Test bank for business strategy development application 2nd edition by bissonette

Page of 26 This chapter has 142 questions Scroll down to see and select individual questions or narrow the list using the checkboxes below Multiple Choice Questions - (74) questions at random and keep in order  Learning Objective: 01-05 Exposure to the concept of Visionary Leadership - (5) True/False Questions - (56) Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully executing both in order for a business to achieve its identified objectives - (12) Short Answer Questions - (12) Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and profitability - (13) Odd Numbered - (71) Topic: 01-01 The Big Picture - (12) Even Numbered - (71) Topic: 01-02 What Is Business? - (51) Accessibility: Keyboard Navigation - (130) Topic: 01-03 The Full Business Model - (11) Difficulty: Difficult - (6) Topic: 01-04 The Role of the Business Owner or C-Suite Manager - (16) Difficulty: Easy - (107) Topic: 01-05 Putting Plans Into Action - (14) Difficulty: Moderate - (29) Topic: 01-06 Thinking Across Multiple Horizons - (4) Gradable: automatic - (130) Topic: 01-07 Corporate Social Responsibility - (10) Gradable: manual - (12) Topic: 01-08 The Concept of Visionary Leadership - (7) Learning Objective: 01-01 A macro-level understanding of what business is - (54) Topic: 01-09 Management Reflection - The Business Decision-Making Landscape - (8) Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance - (54) Topic: 01-10 Appendix - The Business Model and Profitability - (2) Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team - (45) Topic: 01-11 The Difference between Profit and Profitability - (8) Learning Objective: 01-04 An understanding of how businesses plan - (42) Topic: 01-12 Improving Profitability - (2) Commercial endeavours refers to the markets the organization serves, the products it offers, and the needs it professes to meet in the marketplace → True False Accessibility: Keyboard Navigation Difficulty: Easy True / False Question Gradable: automatic question #1 Topic: 01-01 The Big Picture Employee interaction is a reflection of the complexities of the business activities that circulate within an organization True → False Accessibility: Keyboard Navigation Difficulty: Easy True / False Question Gradable: automatic question #2 Topic: 01-01 The Big Picture Organizational efficiency and structure refers to the value-creating skills an organization's employees bring to the marketplace True → False Accessibility: Keyboard Navigation Difficulty: Easy True / False Question Gradable: automatic question #3 Topic: 01-01 The Big Picture Employee interaction refers to the value-creating skills an organization's employees bring to the marketplace → True False Accessibility: Keyboard Navigation Difficulty: Easy True / False Question Gradable: automatic question #4 Topic: 01-01 The Big Picture Business can be thought of as a system designed to grow a market for an organization's goods and services and create organizational value on behalf of stakeholders → True False True / False Question question #5 Any organization that produces a good or service can be classified as a business True → False True / False Question question #6 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Topic: 01-01 The Big Picture Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Topic: 01-02 What Is Business? Full file at https://TestbankDirect.eu/ Page of 26 The goal of business activities is profit True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #7 Topic: 01-02 What Is Business? Profit is what it costs to make and sell a product True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #8 Topic: 01-02 What Is Business? Businesses have the right to keep and use their profits as they choose, without limitations True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #9 Topic: 01-02 What Is Business? 10 Businesses seek to earn a profit by providing goods and services to others → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #10 Topic: 01-02 What Is Business? 11 Revenue is the amount a business earns above and beyond what it spends for expenses and costs True → False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #11 Topic: 01-02 What Is Business? 12 A manager is an individual who assumes the risk of starting a business True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #12 Topic: 01-02 What Is Business? 13 If a business' costs and expenses are greater than its revenue, it will suffer a loss → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #13 Topic: 01-02 What Is Business? 14 The business model can best be visualized as the underlying operational platform Full file at https://TestbankDirect.eu/ Page of 26 → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance True / False Question Topic: 01-02 What Is Business? question #14 Topic: 01-03 The Full Business Model 15 Technology can help businesses become more efficient and productive → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #15 Topic: 01-02 What Is Business? 16 Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #16 Topic: 01-02 What Is Business? 17 The competitive environment now empowers managers to make decisions quickly for their front line employees True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #17 Topic: 01-02 What Is Business? 18 Managers coordinate resources to achieve organizational objectives → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #18 Topic: 01-02 What Is Business? 19 Businesses seek to earn a profit by providing goods and services to others → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #19 Topic: 01-02 What Is Business? 20 If a business' costs and expenses are less than than its revenue, it will earn a profit → True False True / False Question question #20 21 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Topic: 01-02 What Is Business? Full file at https://TestbankDirect.eu/ Page of 26 On the company-centric (business system) side of the business model, the key activities cell refers to the infrastructure and resource base of the organization True → False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance True / False Question Topic: 01-02 What Is Business? question #21 Topic: 01-03 The Full Business Model 22 The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million During the year Buckmaker earned a profit of $13 million → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #22 Topic: 01-02 What Is Business? 23 Successful businesses constantly monitor consumer wants and needs → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their True / False Question successful development and execution determines business performance question #23 Topic: 01-02 What Is Business? 