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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 emergent...
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