QUIZ 1 QTCL

Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is not one of the basic elements of the strategic management process?

• strategy formulation

• strategy implementation

• statistical process control

• evaluation and control

The currency used to integrate the monetary systems of the European Union (EU) is called the

• A. peso.

• B. dollar.

• C. euro.

• D. franc.

The corporate mission is best described by which one of the following?

• A. a description of the activities carried out by the organization

• B. the purpose or reason for the corporation's existence

• C. a description of top management's responsibilities

• D. a statement of corporate objectives

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.

The variables structure, culture, and resources pertain to the

• A. external environment

• B. internal environment

• C. sociocultural forces

• D. task environment

Which one of the following is included in the firm's societal environment?

• A. competitors

• B. economic forces

• C. resources

• D. governments

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.

The type of strategy, which achieves corporate and business unit objectives and strategies by maximizing resource productivity is

• A. functional

• B. operational

• C. business

• D. product

As defined in this course, a policy is

• A. the purpose or reason for a corporation's existence

• B. a statement of activities or steps needed to accomplish a single-use plan

• C. a broad guideline for making decisions that links the formulation of strategy with its implementation

• D. a comprehensive master plan stating how a corporation will achieve its mission and objectives

Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is not one of the basic elements of the strategic management process

• A. strategy formulation

• B. strategy implementation

• C. statistical process control

• D. evaluation and control