Strategic Management & Business Policy

5583 Words Jul 5th, 2013 23 Pages
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Strategic Management & Business Policy, 12e (Wheelen/Hunger)
Chapter 1 Basic Concepts in Strategic Management

1) Strategic management is one decision that determines the short-term performance of a corporation.
Answer: FALSE
Diff: 1 Page Ref: 5
Topic: The Study of Strategic Management

2) In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels.
Answer: FALSE
Diff: 2 Page Ref: 5
Topic: The Study of Strategic Management

3) General Electric led the transition from strategic planning to strategic management during the 1980s.
Answer: TRUE
Diff: 1 Page Ref: 6
Topic: The Study of Strategic Management

4) One of the benefits of strategic management
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Answer: TRUE
Diff: 2 Page Ref: 19
Topic: Basic Model of Strategic Management

22) Corporate strategy occurs at the business unit or product level.
Answer: FALSE
Diff: 1 Page Ref: 19
Topic: Basic Model of Strategic Management

23) A business strategy may include competitive or cooperative strategies.
Answer: FALSE
Diff: 2 Page Ref: 19
Topic: Basic Model of Strategic Management

24) A hierarchy of strategy emphasizes the need for the three levels of strategy to complement and support one another.
Answer: TRUE
Diff: 2 Page Ref: 20
Topic: Basic Model of Strategic Management

25) A budget is a statement of a corporation's programs in terms of dollars.
Answer: TRUE
Diff: 1 Page Ref: 22
Topic: Basic Model of Strategic Management

26) Performance results are monitored at the strategy formulation phase of the strategic management process.
Answer: FALSE
Diff: 2 Page Ref: 22
Topic: Basic Model of Strategic Management

27) Henry Mintzberg discovered that strategic formulation is a regular, continuous process.
Answer: FALSE
Diff: 2 Page Ref: 23
Topic: Initiation of Strategy:
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