TEST BANK - STRATEGIC MANAGEMENT AND BUSINESS POLICY, 15E (WHEELMEN ET AL.)

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TEST BANK - STRATEGIC MANAGEMENT AND BUSINESS POLICY, 15E (WHEELMEN ET AL.) DOWN LOAD FULL TEST BANK HERE:https://www.stuvia.com/doc/1584 465/test-bank-strategic-managementand-business-policy-15e-wheelmen-et-al. Chapter 1 Basic Concepts in Strategic Management 1) The emphasis of strategic management is on A) 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: A 2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is A) Externally oriented planning. B) Basic financial planning. C) Internally oriented planning. D) forecast-based planning. E) Strategic management. Answer: B 3) The time horizon involved with regard to basic financial planning is usually A) one year. B) one quarter. C) three to five years. D) Less than one month. E) five to ten years. Answer: A 4) 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 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: B 5) Top-down planning that emphasizes formal strategy formulation and leaves


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