Test Bank for Strategic Management and Business Policy Globalization, Innovation and Sustainability, 16th edition By Thomas L. Wheelen, J. David Hunger, Alan N. Hoffman, Charles E. Bamford All Chapters 1-13||Complete Guide A+||Latest Update

Test Bank c3




for Strategic Management and Business Policy Globalization, Innovation and
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Sustainability, 16th edition By Thomas L. Wheelen, J. David Hunger, Alan N.
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Hoffman, Charles E. Bamford All Chapters 1-13||Complete Guide A+||Latest Update
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c3 EXAMSDOCS STUVIA c3

,Strategic Management and Business Policy, 16e, Global Edition
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c3 (Wheelen) Chapter 1 c3 c3 Basic Concepts of Strategic Management
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1) What was strategic management originally called?
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A) Business policy c3




B) Planning
C) Marketing strategy c3




D) Short-term planning c3




E) Operational
c3 planning Answer: c3 c 3 A
Difficulty: c 3 c3 Easy
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Application of knowledge c3 c3




2) Research suggests that strategic management evolves through four sequential
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c3 phases in corporations. The first phase is
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A) externally oriented planning. c3 c3




B) b asic financial planning.
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C) i nternally oriented planning.
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D) forecast-based planning. c3




E) strategic
c3 management. Answer: c3




c 3 B
Difficulty: c 3 c3 Easy
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Application of knowledge c3 c3




3) The time horizon involved with regard to forecast-based planning is usually
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A) one year. c3




B) o ne quarter.
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1
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,C) t hree to five years.
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D) less than one month.
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E) five to ten c3 c3




c3 years. Answer: c3




c 3 C Difficulty:
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c 3 Easy
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Application of knowledge c3 c3




4) A difference between basic financial planning and forecast-based planning is
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A) the time horizon is shorter in forecast-based planning.
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B) f orecast-based planning incorporates environmental data and extrapolates current trends.
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C) b asic financial planning utilizes consultants with sophisticated techniques.
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D) basic financial planning utilizes scenarios and contingency strategies.
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E) basic financial planning relies heavily on input from lower levels in the
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c3 organization. Answer: c3 c 3 B
Difficulty: c 3 c 3 Moderate
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Analytical thinking c3




2
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, 5) Top-down planning that emphasizes formal strategy formulation and leaves
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c3 the implementation issues to lower management levels is known as
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A) forecast-based planning. c3




B) externally oriented planning. c3 c3




C) strategic management. c3




D) basic financial planning.
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E) none of the c3 c3




c3 above. Answer: c3 c 3 B
c3 Difficulty:
c 3 Moderate
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Application of knowledge c3 c3




6) In the final phase of strategic management, strategic information is available to
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A) people throughout the organization.
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B) the top management responsible for decision-making.
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C) middle management. c3




D) operational personnel. c3




E) only those responsible for implementing the
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c3 strategy. Answer: c3 c 3 A
Difficulty: c 3 c 3 Moderate
Learning Obj.: c3 c 3 1.1: Discuss the benefits of strategic
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c3 management AACSB: c3 c 3 Application of knowledge c3 c3




7) In a survey of 50 corporations, which of the following was rated as one of the
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c3 three top benefits of strategic management?
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A) Clearer sense of strategic direction for the firm
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B) Higher levels of employee motivation
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C) Higher levels of job satisfaction
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D) Improved productivity c3




3
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