Strategic management and business policy - 30 MCQs BBA 6th Sem

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What is the process of assessing an organisations internal strengths and weaknesses and its external opportunities and threats?

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Answer - a. SWOT analysis

Explanation: SWOT analysis evaluates both internal and external factors that can affect an organisation.

Which of the following is a component of the external business environment in PESTEL analysis?

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Answer - b. Economic factors

Explanation: Economic factors are a crucial part of the external business environment assessed in PESTEL analysis.

What is the primary goal of corporate strategy?

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Answer - a. Maximising shareholder wealth

Explanation: Corporate strategy aims to create value for shareholders.

The Ansoff Matrix is used to:

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Answer - c. Explore market expansion options

Explanation: The Ansoff Matrix helps analyse options for market expansion, including market penetration, market development, product development, and diversification.

A cost leadership strategy can be achieved through:

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Answer - c. Reducing production costs and achieving economies of scale

Explanation: Cost leadership strategy focuses on reducing costs and achieving efficiencies.

Which type of strategy focuses on offering products or services that are unique and distinct from competitors?

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Answer - c. Differentiation

Explanation: Differentiation strategy involves offering unique products or services to stand out in the market.

Which strategic planning tool assesses a companys strengths, weaknesses, opportunities, and threats in a 2x2 matrix?

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Answer - c. SWOT analysis

Explanation: SWOT analysis is typically represented in a 2x2 matrix.

What is the primary purpose of a vision statement in strategic planning?

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Answer - b. To describe the companys core values and purpose

Explanation: A vision statement defines the companys long-term values and purpose.

Which of the following is an example of a core competency?

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Answer - b. A unique and patented manufacturing process

Explanation: Core competencies are unique capabilities that provide a competitive advantage.

Which type of diversification involves expanding into businesses that are entirely unrelated to the current business?

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Answer - d. Conglomerate diversification

Explanation: Conglomerate diversification involves entering unrelated industries.

What is the primary focus of the Competitive Forces Model by Michael Porter?

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Answer - c. Identifying competitive pressures within an industry

Explanation: The Competitive Forces Model focuses on industry competitiveness.

Which strategic planning tool assesses a companys performance from four different perspectives: financial, customer, internal processes, and learning and growth?

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Answer - c. Balanced Scorecard

Explanation: The Balanced Scorecard measures performance from multiple dimensions.

The growth-share matrix in the BCG Matrix is used to categorise business units based on their:

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Answer - b. Sales volume and market share

Explanation: The BCG Matrix categorises business units based on market share and market growth.

In the SWOT analysis, which of the following is an example of an external threat?

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Answer - c. A sudden economic recession

Explanation: An economic recession is an external threat beyond the companys control.

The GE-McKinsey Matrix is used for:

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Answer - c. Prioritising strategic business units (SBUs)

Explanation: The GE-McKinsey Matrix helps prioritise SBUs based on market attractiveness and competitive strength.

A company pursuing a blue ocean strategy aims to:

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Answer - c. Create uncontested market space with unique offerings

Explanation: A blue ocean strategy seeks to create new, uncontested markets.

Which of the following represents a companys internal strengths in a SWOT analysis?

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Answer - c. A highly skilled and motivated workforce

Explanation: A skilled and motivated workforce is an internal strength.

Which of the following is a strategic control mechanism used to ensure that a companys strategies are being implemented effectively?

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Answer - b. Balanced Scorecard

Explanation: The Balanced Scorecard is a strategic control tool.

The VRIO framework is used to assess the:

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Answer - b. Value, Rarity, Imitability, and Organization of resources and capabilities

Explanation: The VRIO framework evaluates the competitive advantage of resources and capabilities.

What is the primary focus of strategic risk management?

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Answer - a. Identifying risks and minimising their impact on strategy

Explanation: Strategic risk management focuses on mitigating risks that can affect the success of strategic initiatives.

Which strategic approach involves building partnerships or alliances with other companies to achieve mutual benefits?

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Answer - b. Joint ventures

Explanation: Joint ventures involve collaboration between two or more companies to achieve common goals.

What is the primary role of a mission statement in strategic planning?

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Answer - b. To outline the companys core values and purpose

Explanation: A mission statement defines the companys values and purpose.

Which of the following is a limitation of the SWOT analysis?

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Answer - c. It can be time-consuming and costly.

Explanation: SWOT analysis can be resource-intensive and time-consuming to conduct.

Which strategic approach involves a company expanding its operations by entering a new geographic market?

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Answer - c. Greenfield investments

Explanation: Greenfield investments involve establishing new operations in a foreign market.

In the context of strategic planning, what does SMART stand for when setting objectives?

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Answer - b. Specific, Measurable, Achievable, Relevant, Time-bound

Explanation: SMART objectives are specific, measurable, achievable, relevant, and time-bound.

What is a key advantage of a decentralised organisational structure in strategy implementation?

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Answer - a. Efficient decision-making

Explanation: Decentralised structures enable quicker decision-making.

What is a strategic objective related to the Growth perspective in the Balanced Scorecard?

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Answer - b. Expanding market share in new regions

Explanation: Growth perspective objectives focus on expanding the business.

In a SWOT analysis, which of the following is considered an internal weakness?

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Answer - c. Inefficient internal processes

Explanation: Inefficient internal processes are internal weaknesses.

The Ansoff Matrixs market penetration strategy involves:

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Answer - c. Increasing sales of existing products in existing markets

Explanation: Market penetration strategy aims to grow within current markets.

In the context of strategic management, what is strategic drift?

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Answer - c. The unintentional deviation from a companys intended strategy

Explanation: Strategic drift occurs when a company unintentionally deviates from its intended strategy over time.

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Question. What is/Introduction of Strategic Management and Business Policy

Answer. Strategic Management Deals with strategic decisions that decide the long-term health of an enterprise. It is a comprehensive plan of action designed to meet certain specific goals. Business Policy offers guidelines for managers to take appropriate decisions.

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