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CHAPTER 5 STRATEGIES, POLICIES, AND PLANNING PREMISES MULTIPLE CHOICE QUESTIONS. Choose the best answer. 1. Which of the following statements support the assertion that strategy and policy are closely related? Both give direction. Both are the frameworks for plans. Both affect all areas of managing. All of the above. Answer: D 2. __________ refers to the determination of the mission or purpose and the basic long-term objectives and of courses of action and allocations of resources to achieve these aims. Mission. Planning. Strategy. A and C. Answer: C 3. Policies are: The specific steps to implement a plan. The general programs to achieve specific objectives. The means of achieving mission. General statements or understandings that guide managers thinking in decision-making. Answer: D 4. The nature of strategies and policies is: The more strategies and policies are understood and implemented interchangeably, the more consistent and effective will be the enterprise plans. Strategies are the endpoints and policies are the means to achieve the ends. Never mix up strategy and policy. None of the above. Answer: A 5. The _______________ is the starting point for determining where the company is and where it should go. Leadership profile. Industry analysis. Enterprise profile. Transactional analysis. Answer: C 6. Ciocca has led the wine group in successful strategic choice with careful analysis of: Competitor’s strengths Ability to select the markets. Entrepreneurial management All of the above Answer: A 7. The TOWS matrix refers to: The tactical organizational weakness strategy. The analysis of factors in the external environment and the internal environment organized in a matrix form as developed by Heinz Weihrich. The matrix developed by the Boston Consulting Group. The matrix developed by the McKinsey Consulting Group. Answer: B 8. The TOWS matrix integrates which sets of external and internal factors to form a strategy? Threats and opportu