Business Strategy
Test Bank
Course Introduction
Business Strategy is a course designed to explore how organizations create, implement, and sustain competitive advantage in dynamic markets. Students will study foundational frameworks and tools used in strategic analysis, such as SWOT, Porters Five Forces, and the value chain, while applying them to real-world business scenarios. The course covers key concepts including industry analysis, competitive positioning, corporate diversification, strategic execution, and responding to disruptive innovation. Through case studies and group projects, students develop analytical and decision-making skills crucial for formulating and evaluating effective business strategies at both corporate and business-unit levels.
Recommended Textbook business strategy development application 1st Canadian Edition by Gary Bissonette
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15 Chapters
2132 Verified Questions
2132 Flashcards
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2
Chapter 1: What Is Business
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) The image created by advertising is part of the total product offer of a product.
A)True
B)False
Answer: True
Q2) Which of the following is NOT one of the three fundamental characteristic that an efficient and effective operating platform will possess?
A) A system of integrated actions
B) Commercial Endeavours
C) Employee Interaction model
D) Organizational Efficiency & Structure
E) None of the above
Answer: A
Q3) What is a business model or system?
Answer: Combined,the application of assets,labour,capital,and managerial acumen,in support of the transformation and sale of goods and services,determines a company's cost base and overall operating platform,or what is called its business model or system.
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3
Chapter 2: The Canadian Economic Environment
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123 Flashcards
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Sample Questions
Q1) If the quantity supplied in a market exceeds the quantity demanded,a shortage will exist.
A)True
B)False
Answer: False
Q2) In the long run,the actual market price tends to adjust toward the equilibrium price.
A)True
B)False Answer: True
Q3) Economic expansion occurs when an economy is growing and people are spending more money.
A)True
B)False Answer: True
Q4) The total value of a country's output of final goods and services in a given year is known as the nation's gross domestic product (GDP)..
A)True
B)False Answer: True
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Chapter 3: The Global Marketplace
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101 Flashcards
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Sample Questions
Q1) ____________ is the selling of goods and services to other countries.
A) In-trading
B) Exporting
C) Importing
D) Dumping
Answer: B
Q2) Countries often used trade protectionism measures to protect their domestic industries from foreign competition.
A)True
B)False
Answer: True
Q3) A ________ tariff is designed to raise the price of imported products so that domestic goods are more competitively priced.
A) protective
B) restrictive
C) progressive
D) revenue
Answer: A
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Page 5
Chapter 4: The Environment and Sustainable Business Practices
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Sample Questions
Q1) Eco-Efficiency Management can be thought of as consisting of two broad categories of operational reassessment,these being resource management and emissions management.
A)True
B)False
Q2) ___________,often driven by external groups and concerned citizens,has resulted in a greater awareness and understanding of the environmental challenge which we are now facing.
A) Regulatory compliance
B) Societal pressure
C) Eco-management
D) Environmental sustainability initiatives
E) Environmental responsibilities
Q3) Successful economic development ratings need to go beyond production and consumption indices and include additional measures such as the protection of our biosphere.
A)True
B)False
Q4) What do organizations and their management teams need to recognize to be successful in an integrative approach?
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Chapter 5: Ethics and Corporate Social Responsibility
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) A competitive corporate environment:
A) can encourage employees to deceive customers.
B) should focus on improving corporate profit.
C) must be ignored when corporate ethics are developed.
D) can best define ethical behaviour based on current circumstances.
Q2) The most basic ethical concerns have been formalized through laws and regulations that encourage conformity to society's values and norms.
A)True
B)False
Q3) When managers appear to disregard ethical concerns,the likely results would include:
A) reduced employee turnover.
B) improved manager morale.
C) reduced lawsuits.
D) mistrust between workers and management.
Q4) After developing a code of ethics,it should be communicated to:
A) everyone with whom the business has dealings.
B) the police in jurisdictions where the business has operations.
C) all levels of management.
D) stockholders.
Page 7
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Chapter 6: Developing a Business Strategy
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Sample Questions
Q1) Strategic planning is now much easier than it used to be because managers have access to very reliable computerized forecasting tools.
A)True
B)False
Q2) A __________ is an overall explanation of why an organization exists and where it is trying to head.
A) tactical plan
B) prime directive
C) corporate charter
D) vision
Q3) Corporate,Business,and Operating are the three parts of formulating the strategic plan.
A)True
B)False
Q4) Every business is faced with the reality of having less uses for resources than resources available.
A)True
B)False
Q5) Explain responsibility and accountability with respect to strategic planning.
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Chapter 7: Entrepreneurship and Forms of Business
Ownership
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217 Verified Questions
217 Flashcards
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Sample Questions
Q1) Managerial hierarchy is often referred to as the "Chain of Command".
A)True
B)False
Q2) The business operations of the Cadet Corporation are complex,requiring a great deal of planning and coordination.The span of control for the managers of the Cadet Corporation is likely to be:
A) narrow.
B) wide.
C) unrelated to these variables.
D) decentralized.
Q3) Which of the following is considered to be an advantage of departmentalization?
A) Employees become narrow specialists.
B) People in the same department tend to think alike.
C) Departments are isolated from one another.
D) Employee skills can be developed in depth.
Q4) The optimum number of subordinates a manager should supervise is referred to as the span of control.
A)True
B)False
Q5) Explain decision-making control as it relates to responsibility.
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Chapter 8: Developing Your Business Structure and Culture
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) Managers with good competitive skills are able to visualize,understand,and communicate the big picture.
