1. Effective planning should be performed mostly by top management and then presented to other levels of management for analysis and approval. True False

2. Significant barriers to entry are not always sufficient to keep some new firms from entering industries with higher-quality products, lower prices, and substantial marketing resources. True False

3. The three all-encompassing internal resource categories used in the Resource-Based View are A) physical resources, human resources, and financial resources. B) physical resources, human resources, and organizational resources. C) physical resources, human resources, and shareholder resources. D) physical resources, human resources, and non-renewable resources. E) physical resources, human resources, and technological resources.

4. .Political forecasts can be the most important part of an external audit for firms that depend heavily on government and charity contracts. True False

5. Industry analysis is also referred to as internal strategic management audit. True False