#1
What is the purpose of SWOT analysis in business?
To identify strengths, weaknesses, opportunities, and threats
ExplanationEvaluate internal and external factors.
#2
What is a Pareto analysis primarily used for?
To prioritize issues based on their impact
ExplanationFocus on significant problems.
#3
Which of the following is NOT a characteristic of a SMART goal?
Retroactive
ExplanationGoals should be forward-looking.
#4
Which strategy aims to reduce costs while maintaining acceptable levels of quality and service?
Cost leadership strategy
ExplanationCompete on price while delivering value.
#5
What is the primary purpose of a SWOT analysis?
To evaluate internal strengths and weaknesses
ExplanationAssess internal factors.
#6
Which of the following is NOT a component of Porter's Five Forces framework?
Customer loyalty
ExplanationPorter's Five Forces include threat of new entrants, bargaining power of buyers, threat of substitutes, and bargaining power of suppliers.
#7
What does the acronym KPI stand for in business?
Key Performance Indicator
ExplanationMeasure performance metrics.
#8
Which of the following is a characteristic of a sustainable competitive advantage?
Difficult for competitors to imitate
ExplanationUnique and hard to replicate.
#9
In project management, what does the critical path refer to?
The longest sequence of tasks determining the minimum project duration
ExplanationCritical tasks for project timeline.
#10
What is the primary purpose of benchmarking in business?
To identify areas for improvement by comparing with industry best practices
ExplanationLearn from industry leaders.
#11
What does the BCG matrix classify businesses based on?
Market growth rate and relative market share
ExplanationAnalyze business portfolio.
#12
What is the main objective of Porter's Five Forces analysis?
To analyze the competitive intensity of an industry
ExplanationUnderstand industry dynamics.
#13
What is the main purpose of a differentiation strategy in business?
To create a unique offering that stands out from competitors
ExplanationStand out with distinctive offerings.
#14
What is the primary focus of a blue ocean strategy?
Creating uncontested market space and making competition irrelevant
ExplanationInnovate to create new demand.
#15
What does the term 'disruptive innovation' refer to?
An innovation that creates a new market and value network
ExplanationRevolutionary market creation.