Note: This Question is unanswered, help us to find answer for this one
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
Note: This Question is unanswered, help us to find answer for this one
22.
Which of the following would be an example of a Customer Strategic Priority?
Answer
Correct Answer:
Increase customer satisfaction by 5% each year
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
24.
What must a competitive advantage be in order truly to be an advantage?
Answer
Correct Answer:
It must be unique.
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
26.
What is a SWOT Analysis?
Answer
Correct Answer:
Listing of a company's strengths, weaknesses, opportunities, threats
Note: This Question is unanswered, help us to find answer for this one
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
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
29.
Which of the following would be the best way to mitigate the financial impact of a natural disaster?
Answer
Correct Answer:
Business insurance
Note: This Question is unanswered, help us to find answer for this one
30.
Why is it important to reflect on past successes?
Answer
Correct Answer:
The company can see what it achieved and how.
Note: This Question is unanswered, help us to find answer for this one
31.
Which of the following is a common risk outside the control of the business?
Answer
Correct Answer:
Economic downturn
Note: This Question is unanswered, help us to find answer for this one
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
Note: This Question is unanswered, help us to find answer for this one
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
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
38.
What should a company prepare financial ratios for?
Answer
Correct Answer:
Compare them to the past years and to industry norms.
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
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?
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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
Note: This Question is unanswered, help us to find answer for this one
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
Note: This Question is unanswered, help us to find answer for this one
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.
Note: This Question is unanswered, help us to find answer for this one
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
Note: This question has more than 1 correct answers
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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
Note: This Question is unanswered, help us to find answer for this one
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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