
44. The Five Forces Model can be used to
 analyses a firm's competitive position in a specific market segment or
similar market segments.
45. Obstacles which potential newcomers would encounter when entering a market
are called:
 Barriers to entry
46. Which of the following is NOT an example of barriers to entry?
 Buyer switching costs
47. The concept of the International Product Life Cycle suggests that:
 Products go through an international life cycle, during which a developed
country is initially an exporter, then loses its export markets, and finally
could become an importer of the product from developing countries.
48. The International Product Life Cycle does not apply to non-standard industrial
products such as:
 Luxury products
49. Forecasts are:
 educated assumptions about future trends and events

50. Which multinational firm pioneered the use of scenarios?

 Shell
51. A mission statement contains an organization's
 identity and purpose
52. It is important for an organization to have a mission statement to:
 inform stakeholders
53. Why is it important to have an environmental business objective?
 To address government targets
54. What is the purpose of organizational aims and objectives?
 To provide direction to staff
55. A vision statement focuses on tomorrow and what an organization wants to
ultimately become.
 True
56. A mission statement focuses on today and what an organization does to achieve
it.
 True
57. A mission statement doesn't usually include:
 Deadlines for when things will be done
58. When it comes to developing your organization's mission + vision: choose one from
below
 Your mission comes first, and your vision comes second
 Your vision comes first and your mission comes second
59. It is important for all staff to be aware of their organization's mission/ vision/ goals.
 True
60. Who in an organization has the responsibility for working towards the vision/
mission/ goals?
  Everyone who works for the organization
61. Which one of the following is not one of the five stages of an ongoing, continuous
strategic management process?
 Developing a profitable business

62. Which of the following is an integral part of the managerial process of crafting and
executing strategy?
 Setting objectives and using them as yardsticks for measuring the
company's performance and progress
63. When companies adopt the strategy-making and strategy execute process it
requires they start by
 developing a strategic vision, mission and values
64. The strategic management process is shaped by
 external factors such as the industry's economic and competitive
conditions and internal factors such as the company's collection of
resources and capabilities.
65. When a company is confronted with significant change that mandates radical
revision of its strategic course, the company is said to have encountered
 a strategic inflection point
66. What are the means by which long-term objectives will be achieved?
 Strategies
67. Which of these basic questions should a vision statement answer?
 What do we want to become?
68. Long-term objectives should be all of the following except:
 Continually changing
69. What are guides to decision making?
 policies
70. External assessment is performed in which of the strategic management phase?
 Strategy formulation stage
71. Political variables have a significant effect on
 Strategy formulation and implementation
72. Strategic decisions ostensibly commit the firm for
 A long time, typically five years
73. Which of the following are signs of weakness in a company's competitive position?
 A declining market share, poor product quality and few sales in market
74. What is the central purpose of strategic evaluation?
 Evaluate effectiveness of strategy to achieve organizational objectives
75. "Identifying and evaluating key social, political, economic, technological and
competitive trends and events", which of the following best describe this
statement?
 Performing an external audit
76. A 'learning organization' requires:
 a shared vision and culture that is challenging and questioning
77. The purpose of strategic planning systems are:
 NO CORRECT ANSWER
78. Which of the following is NOT one of the four main attack strategies noted in the
book?
 Loose-brick strategy
79. Which company's ice cream products struggled to gain market share in Europe
due to problems with distribution?
 Mars
80. What axes are used in the portfolio model developed by the Boston Consulting
Group (i.e. BCG matrix)?
 Relative market share and market growth rate
81. What is the purpose of a vision statement?
 To convey what you want to accomplish
82. How does a mission statement differ from a vision statement?
 A mission statement explains how and why you started a business
83. It is an aspiring description of what you would like to achieve in the long-term
future.
 Vision statement
84. It defines the company business, its objectives, and approval to reach the vision
(THE HOW).
  Mission statement
85. All staff needs to be aware of their organization’s mission/vision/goals.
 True
86. Which of the following are the most important parts of developing the mission
statement?
 Description of the purpose
87. Your approach to developing your mission, vision, and values statements depend
primarily on:
 Time available to produce them
88. Which of the following is a common problem in developing the statements?
 Too much time in word-smithing
89. Strategic thinking should consider primarily
 How to position for the future?
90. Which of the following does NOT primarily apply when considering outside
influences?
 Board member resumes
91. Which of the following does NOT primarily apply when considering inside
influences?
 Investor's and/ or funders' opinions
92. Which strategic analysis tool is very good analyzing a complex problem?
 Business planning
93. Which strategic tool is very good for planning to develop another product?
 Product-market matrix
94. Which strategic analysis tool works very well for developing a realistic vision?
 Real-time planning
95. In the SWOT model, which of the following does the SW, not apply to?
 Economic trends
96. An internal assessment should look especially at which internal operations?
 Board operations
 Financial situation
 Products, services and programs
97. When conducting an organizational assessment, which are often the best
approaches to use?
 Use an objective assessment tool
98. The fundamental purpose for the existence of any organization is described by its
 Mission
99. The acronym SWOT stands for
 Strengths, Weaknesses, Opportunities, and Threats
100. Which of the following is not a characteristic of strategic management that
makes it different from other types of management?
 It concerns the present direction of the organization.
101. Which of the following is NOT a major element of the strategic management
process?
 Assigning administrative tasks
102. Competitive advantage can best be described as:
 increased efficiency
103. ____________ is the foundation of the blue ocean strategy.
 Value innovation
104. The various organizational routines and processes that determine how efficiently
and effectively the organization transforms its inputs into outputs are called:
 core competencies
105. Which of the following cannot be a factor that gives it competitive advantage?
 distinctive capabilities
106. Which of the following is NOT one of Michael Porter's basic competitive position
strategy?
 Operational excellence
107. Which of the following statements is true?
 A competitor-centered company is one that spends most of its time
tracking competitor's moves and market shares and trying to find strategies
to counter them.
 A customer-centered company focuses more on customer developments
in designing its strategies.
  Middle-of-the-roaders try to be good on all strategic counts, but end up
being not very good at anything,
108. Which of the following is a part of the marketing challenges strategies?
 Full frontal attack
109. Benchmarking: comparing the company's products and processes to those of
competitors or leading firms in other industries to identify "best practice" and find
ways to improve quality and performance.
 True
110. The key idea in niching is to have the broadest product assortment on the
market.
 False
111. Customer intimacy: the company provides superior value by leading its industry
in price ad convenience.
 False
112. Creating competitive advantages begins with a thorough understanding to
competitors
 Strategies
113. Michael Treacy and Fred Wiersema suggest that companies gain leadership
positions by delivering _________ to their customers.
 superior value

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