Question 1

The match an organization makes between its internal resources and skills and the opportunities and risks created by its external factors can be defined as
A)input.
B)concept formulation.
C)strategy.
D)SWOT.
E)weakness.

Accepted Answer

The activity described in the question is the process of developing a strategy for an organization, which involves analyzing the external environment (opportunities and risks) and internal resources and capabilities (skills). The other options are not comprehensive enough to describe this process. For example, input is too broad and could refer to any type of information that is gathered, not just for strategic planning purposes. Concept formulation could refer to any stage of the strategy development process, not specifically the one described in the question. SWOT is a tool that can be used in the strategic planning process, but it is not a complete description of the process itself. Weakness is also not a complete description of this process.

Question 2

Strategy analysis and choice largely involves making subjective decisions based on objective information.

Accepted Answer

Strategy analysis and choice involve analyzing objective information such as market trends and competition, but ultimately requires subjective decision-making based on factors such as company goals, values, and vision.

Question 3

Which stage in the strategy-formulation framework focuses on generating feasible alternative strategies?
A)Input
B)Output
C)Decision
D)Throughput
E)Matching

Accepted Answer

The matching stage focuses on generating feasible alternative strategies by matching the organization's strengths and weaknesses with the opportunities and threats in the external environment. It involves developing and evaluating strategic options that will enable the organization to achieve its objectives. Therefore, the best choice is E.

Question 4

Which stage of the strategy-formulation framework includes an IFE Matrix and the Competitive Profile Matrix?
A)Input
B)Matching
C)Decision
D)Penetration
E)Research

Accepted Answer

The answer of Which stage of the strategy-formulation framework includes...

Question 5

To objectively evaluate feasible alternative strategies identified in Stage 1,the Quantitative Strategic Planning Matrix (QSPM)uses input information derived from Stage 2.

Accepted Answer

The answer of To objectively evaluate feasible alternative strategies identified...

Question 6

An organization's present strategies,objectives,vision,and mission,coupled with the external and internal audit information,provide a basis for generating and evaluating feasible alternative strategies.

Accepted Answer

This statement is true. An organization's current strategies, objectives, vision, and mission are considered along with the results of external and internal audits to identify and assess viable alternative strategies.

Question 7

Which section of the SWOT Matrix involves matching internal strengths with external opportunities?
A)The WT cell
B)The SW cell
C)The WO cell
D)The ST cell
E)The SO cell

Accepted Answer

The section of the SWOT Matrix that involves matching internal strengths with external opportunities is the SO cell. This cell allows a company to identify opportunities in the market that they can take advantage of with their existing strengths. By leveraging their strengths, a company can potentially gain a competitive advantage in the market.

Question 8

Strategy analysis and choice largely involves making ________ decisions based on ________ information.
A)long-term;short-term
B)subjective;objective
C)short-term;long-term
D)subjective;short-term
E)objective;subjective

Accepted Answer

Strategy analysis and choice should involve a mix of both subjective and objective information. Subjective information includes personal insights, values, and opinions, while objective information is quantifiable data such as market analysis, financial metrics, and industry trends. A balance of both types of information is crucial for making well-informed, effective strategic decisions. Therefore, option B, subjective and objective information, is the best choice.

Question 9

Explain the concept of matching in the strategy formulation framework.

Accepted Answer

The answer of Explain the concept of matching in the...

Question 10

Stage 2 in the strategy-formulation framework involves the Quantitative Strategic Planning Matrix.

Accepted Answer

The answer of Stage 2 in the strategy-formulation framework involves...

Question 11

An organization's present strategies,objectives,vision,and mission,coupled with the external and internal audit information,provide a basis for
A)generating structural strategies,but not evaluating those strategies.
B)evaluating structural strategies,but not generating those strategies.
C)generating feasible alternative strategies,but not evaluating those strategies.
D)evaluating feasible alternative strategies,but not generating those strategies.
E)generating and evaluating feasible alternative strategies.

Accepted Answer

The answer of An organization's present strategies,objectives,vision,and mission,coupled with the...

Question 12

Good intuitive judgment is always needed to determine appropriate weights and ratings in the input stage matrices.

Accepted Answer

Intuitive judgment is necessary to determine the relative importance of criteria and alternatives in order to assign appropriate weights and ratings in input matrices.

Question 13

The first stage of the strategy-formulation framework is the input stage,and it is directly followed by the decision stage.

Accepted Answer

The answer of The first stage of the strategy-formulation framework...

Question 14

It is vital that strategists always consider all feasible alternatives that could benefit the firm.

Accepted Answer

The answer of It is vital that strategists always consider...

