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Test Bank for Concepts in Strategic Management and Business Policy: Globalization, Innovation and Sustainability, 15th Edition

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1Strategic Management and Business Policy, 15e(Wheelen et al.)Chapter 1Basic Concepts in Strategic Management1) The emphasis of strategic management is onA) long-term performance.B) first line managers.C) the short-run performance of the corporation.D) an examination of the organization's internal environment.E) an investigation of competitor actions.Answer: ADifficulty: EasyLearning Obj.: 1.1: Discuss the benefits of strategic managementAACSB: Application of knowledge2) Research suggests that strategic management evolves through four sequential phases incorporations. The first phase isA) externally oriented planning.B) basic financial planning.C) internally oriented planning.D) forecast-based planning.E) strategic management.Answer: BDifficulty: EasyLearning Obj.: 1.1: Discuss the benefits of strategic managementAACSB: Application of knowledge3) The time horizon involved with regard to basic financial planning is usuallyA) one year.B) one quarter.C) three to five years.D) less than one month.E) five to ten years.Answer: ADifficulty: EasyLearning Obj.: 1.1: Discuss the benefits of strategic managementAACSB: Application of knowledge4) A difference between basic financial planning and forecast-based planning isA) the time horizon is shorter in forecast-based planning.B) forecast-based planning incorporates environmental data and extrapolates current trends.C) basic financial planning utilizes consultants with sophisticated techniques.D) basic financial planning utilizes scenarios and contingency strategies.E) basic financial planning relies heavily on input from lower levels in the organization.Answer: BDifficulty: ModerateLearning Obj.: 1.1: Discuss the benefits of strategic managementAACSB: Analytical thinking

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