24 Not-for-profit organizations such as the Canadian Cancer Society not engage in management, marketing, or finance activities True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #24 Topic: 01-05 Putting Plans Into Action 25 To remain competitive in today's market, firms must produce a quality product and offer outstanding service at a reasonable price → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #25 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 26 Producing a high quality product will ensure success in the competitive environment True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #26 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 27 A key element of business success is a business plan → True False True / False Question question #27 Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Page of 26 Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Learning Objective: 01-04 An understanding of how businesses plan Topic: 01-11 The Difference between Profit and Profitability 28 Management is the art of getting things done through organizational resources → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #28 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 29 A modern manager's main job is to issue orders, then follow up to make sure employees as they were told True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #29 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 30 Managers in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving orders → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #30 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 31 Managers in many of today's high-tech firms realize that workers often know much more about technology than they → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #31 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 32 Despite all of the changes in the business environment, the basic way a manager performs his or her job has remained remarkably constant True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #32 Topic: 01-05 Putting Plans Into Action 33 Given the lack of discipline and short attention spans of today's workers, modern managers must watch their workers closely, set strict rules, and vigorously enforce them True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #33 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 34 In most high tech industries, the best way to respond quickly to rapid technological changes is to keep most authority and responsibility in the hands of a few key managers who provide precise, detailed directions to the workers True → False Full file at https://TestbankDirect.eu/ Page of 26 True / False Question question #34 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Learning Objective: 01-04 An understanding of how businesses plan Topic: 01-04 The Role of the Business Owner or C-Suite Manager 35 The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of their workers True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #35 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 36 Every business is faced with the reality of having less uses for resources than resources available True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #36 Topic: 01-03 The Full Business Model 37 Because of advancements in technology, managers now have an easier time obtaining long-term commitments from workers True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #37 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 38 An organization is said to have competitive advantage when it can perform critical activities better than its rivals → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #38 Topic: 01-05 Putting Plans Into Action 39 Not-for-profit organizations are concerned with wealth creation on behalf of their shareholders and stakeholders True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #39 Topic: 01-05 Putting Plans Into Action 40 For-profit organizations serve their customers and clients via a model of collective interest and social goal achievement True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #40 Topic: 01-05 Putting Plans Into Action 41 Questions like "What we want to do?" are associated with the implementation stage of the planning cycle True → False Full file at https://TestbankDirect.eu/ Page of 26 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #41 Topic: 01-05 Putting Plans Into Action 42 Questions like "What needs to be changed or improved?" are associated with the positioning stage of the planning cycle True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #42 Topic: 01-05 Putting Plans Into Action 43 Stakeholders are best understood as the shareholders of a business or the people who have made an equity investment True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #43 Topic: 01-07 Corporate Social Responsibility 44 Stakeholders have a direct or an indirect link to an organization and can be impacted by its policies, actions, and decisions → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #44 Topic: 01-07 Corporate Social Responsibility 45 Social and environmental responsibility is not as important as it used to be True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #45 Topic: 01-07 Corporate Social Responsibility 46 Short-term performance is one of two fundamental objectives that managers must consider when making decisions about the strategic direction of the organization True → False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #46 Topic: 01-06 Thinking Across Multiple Horizons 47 Green initiatives are challenging organizations to position themselves as good corporate citizens in order to acquire and retain customers → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team True / False Question Learning Objective: 01-04 An understanding of how businesses plan question #47 Topic: 01-07 Corporate Social Responsibility 48 Strategies are actions that a firm executes to meet short-term objectives True Full file at https://TestbankDirect.eu/ Page of 26 → False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully executing both in True / False Question order for a business to achieve its identified objectives question #48 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 49 Assessing company resources and capabilities is an element of the business decision-making model → True False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully executing both in True / False Question order for a business