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Unformatted text preview: Chapter 1 1. _____ is that set of managerial decisions and actions that determines the long-run performance of a corporation. a) Strategic management b) Strategy implementation c) Strategy formulation d) Strategic planning 2. All of the following are phases of strategic management except: a) operations planning. b) forecast-based planning. c) externally oriented planning. d) basic financial planning. 3. The _____ proposes that once an organization is successfully established in a particular environmental niche, it is unable to adapt to changing conditions. a) organizational learning theory b) theory of population ecology c) institution theory d) institution theory 4. Which of the following is not one of the four basic elements of strategic management? a) environmental scanning b) strategic decision making c) strategy implementation d) evaluation and control 5. An organization's _____ is the purpose or reason for the organization's existence....
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- Spring '11