1) In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?
A. Clearer sense of vision for the firm
2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
B. basic financial planning
3) 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?
C. Statistical process control
4) The relationship among the board of directors, top management, and shareholders is referred to as
C. corporate governance
5) The concept that proposes private corporations have responsibilities to society that extend beyond making a profit is known as
B. social responsibility
6) Who said that the social responsibility of business is a "fundamentally subversive doctrine" and that the one social responsibility of business is "to use its resources and engage in activities designed to increase its profits so long as it stays with the rules of the game..."?
E. Milton Friedman
7) Which of the following is NOT descriptive of external environmental scanning?
B. Used to monitor, evaluate, and disseminate information from the external environment to key people within the corporation
8) According to Porter, the corporation is most concerned with
A. the intensity of competition within its industry
9) When a company determines a competency's competitive advantage, Barney refers to this issue as
10) An acronym for the assessment of the external and internal environments of the business corporation in the process of strategy formulation/strategic planning is