Practice Quiz

FSOT Full Test Bank - Question List

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1. What is the first step in the strategic management process?
  1. Strategic posturing
  2. Formulating a strategy
  3. Implementation
  4. Strategic analysis
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2. Who should be involved in strategy implementation?
  1. The CEO and the board of directors
  2. Major shareholders
  3. Division heads
  4. All of the above
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3. What is the main purpose of the board of directors?
  1. to represent shareholders
  2. to provide oversight for the CEO
  3. to protect their own interests
  4. to ensure that quarterly projections are met
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4. What is the difference between a vision statement and a mission statement?
  1. The vision statement is much more specific.
  2. The vision statement is not necessarily about the company.
  3. The mission statement gives more pragmatic guidelines than the vision statement.
  4. They are the same thing.
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5. What strategy is being implemented when a chain of grocery stores buys out a number of local farms and begins to grow its own produce?
  1. Forward integration
  2. Backward integration
  3. Horizontal integration
  4. Synergistic integration
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