MCQs > Finance & Management > Business Strategy MCQs > Basic Business Strategy MCQs

Basic Business Strategy MCQ

1. When the stock market crashed stocks _______.

Answer

Correct Answer: Collapse

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2. ________ exemplifies the complexity of relationships among the functional areas of business.

Answer

Correct Answer: Financial ratio analysis

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3. Offer an inconsistent assortment of brand-name merchandise at low prices.

Answer

Correct Answer: Off-price retailers

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4. Corporate-level strategy is concerned with ____ and how to manage these businesses.

Answer

Correct Answer: What product markets and businesses the firm should be in

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5. Testing a prototype of a new product is an example of a ________.

Answer

Correct Answer: Product-level activity

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6. The normative decision theory ____.

Answer

Correct Answer: Helps leaders determine how much employee participation should be used in decision making

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7. Proponents of the emh think technical analysts __________.

Answer

Correct Answer: Are wasting their time

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8. One year from now bond c should sell for ________ (to the nearest dollar).

Answer

Correct Answer: $842

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9. Hospice care is expensive because it _____.

Answer

Correct Answer: Is labor-intensive

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10. __________ are responsible for directly achieving organizational goals.

Answer

Correct Answer: Line personnel

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11. _____ refers to performing different tasks than rivals or the same tasks in a different way.

Answer

Correct Answer: Strategic positioning

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12. The balanced scorecard approach to control ____.

Answer

Correct Answer: Forces managers at each level of the company to set specific goals and measure performance in each of four areas

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13. Key aspects of the process selection challenge include _________ and __________.

Answer

Correct Answer: Capital intensity; process flexibility

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14. Concept maps work because they _______.

Answer

Correct Answer: Visually demonstrate relationships

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15. Common sources of new business opportunities include _________, ________, and ____________.

Answer

Correct Answer: Current work experiences, suggestions by friends, chance event

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16. A business model represents a ____ in a business situation.

Answer

Correct Answer: Group of common characteristics and behaviors

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17. _____ are important to possess because they can be used in many different jobs and situations.

Answer

Correct Answer: Transferable skills

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18. Hubble's constant is a ""constant"" in that its value __________.

Answer

Correct Answer: Is the same across all of space and does not change on human time scales

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19. How can a company prevent a disaster related to the crash of company servers while facilitating the employees' ability to perform in their jobs?

Answer

Correct Answer: By backing up data on a routine basis through live or at least daily backups

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20.

Which of the following needs to be addressed before implementing a plan?

 

Answer

Correct Answer: How to motivate people to implement the plan

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21.

What else must a company have besides an advantage in order to succeed in the long term?

 

Answer

Correct Answer: Sustainability

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22.

Which of the following would be an example of a Customer Strategic Priority?

 

Answer

Correct Answer: Increase customer satisfaction by 5% each year

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23.

How does a firm prioritize which threats to their business would be most damaging?

 

Answer

Correct Answer: It weighs the probability of the event occurring and how it will impact the business.

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24.

What must a competitive advantage be in order truly to be an advantage?

 

Answer

Correct Answer: It must be unique.

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25.

What is a common pitfall discovered when a strategic plan is implemented?

 

Answer

Correct Answer: The management has not effectively communicated the strategic plan.

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26.

What is a SWOT Analysis?

 

Answer

Correct Answer: Listing of a company's strengths, weaknesses, opportunities, threats

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27.

Which of the following non financial factors from the past should be examined as they impact the company the most?

 

Answer

Correct Answer: Economic Trends

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28.

Why is it important to think about execution before planning?

 

Answer

Correct Answer: Knowing what resources you have will determine the company's ability and level of execution which, in turn, will dictate what level of planning can be done.

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29.

Which of the following would be the best way to mitigate the financial impact of a natural disaster?

 

Answer

Correct Answer: Business insurance

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30.

Why is it important to reflect on past successes?

 

Answer

Correct Answer: The company can see what it achieved and how.

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31.

Which of the following is a common risk outside the control of the business?

 

Answer

Correct Answer: Economic downturn

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32.