to achieve its identified objectives question #49 Topic: 01-08 The Concept of Visionary Leadership 50 As managers, we need to avoid the temptation to become predominantly focused on short-term results → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully executing both in True / False Question order for a business to achieve its identified objectives question #50 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 51 The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and True / False Question profitability question #51 Topic: 01-11 The Difference between Profit and Profitability 52 Profits of a business include the salaries paid to the owners and employees of that business True → False Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and True / False Question profitability question #52 Topic: 01-11 The Difference between Profit and Profitability 53 Total revenue - total expenses = profit True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and True / False Question profitability question #53 Topic: 01-11 The Difference between Profit and Profitability 54 Profitability is the "bottom line" result the organization has been able to achieve True → False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and True / False Question profitability question #54 Topic: 01-11 The Difference between Profit and Profitability 55 Profitability measures how well an organization is using its resources over a specific period of time → True False True / False Question question #55 Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Page of 26 Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and profitability Topic: 01-11 The Difference between Profit and Profitability 56 The challenge to improve profitability faces both large companies and small companies → True False Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and True / False Question profitability question #56 Topic: 01-12 Improving Profitability 57 One way of thinking about the talent component of an organization is to use the axiom that a successful strategy results from % thinking and % execution: → 5, 95 95, 80, 20 20, 80 50, 50 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #57 Topic: 01-02 What Is Business? 58 The goal of business is to earn respect resources → a profit responsibility independence Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #58 Topic: 01-02 What Is Business? 59 A business' objectives should NOT be: specific measurable actionable controllable → overly complicated Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #59 Topic: 01-05 Putting Plans Into Action 60 Which of the following is NOT presented as a key ability of visionary leaders: articulate and communicate the vision create exceptional commitment to vision within the workforce → adjust, build out or reinvent the business model understand the critical investments necessary for success demonstrate leadership commitment Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Multiple Choice Question Learning Objective: 01-05 Exposure to the concept of Visionary Leadership question #60 Topic: 01-07 Corporate Social Responsibility 61 If a business is to be successful in the long run, it must treat its customers, employees, and community with social meetings → responsibility agendas insight Full file at https://TestbankDirect.eu/ Page 10 of 26 interests Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #61 Topic: 01-07 Corporate Social Responsibility 62 Not-for-profit organizations, Last for only short periods of time as their objective is not to create profits for their owners Have a hard time hiring employees as they have no means of paying them Are not concerned about meeting their financial needs → Can provide an opportunity for individuals to address social issues Are the same as government organizations Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #62 Topic: 01-05 Putting Plans Into Action 63 All of the following are recognized as abilities of visionary leaders except: demonstrate leadership commitment → drive increases in profitability articulate and communicate vision create commitment to vision Enable execution of essential processes Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Multiple Choice Question Learning Objective: 01-05 Exposure to the concept of Visionary Leadership question #63 Topic: 01-07 Corporate Social Responsibility 64 What is the first step in the business decision-making model: → visualize and assess the business opportunity adjust, build out or reinvent the business model assess company resources and capabilities determine tactics required to achieve objectives confirm market size and profitability potential Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #64 Topic: 01-08 The Concept of Visionary Leadership 65 refers to the human resource requirements of the business → Labour Capital Assets Efficiency Acumen Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #65 Topic: 01-02 What Is Business? 66 When consumers decide to purchase a particular product, they: will search for the retailer that offers the lowest price → consider the total collection of benefits that the product offers base their decision on a brand name nearly all of the time initially evaluate the product's package Multiple Choice Question question #66 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Full file at https://TestbankDirect.eu/ Page 12 of 26 successful development and execution determines business performance Topic: 01-03 The Full Business Model 72 _ refers to the money needed by an organization Assets Labour → Capital Managerial acumen Structure Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #72 Topic: 01-02 What Is Business? 73 Which of the following is NOT one of the four core fundamental resource areas an organization will build its business model or system around? Assets Labour Capital Managerial acumen → Structure Accessibility: Keyboard Navigation Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Difficulty: Easy Gradable: automatic Full file at https://TestbankDirect.eu/ Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #73 Topic: 01-02 What Is Business? 