What is strategic drift?

Failure to keep up with change.

What is the 'Competing Values Framework' used for?

Understanding organizational culture.

What does the Triple Bottom Line emphasize?

Economic, social, environmental goals.

What is the 'Cultural Web' used for?

Evaluating organizational culture.

Which is a SMART objective?

Grow revenue by 10% in 6 months.

What is the main goal of a mission statement?

Clarify the organization's purpose.

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Business Strategy Essentials

24 termsStudBud Administration8 plays

Test your knowledge on key concepts in business strategy, from mission and vision statements to dynamic capabilities and core competencies.

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Questions 24

Answers

1
True or false: Vision statements focus on the present.
True
False
2
What does 'transforming' involve in dynamic capabilities?
Reconfiguring capabilities.
Avoiding change.
Focusing on profits.
Ignoring market trends.
3
Which is NOT part of a strategy statement?
Unique advantages.
Fundamental goals.
Scope of activities.
Daily tasks.
4
What is strategic drift?
Over-reliance on innovation.
Failure to keep up with change.
Rapid adaptation to change.
Ignoring internal resources.
5
What is the main focus of strategic entrepreneurship?
Conserving resources.
Maintaining status quo.
Pursuing opportunities.
Avoiding risks.
6
What is the 'Competing Values Framework' used for?
Setting financial goals.
Analyzing market trends.
Understanding organizational culture.
Evaluating competitors.
7
What question does a mission statement answer?
How do we compete?
What are our values?
What do we want to achieve?
What business are we in?
8
What is a core competence?
A market trend.
A basic skill.
A unique strength.
A financial goal.
9
What is the main focus of strategic planning?
Long-term goals.
Daily operations.
Avoiding risks.
Short-term profits.
10
What does the Triple Bottom Line emphasize?
Market share.
Customer satisfaction.
Economic, social, environmental goals.
Profit only.
11
Which is an example of an intangible resource?
Brand reputation.
Office furniture.
Company vehicles.
Factory equipment.
12
What is the purpose of corporate values?
Guide strategy and behavior.
Set financial targets.
Define market trends.
Describe competitors.
13
What is the 'Triple Bottom Line' also called?
People, Planet, Profit.
Economic Growth Model.
Profit-Only Model.
Sustainability Goals.
14
What is a key feature of dynamic capabilities?
Focusing only on profits.
Constantly evolving resources.
Staying static.
Ignoring external trends.
15
Which is an example of a tangible resource?
Brand reputation.
Customer loyalty.
Office building.
Employee skills.
16
What is the focus of the Resource-Based View?
Internal resources.
Customer preferences.
Market trends.
External competition.
17
What is a key feature of mechanistic structures?
Tight control.
Open communication.
Encourages creativity.
Flexible roles.
18
What is the goal of sustainable development?
Focus on short-term goals.
Ignore environmental impact.
Maximize profits.
Meet human needs sustainably.
19
What is the 'Cultural Web' used for?
Evaluating organizational culture.
Defining market trends.
Analyzing competitors.
Setting financial goals.
20
Which is a SMART objective?
Increase sales someday.
Be the best company.
Improve customer service.
Grow revenue by 10% in 6 months.
21
What does 'sensing' involve in dynamic capabilities?
Avoiding risks.
Identifying opportunities.
Ignoring market trends.
Focusing on profits.
22
What does 'seizing' mean in dynamic capabilities?
Avoiding risks.
Ignoring opportunities.
Exploiting opportunities.
Maintaining status quo.
23
What is the main goal of a mission statement?
Describe competitors.
Clarify the organization's purpose.
Define future goals.
List financial objectives.
24
What is the purpose of a vision statement?
Define future aspirations.
Describe daily operations.
Explain current challenges.
List financial goals.

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