#1
What is SWOT analysis used for in business strategy?
Evaluating internal strengths and weaknesses
Analyzing the political environment
Measuring financial performance
Assessing customer satisfaction
#2
What does the term 'core competency' refer to in the context of business strategy?
A unique capability that gives a firm a competitive advantage
Basic skills required for entry-level positions
The cost of maintaining operations
Routine tasks in the production process
#3
What is the purpose of a SWOT analysis in business?
Identifying market trends
Analyzing internal strengths and weaknesses
Forecasting financial performance
Evaluating customer satisfaction
#4
What is the primary focus of Porter's Five Forces framework in business strategy?
Evaluating internal strengths and weaknesses
Analyzing macro-environmental factors
Assessing the competitive forces in an industry
Measuring financial performance
#5
What is the primary purpose of a mission statement in business strategy?
Setting short-term financial goals
Communicating the organization's purpose and values
Analyzing market trends
Measuring customer satisfaction
#6
Which of the following is a cost leadership strategy?
Product differentiation
Focus strategy
Low-cost production
Market penetration
#7
What is the concept of the Blue Ocean Strategy?
Competing in existing markets with lower prices
Creating new markets and value innovation
Maximizing shareholder wealth
Diversification strategy
#8
Which type of innovation involves making incremental improvements to existing products or processes?
Disruptive innovation
Radical innovation
Sustaining innovation
Blue Ocean innovation
#9
What is the purpose of a pestle analysis in business strategy?
Evaluating internal strengths and weaknesses
Analyzing macro-environmental factors
Measuring financial performance
Assessing customer satisfaction
#10
Which of the following is a differentiation strategy?
Cost leadership
Focus strategy
Market penetration
Product innovation
#11
What does the term 'strategic alignment' mean in the context of business strategy?
Ensuring employee satisfaction
Aligning organizational activities with strategic goals
Maximizing shareholder wealth
Achieving cost leadership
#12
In decision-making, what does the term 'opportunity cost' refer to?
The cost of seizing an opportunity
The value of the best alternative forgone
The total cost of a decision
The cost of implementing a decision
#13
What is the primary purpose of a decision tree in business strategy?
Visualizing organizational hierarchy
Forecasting future market trends
Evaluating various decision alternatives
Analyzing financial statements
#14
What is the primary goal of a diversification strategy in business?
Maximizing market share in existing markets
Minimizing risk by entering new markets
Achieving cost leadership
Maintaining status quo in the industry
#15
In decision-making, what does the term 'bounded rationality' mean?
Making decisions based on complete information
Irrational decision-making influenced by emotions
Considering a limited amount of information
Following a strict decision-making model
#16
What role does benchmarking play in strategic decision-making?
Setting financial goals
Comparing performance with industry standards
Forecasting market trends
Determining customer preferences
#17
In the context of decision-making, what is the purpose of a decision matrix?
Visualizing organizational hierarchy
Prioritizing alternatives based on criteria
Forecasting future market trends
Analyzing financial statements