Why is it important to have someone who was not involved in creating the plan review the final strategic plan?

 

Answer

Correct Answer: To check the management's ability to manage the firm

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33.

Which of the following is the method often used to ensure that managers implement strategic plans?

 

Answer

Correct Answer: Make the plans easy to implement

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34.

What is meant by scenario planning?

 

Answer

Correct Answer: Creating a list of possible negative situations and deciding how the company would react to each

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35.

Which of the following is a method a company could use to evaluate its competitive advantage?

 

Answer

Correct Answer: Customer feedback

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36.

What is the simplest way to make sure that a plan is launched and completed by all parties involved?

 

Answer

Correct Answer: Create a simple project plan with specific deliverables.

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37.

What does the action plan portion of a strategic plan accomplish?

 

Answer

Correct Answer: It discusses what specific actions will be taken to achieve the strategic goals and deliverables outlined in the plan.

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38.

What should a company prepare financial ratios for?

 

Answer

Correct Answer: Compare them to the past years and to industry norms.

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39.

What section of the environment would your competitors be categorized as?

 

Answer

Correct Answer: Industry

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40.

Which of the following is a barrier to entry?

 

Answer

Correct Answer: Substantial capital investment needed to enter a market

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41.

What is meant by disaster planning?

 

Answer

Correct Answer: Planning for natural calamities, fire, theft etc. which cause substantial losses

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42.

What is a mission statement?

 

Answer

Correct Answer: A single sentence or two describing the company's purpose

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43.

Which of the following is an example of an internal priority?

 

Answer

Correct Answer: Training employees

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44.

Why would a firm not mitigate small risks to business?

 

Answer

Correct Answer: The cost-benefit ratio of mitigating even the smallest risks makes it not worth it

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45.

Why would a failed past performance item be worth examining?

 

Answer

Correct Answer: For understanding why a planned project wasn't completed

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46.

Which of the following is a reason for the failure of a strategic plan?

 

Answer

Correct Answer: It was not communicated to everyone who needed to know.

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47.

What is the main goal in setting customer related priorities?

 

Answer

Correct Answer: To determine how the firm adds value for the customers

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48.

Why is consistency considered an competitive advantage?

 

Answer

Correct Answer: Customers expect to receive the same good or service regardless of the location.

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49.

What two factors are used in the GE Matrix for strategic analysis?

 

Answer

Correct Answer: Market Attractiveness and Business Strength

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50.

Why is it important to continually communicate a plan to all employees?

 

Answer

Correct Answer: To reinforce the plan and increase commitment

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51.

What is a department plan?

 

Answer

Correct Answer: A shorter version of the full strategic plan which is created specifically for department managers, allowing them to focus on the aspects related to them and how they manage their departments

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52.

What are the four main areas for setting priorities?

 

Answer

Correct Answer: Financial, Customer, Internal, Employee

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53.

Which of the following most closely impacts an organization?

 

Answer

Correct Answer: Employees

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54.

Why would new firms enter a declining market space during an economic downturn?

 

Answer

Correct Answer: Access to capital is cheaper and the existing competition is narrowed down

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55.

What is the correct order for creating a strategic plan?

 

Answer

Correct Answer: Articulate your mission statement, review your current position, agree on priorities, organize a plan

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56.

What are the three levels of competitors?

 

Answer

Correct Answer: Direct, Indirect, Substitute

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57.

What is the term for factors which prevent competition from entering a market easily?

 

Answer

Correct Answer: Barriers to Entry

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58.

What are the three main elements to a strategic plan?

 

Answer

Correct Answer: Where are we now? Where are we going? How will we get there?

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59.

How often should strategic plans be revised and assessed?

 

Answer

Correct Answer: Every three months

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60.

Why would a company set strategic priorities for the next 5 years?

 

Answer

Correct Answer: It takes several years for a good strategic plan to grow and show results

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61.

How should a company communicate a new strategic plan company wide?

 

Answer

Correct Answer: Company meeting for all employees

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62.

How should firms plan for unknown future economic events?

