MGT503 Solved Quiz 3 by Iqra Azhar

1. An approach to goal setting in which top management defines organizational goals and passes down to each successive level of organization is called: o A) Formal planning o B) Contingency planning o C) Inclusive approach o D) Top-down approach Correct ✅
2. How an organization distributes its resources across the areas in which it competes is its: o A) Distinctive Competency o B) Resource deployment Correct ✅ o C) Scope o D) Effective strategy

3. All of the following are steps in objective setting EXCEPT:

o A) Specify deadlines o B) Allow the employee to actively participate o C) Prioritize goals o D) Link rewards to effort Correct ✅

Q4. A company that offers products at a premium price based on high quality and innovation is likely pursuing which strategy to gain competitive edge?

o A) Focus strategy o B) Market penetration o C) Cost leadership o D) Differentiation Correct ✅

Q5. When objectives are not written down or rarely verbalized, and the planning is general and lacks continuity, which type of planning is used?

o A) Economic planning o B) Formal planning o C) Informal planning Correct ✅ o D) Environmental planning

Q6. Which one of the following options is included in strategic plans?

o A) The formulation of objectives Correct ✅ o B) Benchmarking o C) Financial information o D) Participation from all levels

7. The action stage in strategic management process is:

o A) Strategy formulation o B) Strategy implementation Correct ✅ o C) Strategy analysis o D) Strategy evaluation

8. All of the following are examples of actions in strategy implementation stage EXCEPT:

o A) Taking corrective action when needed o B) Developing new employee benefits Correct ✅ o C) Changing organization's pricing strategy o D) Transferring managers among divisions

9. Strategy analysis involves evaluating the position of the organization in relation to its environment. It is referred to as: o A) Competitor analysis o B) SWOT analysis o C) Situation analysis Correct ✅ o D) Rational analysis