Strategic Management & Business Policy

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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 is a clearer sense …show more content…

Answer: TRUE
Diff: 2 Page Ref: 25
Topic: Strategic Decision Making

30) Mintzberg's entrepreneurial mode is sometimes referred to as "muddling through" since this decision- making mode tends to be more reactive than proactive in the search for new opportunities.
Answer: FALSE
Diff: 3 Page Ref: 26
Topic: Strategic Decision Making

31) Logical incrementalism is a useful decision-making mode when the environment is rapidly changing and when it is important to build consensus.
Answer: TRUE
Diff: 3 Page Ref: 27
Topic: Strategic Decision Making
AACSB: Reflective Thinking

32) The strategic audit is an all-inclusive list of critical questions needed for a detailed strategic analysis of any business.
Answer: FALSE
Diff: 1 Page Ref: 28
Topic: The Strategic Audit: Aid to Strategic Decision-Making

33) The emphasis of strategic management is on
A) monitoring and evaluating external opportunities and threats in light of a corporation's strengths and weaknesses.
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
Diff: 1 Page Ref: 5
Topic: The Study of Strategic Management

34) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
A) externally-oriented planning.
B) basic financial planning.

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