74 To start any business you must first have investors → an idea capital employees a business plan Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #74 Topic: 01-06 Thinking Across Multiple Horizons 75 Which of the following is NOT a suitable definition of strategy? Is the development of plans and decisions which will guide the direction of the firm and determine its longterm performance Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace Checks that the life expectancy of the product or service is long enough to ensure that the initial investment can be recovered and that the firm can make a profit Is the means by which the organization selects future direction and areas for focus → Checks to see that day-to-day activities are running smoothly and generating profit Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #75 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 76 Culture, processes, and infrastructure are related to which of the three characteristics one can use to assess a business? Employee interaction Organizational capacity Commercial endeavours Markets the organization serves → Organizational efficiency and structure Accessibility: Keyboard Navigation Difficulty: Easy Multiple Choice Question Gradable: automatic question #76 Topic: 01-01 The Big Picture 77 _ occurs when a company possesses capabilities that enable it to perform critical activities better than its rivals: Full file at https://TestbankDirect.eu/ Page 13 of 26 → positioning managerial acumen competitive advantage profit profitability Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite Multiple Choice Question management team question #77 Topic: 01-03 The Full Business Model 78 The role of the top-level management team is to anticipate, recognize, and _ opportunities that then drive the creation of products and/or delivery of services believe to offer solutions to problems in a unique, important, and valued (meaningful) way examine analyze consider → act upon think about Accessibility: Keyboard Navigation Difficulty: Difficult Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite Test Bank for Business Strategy Development Application 2nd Edition by Bissonette management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan Full file at https://TestbankDirect.eu/ question #78 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 79 Sweet Dream Confectioners uses the same ingredients as most other producers of chocolate candies In fact, taste tests suggest that the candy itself, while quite good, isn't much better than other well-known brands of chocolate However, the company wraps its candies in expensive looking foil and places them in very attractive boxes It promotes its products in advertisements as "the ultimate in chocolate experience." Sweet Dream charges a much higher price than most competitors, but sales continue to grow This success indicates that: consumers often behave in an irrational manner → there is more to the total product offer than the physical product consumers seldom consider price when making a buying decision for goods such as chocolate chocolate is best classified as a convenience good the market is inefficient Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #79 Topic: 01-02 What Is Business? 80 When purchasing a product, the consumer is actually buying its anticipated benefits and → satisfaction price costs productivity form Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #80 Topic: 01-02 What Is Business? 81 Which of the following does NOT make up a business? A system of integrated actions develops and grows a market for its goods and/or services creates organizational value (wealth) on behalf of its stakeholders → develops wealth for its employees delivers the right solution to the right customer Multiple Choice Question question #81 82 A company does not have competitive advantage when: Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Topic: 01-01 The Big Picture Page 14 of 26 → it can offer customers a product/service that has more value to them than similar products offered by other companies the business plan is competitive and executed properly customers are attracted to the company's product/service offering(s) the company generates money, or revenue, from the sale of the product the company's product/service offer is perceive to be equal to that offered by other companies Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #82 Topic: 01-05 Putting Plans Into Action 83 A business incurs a _ if its costs and expenses exceed its revenues → loss liability debit dividend bonus Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Test BankLearning for Business Strategy 2ndofEdition bymodel Bissonette Objective: 01-02 AnDevelopment overview of the Application major components a business and how their Multiple Choice Question successful development and execution determines business performance Full file at https://TestbankDirect.eu/ question #83 Topic: 01-02 What Is Business? 84 A business' objectives should NOT be which of the following? Specific Measurable → Easy Controllable Actionable Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #84 Topic: 01-05 Putting Plans Into Action 85 Which of the following is NOT one of the three fundamental characteristics that an efficient and effective operating platform will possess? → A system of integrated actions Commercial Endeavours Employee Interaction model Organizational Efficiency Organizational Structure Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #85 Topic: 01-02 What Is Business? 86 The business plan should all of the following except explain the business include estimates of income and expenses establish a strategy for acquiring sufficient funds include an analysis of the competition → act as a shackle to limit the business's flexibility and decision making Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #86 Topic: 01-05 Putting Plans Into Action 87 Today's progressive managers: usually prefer to use the autocratic style of leadership Full file at https://TestbankDirect.eu/ Page 15 of 26 → tend to emphasize teamwork and cooperation rather than discipline and order-giving face fewer challenges and problems than managers in the past can rely on a much higher level of worker loyalty to the organization than in the past are beginning to revert to a command-and-control approach Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #87 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 88 Profitability analysis takes into consideration all of the following except: return on the capital invested return on equity financial leverage comparisons between competitors to determine which organizations are the most effective in their utilization of their resources → market capitalization Accessibility: Keyboard Navigation Difficulty: Difficult Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and Multiple Choice Question profitability question #88 Test Bank for Business Strategy Development Topic: 01-11 The Difference between Profit and Profitability Application 2nd Edition by Bissonette 89 Which of the following is NOT one of the areas in which visionary leaders excel: Fullsupport file atand https://TestbankDirect.eu/ build critical mass for vision → eliminate opposition to vision and strategy free up resources to complete critical initiatives ensure accountability is embedded in reward and performance programs Create shared understanding of vision Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Multiple Choice Question Learning Objective: 01-05 Exposure to the concept of Visionary Leadership question #89 Topic: 01-07 Corporate Social Responsibility 90 is the amount a business earns over and above what it spends for salaries and other expenses → Profit Revenue Interest Dividends tax Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #90 Topic: 01-02 What Is Business? 