ACHE Board of Governors
Exam – Business | Practice
Questions & Study Guide PDF
Strategic action cycle (four stages) - ANSWER-1) strategic planning, 2) budgeting,
3) implementing strategy, and 4) controlling problems and monitoring progress
Stakeholders - ANSWER-Persons who have a claim to or obtain some benefit from
an organization
Project charter - ANSWER-A tool commonly used in project management to clarify
the key components of a project (e.g., scope, desired outcomes, parties) and to
ensure that the project's definition and desired outcomes coincide with an
organization's strategic priorities and goals.
Scenario analysis - ANSWER-A technique of proposing alternative futures that
could come to pass if a specified environmental change occurs; used by leaders to
better understand and plan for future contingencies
Segmentation - ANSWER-The division of a market into subsets of consumers with
similar needs and wants; enables marketers to focus their marketing efforts on
consumers most likely to buy a product or use a service
, Product (or service) life cycle - ANSWER-Four distinct but not wholly predictable
stages every product or service goes through: 1) introduction to the market; 2)
growth in utilization and revenue; 3) maturity when utilization and revenue
stabilize; and 4) decline, when utilization and revenue start to fall and eventually
become too little for the product or service to remain viable
Market structure - ANSWER-The organizational characteristics of a market that
exert a strategic influence on the intensity and form of competition
Marketing - ANSWER-The deliberate effort to establish fruitful relationships with
exchange partners and stakeholders
Portfolio analysis - ANSWER-A method of assessing an organization's products or
strategic business units that considers various factors, including competitive
position, profitability, growth, and mission importance.
Market share - ANSWER-The percentage of total sales volume in a market
captured by a brand, product, service or company
Internal environmental analysis - ANSWER-Evaluation of an organization's
products, assets, operations, and other factors to determine whether the
organization is carrying out its mission effectively and efficiently.
Malfeassance - ANSWER-Wrongdoing or improper and dishonest conduct,
especially by a person who holds public office or a position of trust.
Exam – Business | Practice
Questions & Study Guide PDF
Strategic action cycle (four stages) - ANSWER-1) strategic planning, 2) budgeting,
3) implementing strategy, and 4) controlling problems and monitoring progress
Stakeholders - ANSWER-Persons who have a claim to or obtain some benefit from
an organization
Project charter - ANSWER-A tool commonly used in project management to clarify
the key components of a project (e.g., scope, desired outcomes, parties) and to
ensure that the project's definition and desired outcomes coincide with an
organization's strategic priorities and goals.
Scenario analysis - ANSWER-A technique of proposing alternative futures that
could come to pass if a specified environmental change occurs; used by leaders to
better understand and plan for future contingencies
Segmentation - ANSWER-The division of a market into subsets of consumers with
similar needs and wants; enables marketers to focus their marketing efforts on
consumers most likely to buy a product or use a service
, Product (or service) life cycle - ANSWER-Four distinct but not wholly predictable
stages every product or service goes through: 1) introduction to the market; 2)
growth in utilization and revenue; 3) maturity when utilization and revenue
stabilize; and 4) decline, when utilization and revenue start to fall and eventually
become too little for the product or service to remain viable
Market structure - ANSWER-The organizational characteristics of a market that
exert a strategic influence on the intensity and form of competition
Marketing - ANSWER-The deliberate effort to establish fruitful relationships with
exchange partners and stakeholders
Portfolio analysis - ANSWER-A method of assessing an organization's products or
strategic business units that considers various factors, including competitive
position, profitability, growth, and mission importance.
Market share - ANSWER-The percentage of total sales volume in a market
captured by a brand, product, service or company
Internal environmental analysis - ANSWER-Evaluation of an organization's
products, assets, operations, and other factors to determine whether the
organization is carrying out its mission effectively and efficiently.
Malfeassance - ANSWER-Wrongdoing or improper and dishonest conduct,
especially by a person who holds public office or a position of trust.
