Strategic Management MCQs

✅ The correct answer is option A.
TQM is a strategy that is designed to change the quality of a product to satisfy customer needs by using the concept of benchmarking. Benchmarking, is a tool of strategic management, that allows the organization to set goals and measure productivity, on the basis of the best industry practices. It is a practice in which quality level is used as a point of reference to evaluate things by making a comparison.

✅ The correct answer is option D.
International business has grown rapidly in recent decades for all the following reasons EXCEPT increased cost of labor in both the lesser-developed and developing countries. International business encompasses all commercial activities that take place to promote the transfer of goods, services, resources, people, ideas, and technologies across national boundaries.

✅ The correct answer is option D.
Swot Analysis is done to know the Threats, strengths Weaknesses and opportunities. SWOT Analysis is a simple but useful framework for analyzing your organization’s strengths, weaknesses, opportunities, and threats. It helps you to build on what you do well, to address what you’re lacking, to minimize risks, and to take the greatest possible advantage of chances for success.

✅ The correct answer is option A.
Strategies are the decisions and actions that determine long-run performance of an organization. Strategic management therefore emphasizes the monitoring and evaluating of external opportunities and threats in lights of a corporation’s strengths and weaknesses.

✅ The correct answer is option B.
Industry analysis begins with identifying the industry’s dominant economic features and forming a picture of the industry landscape. An industry analysis is a business function completed by business owners and other individuals to assess the current business environment. This analysis helps businesses understand various economic pieces of the marketplace and how these various pieces may be used to gain a competitive advantage.

✅ The correct answer is option D.
Market segmentation is not en element of the growth/market options matrix developed by Ansoff (1987). The Ansoff Matrix was developed by H. Igor Ansoff and first published in the Harvard Business Review in 1957, in an article titled “Strategies for Diversification.” It has given generations of marketers and business leaders a quick and simple way to think about the risks of growth.

✅ The correct answer is option D.
Critical success factors are defined as resources, skills and attributes of an organization that are essential to deliver success in the market place. A critical success factor (often abbreviated “CSF”) may sound complicated, but it’s actually a pretty simple concept.

✅ The correct answer is option B.
Information is defined by Lucas (1976) as some tangible or intangible entity that reduces uncertainty about a state or event.

✅ The correct answer is option B.
The Holiday Inn, Burlington statement, “If a customer has a need or want, we fill it.” is an example of a Marketing objectives. Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame.

✅ The correct answer is option D.
The “balanced scorecard” supplies top managers with a fast but comprehensive view of the business. A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and their resulting external outcomes. Balanced scorecards are used to measure and provide feedback to organizations.