91 is the amount a business earns over and above what it spends for salaries and other expenses → Profit Revenue Interest Dividends Assets Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #91 Topic: 01-02 What Is Business? 92 _ represent the infrastructure and resource base of the organization: → assets liabilities labour capital managerial acumen Full file at https://TestbankDirect.eu/ Page 16 of 26 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #92 Topic: 01-02 What Is Business? 93 Key resources include all of the following EXCEPT: assets → liabilities labour capital managerial acumen Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #93 Topic: 01-02 What Is Business? 94 refers to the value-creating skills which an organization's employees bring to the marketplace Organizational efficiency → Employee interaction Labour supply Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Organizational value Full file at https://TestbankDirect.eu/ Stakeholder efficiency Accessibility: Keyboard Navigation Difficulty: Moderate Multiple Choice Question Gradable: automatic question #94 Topic: 01-01 The Big Picture 95 _ refers to the immediate-term actions which a firm executes in order to meet the short-term objectives set forth in the current planning cycle: strategy → tactics leadership culture resources and capabilities Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #95 Topic: 01-08 The Concept of Visionary Leadership 96 The total amount of money that businesses earn by selling goods and services is called profit → revenue loss retained earnings equity Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #96 Topic: 01-02 What Is Business? 97 Which of the following is NOT part of the process called The Business Planning Cycle? Management team understands its strategic opportunities and its capabilities, competencies, and overall capacity Management team develops a business plan via a process which outlines its focus and methodology for using its resources → Management team capitalizes on its identified strategic opportunities Management team creates valuable products and services Management team creates a unique position in the marketplace built around a competitive advantage Multiple Choice Question question #97 Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Moderate Page 17 of 26 Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Learning Objective: 01-04 An understanding of how businesses plan Topic: 01-05 Putting Plans Into Action 98 The functions of organizing, staffing, planning, and controlling are most closely associated with employees customers → managers stockholders accountants Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #98 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 99 Today, managers have to make allocation decisions around the use of all of the following resources EXCEPT: financial human natural technological → consumer Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #99 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 100."I Can't Believe That It's Medicine" is an advertising slogan for a new antacid The manufacturer claims that their antacid works faster and tastes better than any competing brand These claims are part of the firm's strategy partnership portfolio new product development positioning → value chain Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #100 Topic: 01-02 What Is Business? 101. _ expenditures are expenses incurred as a result of the normal business operations The salaries/wages of employees, the purchase of raw materials for the fabrication of products, the costs of shipping products from point A to point B, or the costs of advertising campaigns, are examples of such expenses Asset-based Working Operating → Functioning Past Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #101 Topic: 01-02 What Is Business? 102. is the ability to develop a unique, credible, sustainable, and valued place in the minds of our customers for our brand, products, and/or services: positioning → relative merit assessment opportunity assessment revenue model development primary segment development and exploitation Full file at https://TestbankDirect.eu/ Page 18 of 26 Multiple Choice Question question #102 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Topic: 01-02 What Is Business? 103.Which of the following is NOT one of the three fundamental characteristics against which a business can be initially assessed? Commercial endeavours Organizational capacity → Organizational efficiency Employee interaction Organizational structure Accessibility: Keyboard Navigation Difficulty: Easy Multiple Choice Question Gradable: automatic question #103 Topic: 01-01 The Big Picture 104.The idea that strategy is 5% thinking and 95% execution, and execution is 5% technical competence and 95% people capabilities is most closely associated with which characteristic of a business? Commercial endeavour Organizational capacity Organizational efficiency Employee interaction → Test Bank forstructure Business Strategy Development Application 2nd Edition by Bissonette Organizational Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Multiple Choice Question Gradable: automatic question #104 Topic: 01-01 The Big Picture 105.Which of the following is NOT typically included on the company-centric side of the business model? activities resources partners revenue model → product/service portfolio Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Multiple Choice Question Topic: 01-02 What Is Business? question #105 Topic: 01-03 The Full Business Model 106.According to your text, marketing research and data analytics are most commonly associated with: value proposition development opportunity assessment → portfolio management value chain configuration assembly of key resources Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #106 Topic: 01-02 What Is Business? 