 

Answer

Correct Answer: By predicting future direction and making decisions accordingly, knowing that the economy runs in cycles

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63.

What would examining the supply and demand dynamics for a supplier's goods accomplish?

 

Answer

Correct Answer: Allow your firm to determine the relative price setting power of the supplier compared to other suppliers

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64.

Why must goals be measurable?

 

Answer

Correct Answer: It allows the management to know if goals are being met or not

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65.

What is the purpose of a strategy map?

 

Answer

Correct Answer: It is necessary to visualize the big picture and how all aspects of the strategic plan integrate together.

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66.

What significance does a "debt to equity ratio" have to a business owner in evaluating how the company has performed?

Answer

Correct Answer: It allows them to determine how leveraged the company is

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67.

Why is "skilled staff" not a competitive advantage?

 

Answer

Correct Answer: Any competitor can easily hire skilled staff by tempting your own staff or that of others to join them.

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68.

Which of the following would be best to review to see trends and overall performance of the past?

 

Answer

Correct Answer: Trailing 12 Month Profit & Loss Statement

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69.

Which of the following areas would a company not focus on during strategic planning?

 

Answer

Correct Answer: Charitable

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70.

Which of the following would be used to evaluate productivity?

 

Answer

Correct Answer: Return on Assets

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71.

How should a strategic plan be evaluated for financial viability?

 

Answer

Correct Answer: By estimating revenues and expenses for each of the strategic initiatives, and determining if they will be profitable

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72.

How can a firm mitigate the risk of an employee with specialized knowledge leaving the company while empowering other employees?

 

Answer

Correct Answer: By cross training employees on all aspects of their positions as well as by creating documentation of job processes

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73.

What purpose does a balanced scorecard serve?

 

Answer

Correct Answer: It tracks the progress and performance of key performance indicators

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74.

How is the SWOT analysis used in setting priorities?

 

Answer

Correct Answer: Combinations of weaknesses and threats from the SWOT analysis become priorities
Combinations of weaknesses and threats from the SWOT analysis become priorities

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75.

Which of the following would help maintain a competitive advantage?

 

Answer

Correct Answer: Patent or trademark on what creates the advantage

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76. What is another name for dynamic management?

Answer

Correct Answer: Non-strategic management

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77. A firm employing a differentiation strategy is focusing on what?

Answer

Correct Answer: Customer loyalty

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78. What is a time-series cross-sectional model that accounts for variation such as seasonality in the hospitality industry?

Answer

Correct Answer: Pooled Regression

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79. Which is not a value chain function?

Answer

Correct Answer: Innovation

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80. What market dominance trend is common in most industries?

Answer

Correct Answer: A declining trend

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81. What ratio is used as an indicator of the size of a leading firm in relation to its industry?

Answer

Correct Answer: Concentration ratio

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82. How many of porter's five forces refer to competition?

Answer

Correct Answer: Three

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83. What company is an example of a brandnomer?

Answer

Correct Answer: Band-Aid

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84. In which situation would a joint venture make the most sense?

Answer

Correct Answer: A traditional software company that wants to expand into retail and a marketing company who specializes in retail sales

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85. What is an example of a legal monopoly?

Answer

Correct Answer: Utility companies

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86. A demand curve is more price elastic when a price____________ ?

Answer

Correct Answer: Increases

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87. What is "The Icarus Paradox"?

Answer

Correct Answer: Businesses that bring about their own downfall through their own successes

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88. What performance management tool do companies use to measure and retain their competitive advantage?

Answer

Correct Answer: Balanced Scorecard

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89. Oil companies' business models are examples of what?

Answer

Correct Answer: Vertical Integration

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90. What are two internal environmental factors that must be considered when developing a sound marketing strategy?

Answer

Correct Answer: Marketing mix and performance analysis

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91. What does the T stand for in the PEST analysis?

Answer

Correct Answer: Technological

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92. Why must change be a strategic function of business?

Answer

Correct Answer: Change in business is a constant disruption that can devastate the stability of a company

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93. OPEC is an example of what?

Answer

Correct Answer: Cartel

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94. What trait should an information-driven company have at its core?

