Quizzes Flashcards
(26 cards)
not-not-profit organizations
can provide an opportunity for individuals to address social issues
to start any business you must first have
an idea
_____ is the art of getting things done using organizational resources
management
any activity which seeks to earn a profit by providing a good or service is known as a(n)
business
which of the following is not typically included in the framework for thinking about a business?
develops wealth for its employees
the idea of a decision-making ecosystem “is related to which of the three characteristics one can use to assess a business
organizational culture and decision-making structure
which of the following is one of the four elements that comprise the key resources cell on the company-centric side of the business model?
a. labour
b. capital
c. assets
d. efficiency
e. acumen
labour
true or false: Not-for-profit organizations are concerned with wealth creation on behalf of their shareholders and stakeholders.
false
true or false: Visionary leadership is about inspiring workers to go beyond ordinary expectations.
true
true or false: On the company-centric (business system) side of the business model, the key activities cell refers to how the company combines assets, labour, capital and managerial acumen.
false
true or false: Commercial endeavours refers to the markets the organization serves, the products it offers, and the needs it professes to meet in the marketplace.
true
Under what circumstances would it be unwise for the managers of Double Decker Lanes, a local bowling alley, to drastically modify their company’s strategy?
Multiple Choice
a. changing market conditions
b. advancing technology
c. shifting customer needs
d. mounting evidence that the current strategy is not working well
e. desiring to mimic the strategy of Epicenter, a recent local entrant in bowling and gaming
e. desiring to mimic the strategy of Epicenter, a recent local entrant in bowling and gaming
The heart and soul of a company’s strategy-making effort
Multiple Choice
a. is figuring out how to become the industry’s best-cost provider.
b. is figuring out how to develop a winning customer value proposition and profit formula.
c. concerns how to improve the efficiency of business operations.
d. deals with how management plans to operate in a socially responsible manner, while keeping the company’s prices as low as possible.
e. is the actions and moves in the marketplace that managers take to gain a competitive advantage over rivals.
e. is the actions and moves in the marketplace that managers take to gain a competitive advantage over rivals.
You are a strategic consultant to Danielle and Casey, partners in a local upscale coffee-roasting and retail business. In counseling the partners about how to achieve a sustainable competitive advantage, you most likely would advise them to
Multiple Choice
a. allow worthy rivals to match or surpass any element of your current competitive advantage.
b. have some distinctive strategic element that draws in customers and produces a competitive edge.
c. utilize copycat product offerings or pursue similar approaches as rivals in order to stake out the same market position.
d. engage in stealth practices to beat competitors at their own game.
e. maintain their business model even at the expense of long-term profits.
b. have some distinctive strategic element that draws in customers and produces a competitive edge.Correct
A company’s strategy consists of
actions taken by managers in order to outperform competitors and achieve superior profitability.
a company’s strategy is shaped by
management analysis and choice in part, as well as by the necessity of adapting
A cleverly crafted and well-executed strategy
Multiple Choice
a. precludes the capture of emerging opportunities.
b. produces a mediocre financial performance.
c. immunizes a business from changing macroeconomic and market conditions.
d. provides direction only in terms of what the company should do.
e. can withstand the competitive challenges from rival firms.
e. can withstand the competitive challenges from rival firms.
Apple’s strategic approach to setting the company apart from rivals, building strong customer loyalty, and winning a competitive advantage includes
Multiple Choice
a. striving to be the industry’s highest-cost provider, thereby aiming for a differentiation-based competitive advantage over rivals.
b. outcompeting rivals on the basis of differentiating features, such as higher quality, wider product selection, added performance, value-added services, more attractive styling, and technological superiority.
c. developing an advantage based on offering inferior value for the money.
d. focusing on a narrow market niche within an industry.
e. mimicking the strategies of the industry leaders to gain a strong market position.
b. outcompeting rivals on the basis of differentiating features, such as higher quality, wider product selection, added performance, value-added services, more attractive styling, and technological superiority.
__________ occurs when regional economies develop and are separated by significant geographic space where interdependency is minimized.
geographic clustering
Core to Canada’s economic activity is our trading relationship with __________.
united states
Which country is NOT a formal member of the G7/G8?
china
As long as real wage growth is greater than inflation, __________ will occur, resulting in true economic growth.
increased consumer spending
These are markets that possess a number of different suppliers of products and services, but the nature of the product or service, along with the marketing effort initiated by businesses within the sector, has enabled true differentiation to set in.
monopolistically competitve
__________ demand reflects a situation where the quantity demanded changes significantly due to a change in price.
elastic