107. _ is the art of getting things done using organizational resources Socialization Justification Preparation Management → Cultural alignment Multiple Choice Question question #107 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Full file at https://TestbankDirect.eu/ Page 19 of 26 Learning Objective: 01-04 An understanding of how businesses plan Topic: 01-04 The Role of the Business Owner or C-Suite Manager 108. _ summarizes to whom a product or service is geared and the benefits the purchaser will realize as a result of using the product or service: value proposition → product mix product differentiation opportunity assessment product portfolio Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite Multiple Choice Question management team question #108 Topic: 01-03 The Full Business Model 109.Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market? Product matrix Product line → Product mix Total product offer product proposition Accessibility: Keyboard Navigation Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Difficulty: Easy Gradable: automatic Full file at Learning https://TestbankDirect.eu/ Objective: 01-07 Via an appendix, an introduction to the difference between profit and Multiple Choice Question profitability question #109 Topic: 01-11 The Difference between Profit and Profitability 110.Which of the following is typically NOT used to describe commercial endeavours? Markets the organization serves Needs the organization professes to meet in the marketplace Products the organization offers Services the organization offers Transaction processes the organization develops → Accessibility: Keyboard Navigation Difficulty: Easy Multiple Choice Question Gradable: automatic question #110 Topic: 01-01 The Big Picture 111. _ measures how well a company is using its resources over a specific period of time to generate earnings relative to its competitors: profit profitability → profit potential profit target profit expectation Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and Multiple Choice Question profitability question #111 Topic: 01-10 Appendix - The Business Model and Profitability 112.Businesses differ from not-for-profit organizations in that a business's focus is on price goods profit → organization plans Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #112 Topic: 01-02 What Is Business? 113. is the "bottom line" result an organization has realized for an identified, immediate period of time: profit potential profit target Full file at https://TestbankDirect.eu/ Page 20 of 26 → profitability profit profit expectation Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and Multiple Choice Question profitability question #113 Topic: 01-10 Appendix - The Business Model and Profitability 114.Too much emphasis on developing future products and/or services, versus responding to customer needs today, may result in the business: falling short of social responsibility expectations liquidity issues if it is unable to cover its expenses in the short term → remaining healthy and continues to grow acquiring external capital funding commitments which will enable them to reinvest in the organization ensuring that it remains vibrant and responsive to community needs Accessibility: Keyboard Navigation Difficulty: Difficult Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #114 Topic: 01-07 Corporate Social Responsibility 115.A loss occurs when expenses are greaterStrategy than: Test Bank for Business Development Application 2nd Edition by Bissonette assets Full file at https://TestbankDirect.eu/ profit revenue → costs taxes Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #115 Topic: 01-02 What Is Business? 116.Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the marketplace desires? right time right customer right place right invention → right price Multiple Choice Question question #116 117.Which of the following is typically NOT used to describe commercial endeavours? Value-creating skills of employees → Markets the organization serves Services the organization offers Products the organization offers Needs the organization professes to meet in the marketplace Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Accessibility: Keyboard Navigation Difficulty: Easy Multiple Choice Question Gradable: automatic question #117 Topic: 01-01 The Big Picture 118.Which organization is endeavouring to serve a wealthier and "trendier" customer base? Walmart Home Outfitters Simons Inc Hudson's Bay Company → Zellers Multiple Choice Question question #118 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and Full file at https://TestbankDirect.eu/ Page 21 of 26 profitability Topic: 01-12 Improving Profitability 119. _, managers need to understand where the market is going and how their products and services will fit into the market and meet customer needs , they need to ensure that the right product reaches the right customer at the right time and at the right place for the right price Tactically; Tactically Strategically; Strategically Strategically; Tactically → Decisively; Tactically Defensively; Tactically Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #119 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 120. _ is the development of plans and decisions which will guide the direction of the firm and determine its longterm performance Vision Planning Strategy → Execution Tactic Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #120 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 121. is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance Vision Planning Strategy → Execution Tactic Full file at https://TestbankDirect.eu/ Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Multiple Choice Question executing both in order for a business to achieve its identified objectives question #121 Topic: 01-09 Management Reflection - The Business Decision-Making Landscape 122.The _ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation, versus the _ of your competitors' value propositions measured across these same benefit areas total; strength strength; strength → strength; weakness weakness; weakness weakness; strength Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #122 Topic: 01-02 What Is Business? 123.Which of the following is NOT one of the key elements that comprise the commercial endeavours characteristic of the "big picture" model of the enterprise: markets the organization serves products the organization offers structure of the organization → services the organization offers needs the organization meets Full file at https://TestbankDirect.eu/ Page 22 of 26 Multiple Choice Question question #123 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Topic: 01-02 What Is Business? 