Strategic Management & Business Policy

5593 WordsJul 15, 201323 Pages
y 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 is a clearer sense…show more content…
B) one quarter. C) more than five years. D) less than one month. E) more than three years. Answer: A Diff: 1 Page Ref: 5 Topic: The Study of Strategic Management 36) A difference between basic financial planning and forecast-based planning is A) the time horizon is shorter in forecast-based planning. B) forecast-based planning incorporates internal and external information. 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: B Diff: 2 Page Ref: 5 Topic: The Study of Strategic Management 37) Top-down planning that emphasizes formal strategy formulation and leaves the implementation issues to lower management levels is known as A) forecast-based planning. B) externally-oriented planning. C) strategic management. D) basic financial planning. E) none of the above Answer: B Diff: 2 Page Ref: 5 Topic: The Study of Strategic Management 38) In the final phase of strategic management, strategic information is available to A) people throughout the organization. B) the top management responsible for decision making. C) middle management. D) operational personnel. E) only those responsible for implementing the strategy. Answer: A
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