Business Strategic Development

1. During which stage of strategic management, the firm’s specific
internal strengths and weaknesses are determined?
a. Formulation
b. Implementation
c. Evaluation
d. Feedback
2. The XYZ Organization has a statement that describes the needs
for which the organization was created to fill and answers the
basic question of why the organization exists. XYZ is most likely
to have which one of the following?

a. Strategy
b. Vision statement
c. Mission statement
d. Functional tactics
3. Intuition is based on all of the following EXCEPT:
a. Past experiences
b. Judgments
c. Uncertainties
d. Feelings
4. Reasons due to which some firms do “No Strategic Planning”
incorporate all of the following EXCEPT:
a. Wastage of time
b. Fire-fighting
c. Content with success
d. Privileged reward structures
5. Strategist is an individual who is involved in the strategic
management process, thus may be known as:
a. Member board of director
b. President
c. Division manager
d. All of the given options
6. Internal strengths and weaknesses that can significantly benefit
or harm an organization may include all of the following
EXCEPT:
a. Production/ operations
b. Research & development
c. Competitors
d. Management information system
7. All of these are pitfalls an organization should avoid in strategic
planning EXCEPT:
a. Using plans as a standard for measuring performance
b. Using strategic planning to gain control over decisions and
resources
c. Failing to involve key employees in all phases of planning
d. Being so formal in planning that flexibility and creativity are
stifled
8. Which group would be classified as a stakeholder?
a. Communities
b. Banks
c. Suppliers
d. All of these
9. What are the guidelines to decision making?
a. Laws
b. Rules
c. Policies
d. Goals
10. The analysis of industry’s major competitors’ strengths may
give an insight of which one of these?
a. Key threats for the firm
b. Key opportunities for the firm
c. Both opportunities and strengths for the firm
d. None of the given options
11. For the past four years, the ABC Corporation has been planning
to expand its operations in order to reach out to the world
market. Essentially, the ABC Corporation desires to do what?
a. Become an online business
b. Become a brick-n-mortar business
c. Embrace globalization
d. Become a click-n-mortar business
12. Which of the following is best identified as a statement that
presents “a firm’s big picture statement, describing a desired
end-state, general in scope, and not restrictive”?
a. Corporate philosophy statement
b. Company creed
c. Vision statement
d. Mission statement
13. Corporate social policy should be designed and articulated
during which phase of strategic management?
a. Implementation
b. Formulation
c. Evaluation
d. Management
14. Ethnic balance is affected due to which of the following?
a. Change in ethnic values
b. Awareness of ethnic norms
c. Migration of the people towards different areas
d. Introduction of new laws relating to ethnicity
15. The Factors that concern the nature and direction of the
economy in which a firm operates are known as:
a. Technological
b. Ecological
c. Social
d. Economic
16. HTML stands for which of the following?
a. Hybrid text markup language
b. Hyper text markup Language
c. Hyper text manufacture language
d. Highly technical markup language
17. The social factors that affect a firm involve all of the following
EXCEPT:
a. Per capita income
b. Lifestyles of people
c. Attitudes of people in the external environment
d. Values and beliefs of persons outside the firm
18. When an industry relies heavily on government contracts,
which of the following is important for the firm to foresee as a
part of its external audit?
a. Economic forces
b. Political forces
c. Technological forces
d. Competitive forces
19. In which phase of the strategic management process, annual
objectives are especially important?
a. Formulation
b. Evaluation
c. Implementation
d. Management
20. Choose the economic variable from the list.
a. Attitudes toward business
b. Attitudes toward product quality
c. Population changes by race
d. Stock market trends

It wouldn’t hurt you to open your strategy book and read it. Not knowing how to answer these would be a waste of your business education, especially considering that they aren’t that challenging for a first year college student.