Chapter 1 Basic Concepts in Strategic Management 1) The emphasis of strategic management is on A) Long-term performance. B) First line managers. C) The short-run performance of the corporation. D) An examination of the organization's internal environment. E) An investigation of competitor actions. Answer: A 2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is A) Externally oriented planning. B) Basic financial planning. C) Internally oriented planning. D) forecast-based planning. E) Strategic management. Answer: B 3) The time horizon involved with regard to basic financial planning is usually A) one year. B) one quarter. C) three to five years. D) Less than one month. E) five to ten years. Answer: A 4