A)True
B)False
Q2) Maslow placed _________ needs at the highest level of his hierarchy.
A) self-actualization
B) esteem
C) deferred
D) social
Q3) Motivation explains why people behave as they do.
A)True
B)False
Q4) As with investment decisions relating to equipment and/or a building,the recruitment and training of an organization's human resource assets require a significant up-front investment on the part of an organization.
A)True
B)False
Q5) Human relations is not concerned with what motivates employees on the job.
A)True
B)False
10
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Chapter 9: Managing and Leading the Organizations Talent
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176 Verified Questions
176 Flashcards
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Sample Questions
Q1) How does a small business owner seek to tackle the need to create as efficient an operation as is possible?
Q2) _____ is the management of the inter-dependencies which suppliers,manufacturers,and distributors all have with each other.
A) Process management
B) Supply Chain management
C) Product/Service management
D) Efficient work flow
E) Distribution logistics
Q3) Process design,layout,and execution refers to the assessment and implementation of the tasks necessary to get the required work accomplished,and how such tasks will be grouped and sequenced to ensure that the most efficient and effective processes are utilized in the production of products and/or services.
A)True
B)False
Q4) Organized approach for the analysis of processes is part of the Six Sigma methodology?
A)True
B)False
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Chapter 10: The Marketing Challenge
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164 Flashcards
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Sample Questions
Q1) The length of time spent within each stage of the decision-making process is dependent upon the various alternatives offered in the marketplace.
A)True
B)False
Q2) What are the four key objectives for effectively positioning?
Q3) Successful marketing researchers listen to customers and other stakeholders.
A)True
B)False
Q4) _____ is a strategy that attracts new customers to existing products.
A) Product development
B) Market development
C) Market penetration
D) Product penetration
E) Diversification
Q5) One of the six core challenges is: "Can we create a value proposition which positions our product and/or service as the best solution to our targeted customers?"
A)True
B)False
Q6) What is Target Marketing?
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Chapter 11: Understanding the Marketing Effort
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192 Verified Questions
192 Flashcards
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Sample Questions
Q1) ______ is the change in demand that is anticipated to occur at the various price points the organization is considering for its product and/or service.
A) Price elasticity
B) Demand elasticity
C) Consumer price threshold
D) Buyer threshold
E) Payback period
Q2) Viewing the product strategy as that of functionality attributes brings into play a considerably broader range of attributes which can be used to more fully align the organization's offerings to the needs of the target market and create greater opportunity for differentiation.
A)True
B)False
Q3) A traditional "Pillar" of Marketing,Product has since been replaced with the word "distribution".
A)True
B)False
Q4) How does a marketing manager respond to the global downward pressure on price?
Q5) Explain the creation of the marketing mix via the four pillar components.
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Chapter 12: Technology and Operations Management
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) Competition-based pricing is the process used to determine the profitability of a product at various levels of sales.
A)True
B)False
Q2) A type of indirect costs,called fixed costs are costs which the organization commits itself to within an operating year,and which often are spent in advance or at the front end of a manufacturing/sales cycle.
A)True
B)False
Q3) Gourmet Pets feels its target market is more concerned with perceived quality than actual product cost.They also feel that the newness of this concept offers an opportunity to make high profits since they are the first firm to enter this market,so they face no direct competition.Their decision to charge a high price is consistent with the price leadership strategy.
A)True
B)False
Q4) Which type of cost provides managers with more control and why?
Q5) How is breakeven point calculations helpful in determining sales revenue level requirements?
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Chapter 13: Understanding Business Finances
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102 Flashcards
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Sample Questions
Q1) As business owners and managers,we need to continually be aware of the risks being incurred.
A)True
B)False
Q2) Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called corporate raiders.
A)True
B)False
Q3) Long-Term Credit Facilities are debts that will be repaid over a number of years.
A)True B)False
Q4) Ease of formation is an advantage of a sole proprietorship.
A)True B)False
Q5) For many individuals,commencing business operations is easiest via the establishment of a Private Corporation.
A)True B)False
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Chapter 14: Financial Statements Structure and Interpretation
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) Solvency refers to a longer-term assessment of the financial stability of the organization.
A)True
B)False
Q2) _______ is where we look at the specific dollar amount of financial resources available.
A) Ratio Analysis
B) Leverage Analysis
C) Trend Analysis
D) Absolute Analysis
E) Proportional Analysis
Q3) Trend Analysis is the process by which we assess and interpret the relationships between the financial results shown on an organization's financial statements.
A)True
B)False
Q4) What does knowing the relationship between each of the sections of the Balance Sheet do for managers?
Q5) What do capital asset transactions represent?
Q6) What does a solvency analysis focus on?
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Chapter 15: Analyzing New Business Ventures
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Making the Purchase focuses on business valuation.
A)True
B)False
Q2) Upon reading a business plan,all of the following should be apparent,EXCEPT:
A) who the customer is
B) why the business will be successful in reaching these customers
C) how the business will reach venture capitalist
D) what it will take (in terms of resources) to get the job done
E) why someone would believe in the management team
Q3) Upon reading a business plan,it should be apparent how the business will reach venture capitalists.
A)True
B)False
Q4) Set-up is a key analytical area of operational capacity.
A)True
B)False
Q5) Determine the Price focuses on business valuation.
A)True
B)False
Q6) What does benchmark requirements focus on and what are the two key benchmarks?
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