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MGT 401 - Strategic Management and Business Policy – Exam - Chapter 1-12 Summery
- Exam (elaborations) • 168 pages • 2022
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MGT 401 - Strategic 
Management and 
Business Policy – 
Exam - Chapter 1-12 
Summery. Chapter 1 Basic Concepts in Strategic Management 
1) Strategic management is the set of managerial decisions that determines the short-term 
performance of a corporation. 
Answer: FALSE 
Difficulty: Easy 
Chapter Objective: Understand the benefits of strategic management 
2) In the externally oriented planning phase, plans are developed by heavily involving the input 
of managers from lower levels. 
Answer: F...
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