Answer
1. | | QUIZ 1: Foundations Chapter 1 and Article 1. Read each question very carefully before answering.According to Chapter 1 of Foundations of Strategic Management, what is true of strategic management? | | | a - It centers on deciding where to compete and how to compete. | | | b - As a discipline, strategic management aims to improve the practice of strategic management by offering executives and entrepreneurs effective tools and guidelines. | | | c - It is dynamic because the business world is changing rapidly. | | | d - All of the above |
2. | | According to Chapter 1 of Foundations of Strategic Management, what is true of business three centuries ago? | | | a - Distant markets were not readily accessible; therefore, most businesses were small. | | | b - Most products were minimally differentiated or undifferentiated. | | | c - Managers managed mostly using their intuition and experience, which worked well enough. | | | d - All of the above. |
3. | | The Eighteenth Century invention that probably had the greatest impact on industrializing Western Europe and the U.S.A. is | | | a - the electric generator | | | b - the steam engine | | | c - the electric motor | | | d - the diesel engine |
4. | | The first form of planning to be widely adopted is | | | a - annual budgeting | | | b - forecast-driven financial planning | | | c - long-range capital budgeting | | | d - econometric modeling |
5. | | What is true of formal programmatic strategic planning (PSP)? | | | Its champions believed science could reduce entrepreneurial genius to formal step-by-step procedures and quantitative formulas so that anyone who followed the steps and applied the formulas correctly would produce ingenious results. | | | It helped firms avoid head-on collisions in the marketplace. | | | It generally produced truly innovative strategies. | | | All of the above |
6. | | What is
2. | | According to Chapter 1 of Foundations of Strategic Management, what is true of business three centuries ago? | | | a - Distant markets were not readily accessible; therefore, most businesses were small. | | | b - Most products were minimally differentiated or undifferentiated. | | | c - Managers managed mostly using their intuition and experience, which worked well enough. | | | d - All of the above. |
3. | | The Eighteenth Century invention that probably had the greatest impact on industrializing Western Europe and the U.S.A. is | | | a - the electric generator | | | b - the steam engine | | | c - the electric motor | | | d - the diesel engine |
4. | | The first form of planning to be widely adopted is | | | a - annual budgeting | | | b - forecast-driven financial planning | | | c - long-range capital budgeting | | | d - econometric modeling |
5. | | What is true of formal programmatic strategic planning (PSP)? | | | Its champions believed science could reduce entrepreneurial genius to formal step-by-step procedures and quantitative formulas so that anyone who followed the steps and applied the formulas correctly would produce ingenious results. | | | It helped firms avoid head-on collisions in the marketplace. | | | It generally produced truly innovative strategies. | | | All of the above |
6. | | What is