Answer

Correct Answer: A flexible, decentralized structure

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95. A competitive advantage suggests what?

Answer

Correct Answer: A company is outperforming its competitors

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96. What micro-economic analysis would you use to analyze economics, social factors, and government regulations?

Answer

Correct Answer: PEST or STEEP analysis

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97. If you are a company in a cyclical industry what is a good business strategy for you?

Answer

Correct Answer: Deal with the volatility by implementating cuts to compensations, reducing employee work hours, or laying off workers during bad times. Paying bonuses, ensuring enough inventory, and hiring in mass during good times.

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98. What is a hostile takeover?

Answer

Correct Answer: To acquire a company through the company's shareholders rather than the company's management

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99. What are profit margins?

Answer

Correct Answer: It is a ratio of profitability, calculated by net income divided by sales

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100. Which is NOT a stage in the shifting basis of competition?

Answer

Correct Answer: None of these

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101. According to the Growth-share matrix, a high market growth rate and market share means you are:

Answer

Correct Answer: A Star

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102. What is horizontal integration?

Answer

Correct Answer: A strategy where companies acquire or create products that are alike or complementary to one another

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103. Which framework determines the competitive intensity of a market?

Answer

Correct Answer: The Porter Five Forces analysis

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104. Which of the following is a benefit of Horizontal Integration?

Answer

Correct Answer: Both Economies of scale and Economies of scope

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105. How can companies avoid falling prey to "The Icarus Paradox"?

Answer

Correct Answer: Research and Development

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106. True of False? A Cost Leadership strategy places an emphasis on lower selling prices rather than lower costs.

Answer

Correct Answer: False

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107. Which of the following would probably NOT be considered wrongful termination of an employee?

Answer

Correct Answer: Firing an employee who commits or threatens physical violence

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108. Why might you use discovery-driven planning?

Answer

Correct Answer: It gives you time to learn, explore, and probe emerging markets

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109. When can dynamic management provide a much better platform for solving problems?

Answer

Correct Answer: In a chaotic situation that has expanded beyond the boundaries of typical business function

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110. What does the notion of a “learning organization” suggest?

Answer

Correct Answer: Companies must be successful at collecting and analyzing data to remain successful

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111. How can you benefit from forming a LLC?

Answer

Correct Answer: You have limited liability like a corporation, but you do not pay corporate taxes.

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112. How could market segmentation benefit you from a business strategy standpoint?

Answer

Correct Answer: It allows you to differentiate your product

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113. What is a tariff?

Answer

Correct Answer: A tax on imports or exports

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114. What is a Cyclical Industry?

Answer

Correct Answer: A type of industry that tends to have high and low periods during speciific times

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115. As a business owner if you notice a large amount of market segmentation occurring you should...

Answer

Correct Answer: Focus on finding a niche in the market

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116. What did companies replace their expansive multi-division portfolios with?

Answer

Correct Answer: Subsidiaries

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117. Democratic Leadership style is also known as_____?

Answer

Correct Answer: Participative Leadership

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118. Which of the following statements is true about blue ocean markets?

Answer

Correct Answer: All of these

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119. When Facebook purchased Instagram, it employed what type of strategy?

Answer

Correct Answer: Acquisition

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120. What does the term "cash cow" mean in business?

Answer

Correct Answer: A business venture that generates a steady return profits with little maintenance or investment needed

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121. What does "markup" mean in retail businesses?

Answer

Correct Answer: The difference between how much a good or service costs to provide vs its actual selling price.

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122. What is one valid criticism of why it is NOT advised to rely on SWOT analysis?

Answer

Correct Answer: All of these

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123. Which one of the following business structures is NOT a limited liability option?

Answer

Correct Answer: These are all examples of limited liabity business structures

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124. What is the advantage of a sole-proprietorship?

Answer

Correct Answer: All of these

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125. What is a legal monopoly?

Answer

Correct Answer: It is a monopoly that is protected by law from competition usually through government means where a company has been granted exclusive rights to offer a particlar service in a specific region

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126. What is the major difference between operational management and strategic management?