Question 15

Which stage of the strategy-formulation framework involves the Quantitative Strategic Planning Matrix?
A)Stage 1
B)Stage 2
C)Stage 3
D)Stage 4
E)Stage 5

Accepted Answer

The Quantitative Strategic Planning Matrix is a tool used in Stage 3 of the strategy-formulation framework, which involves various strategies evaluation and selection through internal and external analysis.

Question 16

Alternative strategies don't come out of the blue;they are derived from the firm's vision,mission,objectives,external audit,and internal audit.

Accepted Answer

Alternative strategies should be grounded in the firm's goals and the realities of its external and internal environment. Therefore, they need to be derived from the firm's vision, mission, objectives, external audit, and internal audit.

Question 17

Which matrix is included in the decision stage of the strategy formulation framework?
A)Internal Factor Evaluation (IFE)Matrix
B)Quantitative Strategic Planning Matrix (QSPM)
C)Boston Consulting Group (BCG)Matrix
D)Grand Strategy Matrix
E)Strategic Position and Action Evaluation (SPACE)Matrix

Accepted Answer

The Quantitative Strategic Planning Matrix (QSPM) is included in the decision stage of the strategy formulation framework. It helps in evaluating strategic alternatives and selecting appropriate strategies based on numerical evaluation of their feasibility, attractiveness, and priority. The other matrix options - Internal Factor Evaluation (IFE), Boston Consulting Group (BCG), Grand Strategy, and Strategic Position and Action Evaluation (SPACE) - are included in the input stage of the framework and help in assessing the internal and external environment, and formulating feasible strategic options.

Question 18

Which stage of the strategy-formulation framework includes the IFE Matrix?
A)Input stage
B)Analysis stage
C)Matching stage
D)Decision stage
E)Output stage

Accepted Answer

The answer of Which stage of the strategy-formulation framework includes...

Question 19

When completing the matching stage of the strategy-formulation framework,the SWOT Matrix needs to be completed before the SPACE Matrix.

Accepted Answer

The answer of When completing the matching stage of the...

Question 20

The Strengths-Weaknesses-Opportunities-Threats (SWOT)Matrix,the Strategic Position and Action Evaluation (SPACE)Matrix,the Boston Consulting Group (BCG)Matrix,the Internal-External (IE)Matrix,and the Grand Strategy Matrix are included in stage two of the strategy-formulation framework.

Accepted Answer

The SWOT matrix, SPACE matrix, BCG matrix, IE matrix, and Grand Strategy Matrix are all part of stage two of the strategy-formulation framework, known as the matching stage.

Quiz 8: Strategy Generation and Selection

The match an organization makes between its internal resources and skills and the opportunities and risks created by its external factors can be defined as

Strategy analysis and choice largely involves making subjective decisions based on objective information.

Which stage in the strategy-formulation framework focuses on generating feasible alternative strategies?

Which stage of the strategy-formulation framework includes an IFE Matrix and the Competitive Profile Matrix?

To objectively evaluate feasible alternative strategies identified in Stage 1,the Quantitative Strategic Planning Matrix (QSPM)uses input information derived from Stage 2.

An organization's present strategies,objectives,vision,and mission,coupled with the external and internal audit information,provide a basis for generating and evaluating feasible alternative strategies.

Which section of the SWOT Matrix involves matching internal strengths with external opportunities?

Strategy analysis and choice largely involves making decisions based on information.

Explain the concept of matching in the strategy formulation framework.

Stage 2 in the strategy-formulation framework involves the Quantitative Strategic Planning Matrix.

An organization's present strategies,objectives,vision,and mission,coupled with the external and internal audit information,provide a basis for

Good intuitive judgment is always needed to determine appropriate weights and ratings in the input stage matrices.

The first stage of the strategy-formulation framework is the input stage,and it is directly followed by the decision stage.

It is vital that strategists always consider all feasible alternatives that could benefit the firm.

Which stage of the strategy-formulation framework involves the Quantitative Strategic Planning Matrix?

Alternative strategies don't come out of the blue;they are derived from the firm's vision,mission,objectives,external audit,and internal audit.

Which matrix is included in the decision stage of the strategy formulation framework?

Which stage of the strategy-formulation framework includes the IFE Matrix?

When completing the matching stage of the strategy-formulation framework,the SWOT Matrix needs to be completed before the SPACE Matrix.

The Strengths-Weaknesses-Opportunities-Threats (SWOT)Matrix,the Strategic Position and Action Evaluation (SPACE)Matrix,the Boston Consulting Group (BCG)Matrix,the Internal-External (IE)Matrix,and the Grand Strategy Matrix are included in stage two of the strategy-formulation framework.