1. "Providing jobs for the homeless and unemployed" would be an example of 
a. Vision Statement
b. Mission Statement
c. Objectives
d. Goals

2. Which of the following represents components of a mission statement correctly?
a. Purpose of business, profit objectives, benefits to customers, company values
b. Grand/ generic strategies, stakeholder promises, public image, company values 
c. Vision, standards and behaviours, values, company image
d. Nature of business, stakeholder benefits, marketing objectives, behaviours

3. Identify the correct statement
a. Goals are open ended statements
b. Objectives are closed ended statements
c. Goals denote future states or outcome
d. All of the above 

4. The rate of change of customer preferences in adopting new products is
a. An economic environmental factor
b. A social environmental factor
c. A cultural environmental factor
d. Both B and C 

5. Economies of scale are achieved by
a. Lowering production and thereby lowering costs
b. Increasing production and lowering costs
c. Increasing production by increasing costs
d. None of the above 

6. Understanding the key strengths and weaknesses of a company is essential in ________ the strategic choice alternatives/ strategic choice.
a. Widening
b. Pin pointing
c. Narrowing
d. All of the above

7. Increased bargaining power of key buyers is seen as an/a
a. Opportunity
b. Weakness
c. Threat
d. Strength

8. Doing without using a particular product can seen as
a. Bargaining power of buyers
b. Threat of substitute
c. Bargaining power of supplies
d. None of the above

9. If supplier switching cost is high, the supplier has
a. Low bargaining power
b. High bargaining power
c. Has no effect on supplier bargaining power
d. All are incorrect

10. Competitors may have little impact on a company's growth when 
a. Market growth is diminished
b. Market growth is negative
c. High rate of market growth 
d. None of the above

11. If the entry cost into an industry is very high,
a. Threats from new entrants will be high
b. Threats from new entrants will be low
c. There will be no threats from any new entrant
d. None of the above

12. Threats of new entrants can be mitigated by ensuring
a. High degree of customer loyalty
b. Economics of scale
c. Greater access to distribution channels
d. All of the above

13. An approach that moves step by step, closer towards the strategic solution, based upon certain formulated rule is 
a. Intuitive search
b. Asking right questions
c. Adaptive search
d. Entrepreneurial approach

14. An approach that is dominated by active search of opportunities is
a. Intuitive search
b. Determining strategic factors
c. Adaptive search
d. Entrepreneurial approach

15. Cost leadership can be achieved through
a. Higher productivity and lower costs
b. Easy access to technology
c. High efficiency
d. All of the above

16. Companies like Apple and Harley Davidson mitigate competitive rivalry through
a. Superior product quality
b. Market development
c. Low cost
d. Effective distribution

17. Ferrari and Ducati have strategy of
a. Differentiation focused narrow market
b. Cost focused broad market
c. Performance focused narrow market
d. None of the above

18. Acquiring competitor's business is an example of 
a. Forward integration
b. Backward integration
c. Horizontal integration
d. Concentric integration

19. Identify the right group of strategies
a. Contraction strategy, consolidation strategy, liquidation strategy
b. Profit strategy, turnaround strategy, divest strategy
c. Diversification strategy, no change strategy, pause strategy
d. Both a and b

20. Increasing customer base in the present market for present product refers to
a. Market development
b. Market penetration
c. Marketing mix
d. Both a and b

21. Geographic expansion of market refers to
a. Market development
b. Market penetration 
c. Product Development
d. Both b and c

22. Market penetration can be achieved through
a. Giving price incentives for increase use
b. Increasing sales promotional efforts
c. Advertising new uses
d. All of the above

23. Opening of a retail company outlet by a shoe manufacturing company is an example of
a. Forward integration
b. Backward integration
c. Horizontal integration
d. None of the above

24. When an organisation sells some of its assets, skills and resources when these do not contribute to the business, it is known as
a. Retrenchment
b. Sell-off
c. Spin-off
d. Liquidation

25. When an organisation creates a new product life cycle, thereby making any similar existing product obsolete, it is termed as
a. Product development
b. Product proliferation
c. Innovation
d. None of the above