Answer

Correct Answer: Operational management focuses on internal issues, while strategic management focuses on external issues

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127. What encompasses the lifetime value of a customer?

Answer

Correct Answer: The prediction of the net profit estimated for the entire future relationship with a customer

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128. How can a firm achieve a low cost operation?

Answer

Correct Answer: Economies of Scale

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129. A firm that decides the price of a good or service is a __________?

Answer

Correct Answer: Price Maker

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130. What is a disavantage for a sole-propietorship?

Answer

Correct Answer: Risk of Liability

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131. Within the Porter Five Forces Analysis, what is defined as the ability of customers or suppliers to coerce the firm?

Answer

Correct Answer: Bargaining power

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132. Why is customer acquisition cost important?

Answer

Correct Answer: It can play a major role in calculating the value of a new customer and calculating your return on investment (ROI).

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133. What is an example of a company that could be considered to be in a cyclical industry?

Answer

Correct Answer: All of these

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134. What is the benefit of a broad portfolio of assets?

Answer

Correct Answer: It reduces specific risk

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135. What organizational failure can cripple a business strategy?

Answer

Correct Answer: Lack of organization-wide flexibility

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136. What is the primary focus of business strategy?

Answer

Correct Answer: Business strategy focuses on implementing cross-functional decisions involving resources and performance

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137. True or False? A SWOT analysis can be used for a person, place, or product.

Answer

Correct Answer: True

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138. Which of these is illegal?

Answer

Correct Answer: All of these

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139. Define a Differentiation Strategy

Answer

Correct Answer: A company that has a competitive advantage related to its products or services that make itself unique when compared to products or services of other traditional companies.

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140. What are some of the possible disadvantages on relying on business cases when making strategic moves in business?

Answer

Correct Answer: All of these

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141. What is a strength of McDonald's business strategy?

Answer

Correct Answer: Brand Recognition

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142. In what scenario is your company ready for an IPO?

Answer

Correct Answer: All of these

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143. What are the two main objectives of marketing?

Answer

Correct Answer: Increase sales and obtain a durable competitive advantage

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144. When does a Monopoly exist?

Answer

Correct Answer: A specific person or enterprise is the only supplier of a particular commodity

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145. What is an important factor when determining a company's value?

Answer

Correct Answer: All of these

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146. SWOT analysis is one of the earliest business strategy frameworks. What does it stand for?

Answer

Correct Answer: Strengths, Weaknesses, Opportunities, and Threats.

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147. What is a strategic alliance?

Answer

Correct Answer: A cooperative strategy in which two or more companies combine some of their resources and specialities for the purpose of creating a competive advantage

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148. Which of the following is a strategy used to gain a competitive advantage?

Answer

Correct Answer: (all of these)

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149. What does the S stand for in the SWAT analysis?

Answer

Correct Answer: Strengths

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150. What is a good way to avoid discrimination lawsuits?

Answer

Correct Answer: All of these

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151. In discovery-driven planning, general managers should:

Answer

Correct Answer: All of these

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152. Why are profit margins important?

Answer

Correct Answer: All of these

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153. What is a venture capital (VC) company?

Answer

Correct Answer: A company that speciliazes in providing investments to startups that usually have high a growth potential, but also higher risk than normal risk

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154. Within SWOT analysis, what is an example of a threat?

Answer

Correct Answer: Competition

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155. What is an example of a company that uses vertical integration?

Answer

Correct Answer: All of these

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156. What is an example of a disruptive technology?

Answer

Correct Answer: All of these

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157. In consideration of marketing, what is customer churn, or attrition rate?

Answer

Correct Answer: The proportion of customers who leave the firm during a certain time period

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158. What trait exists for both high market share and low market share companies?

Answer

Correct Answer: They can both be very profitable

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159. Which is NOT one of Porter's Five Forces?

Answer

Correct Answer: Monopolization

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160. What is an example of a company that uses horizontal integration?

Answer

Correct Answer: Disney who creates movies, televison shows, toys, and theme parks for kids

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161. What should be included in a business plan?

Answer

Correct Answer: All of these

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