Strategic Management MCQs

✅ The correct answer is option C.
The two internal elements of SWOT analysis are strength and weaknesses.

✅ The correct answer is option D.
Financial factors is not one of the contextual aspects that have a critical impact on strategic change. A factor is an intermediary agent that finances receivables. A factor is essentially a funding source that agrees to pay the company the value of an invoice less a discount for commission and fees.

✅ The correct answer is option A.
Decentralization and co-ordination are characteristic of matrix structures. Matrix structures facilitate coordination when the organization has many complex and interdependent activities. In addition, matrix structures facilitate the efficient allocation of specialists.

✅ The correct answer is option B.
Vision statement should be created first and foremost. A vision statement describes what a company desires to achieve in the long-run, generally in a time frame of five to ten years, or sometimes even longer.

✅ The correct answer is option C.
The business unit strategy has three major components mission, business unit goals, and competencies. The major parts of a standard strategic plan include the following: Mission, vision, and aspirations, Core values, Strengths, weaknesses, opportunities, and threats, Objectives, strategies, and operational tactics, Measurements and funding streams.

✅ The correct answer is option D.
Effective leadership is one of the four key elements which must be adhered to if synergy is to be achieved. Effective leadership brings together diverse people and helps them find common purpose and work towards to achieve purposeful common goals. Effective Leadership inspires and empowers people to realize their fullest potential and harness their potentials to achieve common goals.

✅ The correct answer is option D.
Competition is a key external factors that should be taken into account by a corporate strategy. Strategic competition is a commitment within an organization to make a very large change in competitive relationships.

✅ The correct answer is option C.
Research and development is not one of the four key strategic elements linked to corporate objectives. Research and development (R&D) refers to the activities companies undertake to innovate and introduce new products and services. It is often the first stage in the development process. The goal is typically to take new products and services to market and add to the company’s bottom line.