The four steps of the control process are: establish performance objectives and standards; measure actual performance; compare actual performance with objectives and standards; and _________.

a. Take corrective action as needed.

b. Reap the profits.

c. Pay for the losses.

d. Redefine the objectives.

e. Continue as before.

Which of the following lists correctly identifies the different levels of strategy that can exist in a business?

a. Corporate strategy, business strategy, and functional strategy.

b. Institutional strategy, corporate strategy, and business strategy.

c. Growth strategy, retrenchment strategy, and stability strategy.

d. Corporate strategy, divisional strategy, and work group strategy.

e. Top-level strategy, middle-level strategy, and lower-level strategy

Which of the following is not a stakeholder of an organization?

a. Employees

b. Stockholders

c. Customers

d. Competitors

e. These are all stakeholders. None of the above answers is correct.