Answer the following

1. ___ is a general set of directions for the organisation to achieve a desirable state in the future.

2. The three types of strategies adopted by an organization are ___, ___ and ___.

Ans: Functional strategy, Business Strategy and Corporate Strategy

3. Broad Vision and Dynamism are essential features of a business strategy. (True / False)

4. ___ of the organization can be defined as the reason for the existence of the organization and is an insight into the future.

5. Objectives of an organisation are close-ended and quantifiable. (True / False)

6. Two examples of external variables, which influence business policy are ___ and ___.

Ans: Political or governmental policies, International environment, Economic forces (Any two)

7. A well-defined strategy allows the organization to function with clockwork precision.

(True / False)

8. The Business Strategy of an organization should be ironclad and opaque. (True / False)

9. ___ defines the products of the firm, the geographical area of its market and the activities undertaken to establish the product.

10. ___ refers to the expertise gained by a person through experience or education

11. ___ helps to connect the goals and scope of the organization with a competitive advantage so as to leverage its competitive advantage.

12. If the strategy of the organisation is inadequate, it will lead to a ___ vision of the organization.

13. ___ is broad-based and seeks to creat an image of the company, basis its core values.

14. The vision of the organisation combines 3 basic elements of ___, ___ and ___.

Ans: Organisation's reason for existence, core values and the huge but achievable goals which the organisation has set itself in the future.

15. The achievement of ___ indicates that the organization is preceding along the right course of growth.

16. The relationship between a business firm and its environment is one of the ___ benefits.

Ans: Mutual benefit

17. Business Policies are influenced by ___ sets of factors.

18. List out the various interest groups surrounding the business of a firm.

Ans: Suppliers, customers and competitors

19. A strategy is thought oriented. (True / False)

20. A policy is action-oriented. (True / False)

21. Strategy is developed to mobilise the available resources in the best interest of the organization. (True / False)

22. Strategies and policies are directed towards achieving the objectives of an organization. (True / False)

23. The advantages derived by implementing Strategic management principles are broadly classified as ___ and ___ benefits.

24. The decisions are taken and policies implemented are ___ to see their effects.

Ans: constantly evaluated

25. One of the main reasons for having a vision is the motivational effect it is supposed to produce on the workforce. (True / False)

26. He should be able to adjust actions and decision-making to focus on critical initiatives and issues. (True / False)

27. A good vision is realistic only and not idealistic. (True / False)

(both idealistic and realistic)

28. What is meant by the 'strategic triangle'?

Ans: Strategic triangle is the name given to the 3 important entities to be considered while formulating an effective strategy. They are - Company, Customer and the Competitor.

29. Strategy is always action-oriented. (State True or False)

30. The strategic management process is a continuous process (True / False)

31. Strategic analysis is a part and parcel of the ___ process of organisations.

32. What is the basic problem in many organisations?

33. The purpose of carrying out a strategic analysis of policy is ___.

34. ___ is known as the modern management Guru.

35. C K Prahlada is an eminent thinker from ___.

36. What is the difference between efficiency and effectiveness?

37. Strategic analysis for policy basically deals with ___.

38. List out the 3 processes involved in strategic management.

39. The strategies should be prioritized based on the seriousness of underlying issues. (True / False)

40. Both management and employees are involved in strategy evaluation (True / False)

41. ___ is defined as a general set of directions for the corporate to achieve a desirable state in the future.

42. SWOT analysis refers to the analysis of the organization's ___.

a) Strength, Weakness, Opportunities, Threats

b) Skills, Weakness, Opportunities, Threats

c) Strength, Workload, Opportunities, Threats

d) Strength, Weakness, Opportunities, Thrusts

43. The 3 strategies advocated by Porter for the business unit level are ___, ___ and ___.

44. The new types of organizational structures are ___, ___ and ___.

45. ___ of any organization refers to the systematic process, which enables the transformation of inputs into finished products or service.

46. The two types of global strategies pursued by multinational corporations ___ and ___.

47. ___ is the systematic process of choosing the most relevant course of action for achieving the corporate objectives of the company.

48. A ___ provides clarity on the objectives of the company.

49. ___ outline the methods to be adopted for fulfilling the objectives set in the vision statement.

50. The process of making the employees understand the strategic direction of the company is called __.

51. ___ has been defined as "The collective learning and coordination skills behind the firm's product lines".

52. Core competencies do not help in value creation or value addition of the product. (True or False)

53. The core competence of Sony is ___.

54. Core competencies should be difficult for competitors to imitate or duplicate. (True or False)

55. The term "Core Competency" has its origin in an article titled ___, written by C K Prahalad and Gary Hamel for the Harvard Business Review in 1990.

56. On what does the success or failure of a business depend upon?

57. What should be the characteristic features of a member of the Top Management Team?

58. ___ is the medium through which the Management can expect to achieve its goals over a period of time.

59. What will happen for a business in the absence of a clear and sound business policy?

60. Mention the 4 environment categories in which a business mostly operates.

61. ___ can be defined as the process of exerting influence on others, especially peers and subordinates, in order to accomplish the common goals of the organization.

62. Leadership has to be effective on ___, ___ and ___ levels.

63. The strategic leader motivates collectivism and maintains the balance between conflicting ideas. (True or False)

64. A good leader acts as ___ for his sub-ordinates.

a) Mentee b) Mentor

c) Friend

d) Spiritual adviser

65. A strategic leader needs to control every activity within the organization and does not delegate any work to his subordinates. (True or False)

66. Good leaders are loyal to their organization and sub-ordinates. (True or False)

67. Strategic leaders have a need to be motivated constantly. (True or False)

68. An effective leader has average intelligence and is emotional. (True or False)

69. A good leader keeps everything confidential and does not open up easily to others. (True or False)

70. A strategic leader confines himself to his field of operations and does not possess knowledge about other areas.(True or False)

71. According to James Burns, leadership can be classified into ___ and ___.

72. The ability of transformational leaders to attract peers and sub-ordinates by commanding their attention is due to their personal ___.

73. Transactional leaders are good at short term planning. (True or False)

74. ___ approach is practical, goal-oriented and is positive in nature.

Ans: Pragmatic approach

75. The strategic leader increases the awareness of strategic planning within the managerial level and grooms future leaders. (True or False)

76. Strategy allows an organization to exert control over its own destiny. (True / False)

77. Strategy is an action that managers take to attain one or more of the organization's goals. (True / False)