Business Strategy Questions and Answers

1. The process of analyzing large volumes of data to find patterns and trends. → Data analytics 2. The _______ monitoring services are specialized services that track and analyze legislative developments... → legislative 3. It sends you email alerts with links to the new content... → Google Alerts 4. They are specific, measurable, attainable, relevant, and time-bound (SMART)... specific, measurable, achievable, realistic, time-based, evaluated and reviewed SMARTER → Objectives 5. It forms the basis for formulating the mission statement → vision 6. Change the overall direction of the company when the world or economy changes → agility 7. It involves developing unique value propositions and competitive advantages. → Business level strategy 8. It analyzes the popularity of search terms... → Google Trends 9. Example: launching a digital marketing campaign to increase brand awareness → tactical plan 10. Objectives are specific, measurable steps that help you achieve your goals. These are ______ and actionable → short term 11. They are the individuals most responsible for the success or failure of an organization. → strategists 12. Acquiring the necessary skills, knowledge, and expertise → competence 13. Which one is a part of support activities? → procurement 14. Rolex targets only luxury watch buyers, not the mass market. → focus strategy 15. It focuses on the overall scope and direction of the organization. → corporate level strategy 16. Anything that a firm does especially well compared to rival firms. → competitive advantage 17. ___________ strategies means implemented if intended strategies fail or change → emergent 18. SMARTER: what does “E” stand for? → evaluated 19. They are sets of guidelines to accomplish specific goals and ensure consistent decision-making. → policy 20. It allows companies to analyze information about competitors and trends. → competitive intelligence platform 21. It deals with day-to-day operations and short-term actions. → functional strategy 32. Consistent communication helps monitor ______ and motivation. → performance 22. Make quick decisions and act fast when change is needed. → agility 33. Conducting annual or quarterly strategic reviews → REVIEWS 23. A non-stock, non-profit business organization with various enterprises. → PCCI 24. Sources that provide market and industry insights. → IBIS World 25. Which one is a threat under SWOT? → limited shelf life 26. It deals with production, quality control, and inventory management. → operations strategy 27. Provides economic data and analyses at the global level. → IMF 34. Management approach within an organization → Style 35. Ad-Hoc & _____ is involved in unexpected situations. → crisis scanning 36. Broad, long-term desired outcomes → goals 37. A business model with regular payments for services → subscription-based model 38. Overall process of executing and monitoring the strategic plan → STRATEGIC MANAGEMENT 28. It is how a business captures value. → business model 39. Business strategy is needed before goods or services are ______ → produced 29. Strategy ______ is a phase where objectives and a plan are created. → formulation 40. Corporate strategy may focus on _______, growth, or leadership. → cost 30. A strategy to evaluate internal strengths and weaknesses. → IFE 41. Processes and activities → Systems 31. Which one does not belong? → customized strategy 42. Focus of business strategy → one business unit 43. Which one is a strength of a company? → convenience 44. Focus of functional strategy → specific departments 45. Focused on customer satisfaction and beating competitors → business level strategy 46. Provides direction and aligns with mission and vision → planning 47. Example: expanding into new markets within 5 years → strategic plan 48. Organizations should monitor internal and external events and ______. → trends 49. We should analyze value ______ through benchmarking. → chain 50. Achieve pre-defined objectives is ______ strategies. → business