Name: ______________________________ Grade:_____/ 10 (PRINT: Last Name, First Name)
Please answer all 10 of the following multiple choice questions by selecting the best answer from other possible “good” answers, by circling the letter next to it. Crossing out a circled response makes that question’s answer wrong. 1) The most basic question(s) in strategy is (are)
A) Is strategy important?
B) Why do firms succeed or fail?
C) Why do firms have varying levels of performance?
D) Is strategy important? and Why do firms have varying levels of performance?
E) Why do firms succeed or fail? and Why do firms have varying levels of performance?
Answer: E
Diff: 2 Page Ref: 2
Topic: Explain Why Strategic Management Is Important
AACSB: Reflective Thinking
Objective: Define strategic management and identify its basic components

2) Bases for understanding strategic management are all of the following except
A) managing strategically makes a difference in an organization's performance.
B) all organizations encounter changing situations.
C) single approaches to strategy development are superior to multiple approaches.
D) All of the answer choices are correct.
E) None of the answer choices is correct.
Answer: C
Diff: 3 Page Ref: 3
Topic: Explain Why Strategic Management Is Important
AACSB: Analytical Skills
Objective: Define strategic management and identify its basic components
3) Strategic management is defined as
A) those decisions and actions where organizational members analyze the current situation and develop appropriate strategies.
B) putting those strategies into action.
C) evaluating and changing those strategies as needed.
D) developing appropriate strategies.
E) All of the answer choices are correct.
Answer: E
Diff: 2 Page Ref: 5