Multiple Choice Questions (worth mark each):

1. The strategy originally planned by top management is called__________.
   1. grand strategy
   2. realized strategy
   3. emergent strategy
   4. none of the above
2. The tool that enables executives to position an organization to take advantage of particular opportunities in the environment while avoiding or minimizing environmental threats is called_______.
   1. PEST analysis
   2. SWOT analysis
   3. total quality management (TQM) analysis
   4. none of the above
3. Strategies are formulated in the strategic management stage that occurs immediately after__________.
   1. the assessment of internal strengths and weaknesses
   2. implementation of the strategy
   3. control of the strategy
   4. none of the above

15. A no-frills product targeted at the market at large is consistent with the_______.

15. 1. low-cost strategy
    2. differentiation strategy
    3. focus strategy
    4. none of the above
16. Diversification allows a firm to________.
    1. concentrate its efforts on a single business
    2. use its resources more effectively
    3. create excess resources
    4. all of the above

17. A firm seeking rapid growth should pursue________.
    1. internal growth
    2. external growth
    3. divestment of poor performing businesses
    4. a restructuring strategy

18. The notion of distinctive competence is consistent with__________.

1. IO theory
2. resource-based theory
3. contingency theory
4. none of the above

8. The acronym referring to the analysis of forces in the external environment is__________.
   1. WASP
   2. PEST
   3. STOP
   4. SERCH

9. A decline in a nation's GDP for two or more consecutive quarters is known as__________.

1. a depression
2. a recession
3. economic stagnation
4. none of the above

10. The reason for the firm's existence is known as________.

1. the vision
2. organizational goals
3. organizational objectives
4. none of the above