124.Last year, MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million Based on this information, MacTeck: earned a profit of $12 million → earned a profit of $56 million suffered a loss of $12 million suffered a loss of $22 million paid tax of $12 million Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #124 Topic: 01-02 What Is Business? 125.Which of the following is the best example of a business? A community college The Salvation Army The Girl Guides of Canada Strategy Development Application 2nd Edition by Bissonette Test Bank for Business Walmart → FullYMCA file at https://TestbankDirect.eu/ The Accessibility: Keyboard Navigation Difficulty: Moderate Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #125 Topic: 01-02 What Is Business? 126.In order to achieve long-term growth and profitability, businesses are constantly searching for new markets and new opportunities to further grow the scope and focus of their organizations: because management behavior is unpredictable because they recognize that the demand for current products and services could disappear to ensure the immediate survival of the firm in order to achieve long-term growth and profitability → because it is too difficult to business in Canada Accessibility: Keyboard Navigation Difficulty: Difficult Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #126 Topic: 01-06 Thinking Across Multiple Horizons 127.Which of the following is NOT typically included on the market-centric side of the business model: key resources → positioning value proposition opportunity assessment revenue model Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Multiple Choice Question Topic: 01-02 What Is Business? question #127 Topic: 01-03 The Full Business Model 128.Which of the following is NOT one of the key areas of the company-centric side of the business model: activities resources value proposition development → partners products and services Full file at https://TestbankDirect.eu/ Page 23 of 26 Multiple Choice Question question #128 Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their successful development and execution determines business performance Topic: 01-02 What Is Business? 129.The role of the top-level management team is to anticipate, recognize, and act upon opportunities that then drive the creation of products and/or delivery of services believe to offer solutions to problems in a unique, important, and _ way interesting varied valued → insightful efficient Accessibility: Keyboard Navigation Difficulty: Difficult Gradable: automatic Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Multiple Choice Question Learning Objective: 01-04 An understanding of how businesses plan question #129 Topic: 01-04 The Role of the Business Owner or C-Suite Manager 130.A value proposition which has a positive price/quality relationship is considered superior to those of your competitors, if it: is more unique Test Bank for Business Strategy Development Application 2nd Edition by Bissonette is more important your more value-driven Fullproduct file atishttps://TestbankDirect.eu/ provides greater opportunity to communicate to the potential purchaser all of the choices are correct → Accessibility: Keyboard Navigation Difficulty: Easy Gradable: automatic Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Multiple Choice Question successful development and execution determines business performance question #130 Topic: 01-02 What Is Business? 131.What is a business? Explanation: A business can most easily be thought of as mission-focused activities aimed at identifying the needs of a particular market, or markets, and the development of a solution to such needs through the acquisition and/or transformation of goods and services that can be delivered to the marketplace at a profit Difficulty: Moderate Gradable: manual Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Short Answer Question successful development and execution determines business performance question #131 Topic: 01-02 What Is Business? 132.What are the three fundamental characteristics against which an organization can be assessed? Explanation: An efficient and effective operating platform will also possess three fundamental characteristics against which it can be assessed These three characteristics are its commercial endeavours, its employee interaction model, and its organizational efficiency and structure Difficulty: Moderate Gradable: manual Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Short Answer Question successful development and execution determines business performance question #132 Topic: 01-02 What Is Business? 133.What is visionary leadership? Explanation: Visionary leadership refers to the ability of managers to establish a direction for the organization based on the needs Full file at https://TestbankDirect.eu/ Page 24 of 26 identified in the marketplace and the mission (reason for being) of the organization This is then translated into a strategic plan designed to guide the organization to fulfilling such needs while meeting its mission Short Answer Question question #133 134.What is a business model or system? Difficulty: Easy Gradable: manual Learning Objective: 01-05 Exposure to the concept of Visionary Leadership Topic: 01-07 Corporate Social Responsibility Explanation: 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 Difficulty: Easy Gradable: manual Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Short Answer Question successful development and execution determines business performance question #134 Topic: 01-03 The Full Business Model 135.What is the "second" business objective (after making profit)? Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Explanation: Full fileisattohttps://TestbankDirect.eu/ This second objective set in motion the ability of the organization to achieve long-term growth and profitability Businesses recognize that the demand for the products and services which they currently offer will change, and could, in fact, disappear over time Given this, businesses are constantly searching for new markets and new opportunities to further grow the scope and focus of their organizations Although immediate-term operating performance is based on the products and services which a business offers today, new products and services will need to be developed in order to ensure that the organization remains healthy and continues to grow Short Answer Question question #135 136.What are stakeholders? Difficulty: Easy Gradable: manual Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and profitability Topic: 01-09 Management Reflection - The Business Decision-Making Landscape Explanation: Stakeholders are individuals, groups, or organizations which have a direct or indirect relationship with an organization, and which can be impacted by its policies, actions and decisions Stakeholders could include customers, suppliers, government, employees, etc Difficulty: Easy Gradable: manual Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Short Answer Question Learning Objective: 01-04 An understanding of how businesses plan question #136 Topic: 01-06 Thinking Across Multiple Horizons 137.Do you agree with the idea that when consumers calculate the value of a product, then look at the benefits and then subtract the costs? Why/why not? Explanation: Answers will vary Difficulty: Easy Gradable: manual Learning Objective: 01-01 A macro-level understanding of what business is Learning Objective: 01-02 An overview of the major components of a business model and how their Short Answer Question successful development and execution determines business performance question #137 Topic: 01-03 The Full Business Model 138.What is the difference between asset-based and operating expenditures, give an example of each? Explanation: Full file at https://TestbankDirect.eu/ Page 25 of 26 Asset-based expenditures are those expenditures which you incur in commencing a business operation or expanding its capacity Examples of such expenses could be the purchase of equipment or building(s) Operating expenditures are expenses incurred as a result of the normal business operations The salaries/wages of employees, the purchase of raw materials for the fabrication of products, the costs of shipping products from point A to point B, or the costs of advertising campaigns, are examples of such expenses Short Answer Question question #138 139.What is strategy? Difficulty: Moderate Gradable: manual Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and profitability Topic: 01-09 Management Reflection - The Business Decision-Making Landscape Explanation: Strategy is the development of plans and decisions which will guide the direction of the firm and determine its long-term performance Strategy focuses on the vision of the firm and the opportunity which it believes exists in the marketplace Difficulty: Easy Gradable: manual Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Short Answer Question executing both in order for a business to achieve its identified objectives question #139 Topic: 01-08 The Concept of Visionary Leadership Bank between for Business Strategy Development Application 2nd Edition by Bissonette 140.Explain theTest differences strategic, tactical, operational, and contingency planning Full file at https://TestbankDirect.eu/ Explanation: Strategic planning is long-range planning that determines major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals Strategic planning deals with such fundamental questions as which customers to serve, what products and services to sell, and the geographic areas in which the firm will compete Students may note that top managers are very involved in strategic planning Tactical planning is short-range planning that involves the process of developing detailed, short-term decisions about what is to be done, who is to it, and how it is to be done Tactical planning involves setting annual budgets and deciding on other details which contribute to reaching strategic objectives Students may point out that lower level managers are more heavily involved in tactical planning Operational planning involves setting the work standards and schedules needed in the short run to achieve tactical objectives Operational planning tends to focus on specific department managers, supervisors, and employees Contingency planning is the preparation of alternative courses of action that may be used if the primary plans not achieve the objectives of the organization Due to rapid changes that can occur in economic and competitive environments, it is wise to have alternative plans ready to be implemented Difficulty: Difficult Gradable: manual Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully executing both in order for a business to achieve its identified objectives Short Answer Question Topic: 01-08 The Concept of Visionary Leadership question #140 141.When does a business have a competitive advantage? Explanation: A company has a competitive advantage when it can offer customers a product/service that has more value to them than similar products offered by other companies If the business plan is competitive and executed properly, and customers are attracted to the company's product/service offering(s), the company generates money, or revenue, from the sale of the product Difficulty: Moderate Gradable: manual Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between business strategy and business model development, and the importance of successfully Short Answer Question executing both in order for a business to achieve its identified objectives question #141 Topic: 01-08 The Concept of Visionary Leadership 142.What is a value proposition? Explanation: Full file at https://TestbankDirect.eu/ Page 26 of 26 Simply stated, a value proposition is a statement which summarizes whom a product or service is geared towards and the benefits which the purchaser of the product or service will realize as a result of using the product It is made up of service benefits, product benefits, brand benefits, cost benefits, and emotional benefits The strength of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted within the value proposition equation, versus the strength of your competitors' value propositions measured across these same benefit areas Short Answer Question question #142 Difficulty: Easy Gradable: manual Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite management team Topic: 01-03 The Full Business Model Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Full file at https://TestbankDirect.eu/ Full file at https://TestbankDirect.eu/ ... the business owner or C-Suite management team Topic: 01-03 The Full Business Model Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Full file at https://TestbankDirect.eu/... the "second" business objective (after making profit)? Test Bank for Business Strategy Development Application 2nd Edition by Bissonette Explanation: Full fileisattohttps://TestbankDirect.eu/... understanding of what business is Test BankLearning for Business Strategy 2ndofEdition bymodel Bissonette Objective: 01-02 AnDevelopment overview of the Application major components a business and how