C483 Exam Questions and Correct Answers
6 steps of formal planning process
Situational analysis
Alternative goals and plans
Goal and plan evaluation
Goal and plan selection
Implementing
Monitoring and controlling
Provides a perspective on where the organization is headed and what it can become
Strategic vision
A clear and concise expression of the basic purpose of the organization
Strategic mission
Measurable, long-term objectives that define where an organization aims to be in 3 to 5
years
Strategic goals
A unique skill and/or knowledge and organization possesses that gives it an edge over
competitors.
Core competency/capability
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and
threats
,SWOT analysis
The set of businesses, markets, or industries in which an organization competes and the
distribution of resources among those entities.
Corporate strategy
focuses on a single business competing in a single industry
Concentration strategy
An organization enters one or more businesses that are necessary for manufacturing or
distributing its own products
Vertical integration strategy
A corporate strategy used to add new businesses that produce related products or are
involved in related markets and activities.
Concentric diversification
a corporate strategy used to add new businesses that produce unrelated products or are
involved in unrelated markets and activities
Conglomerate diversification
concentration strategy
This corporate strategy is pursued when industry growth potential is high or when the company
has a narrow range of competencies
vertical integration strategy
, This type of corporate strategy should reduce costs and uncertainties created by unpredictable
business relationships with suppliers and distributors
concentric diversification
This corporate strategy is used by companies to take advantage of their strengths in one business
to gain an advantage in another
concentric diversification
This corporate strategy requires adequate management and other resources for operating more
than one business
conglomerate diversification
This type of corporate strategy is pursued by companies to minimize risks due to market
fluctuations in one industry
A business strategy an organization uses to build competitive advantage by being efficient
and offering a standard, no-frills product.
low-cost strategy
A strategy an organization uses to build competitive advantage by being unique in its
industry or market segment along one or more dimensions.
Differentiation Strategy
economy, technology, legal, demographics, natural environment
5 Factors of Macroenvironment
6 steps of formal planning process
Situational analysis
Alternative goals and plans
Goal and plan evaluation
Goal and plan selection
Implementing
Monitoring and controlling
Provides a perspective on where the organization is headed and what it can become
Strategic vision
A clear and concise expression of the basic purpose of the organization
Strategic mission
Measurable, long-term objectives that define where an organization aims to be in 3 to 5
years
Strategic goals
A unique skill and/or knowledge and organization possesses that gives it an edge over
competitors.
Core competency/capability
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and
threats
,SWOT analysis
The set of businesses, markets, or industries in which an organization competes and the
distribution of resources among those entities.
Corporate strategy
focuses on a single business competing in a single industry
Concentration strategy
An organization enters one or more businesses that are necessary for manufacturing or
distributing its own products
Vertical integration strategy
A corporate strategy used to add new businesses that produce related products or are
involved in related markets and activities.
Concentric diversification
a corporate strategy used to add new businesses that produce unrelated products or are
involved in unrelated markets and activities
Conglomerate diversification
concentration strategy
This corporate strategy is pursued when industry growth potential is high or when the company
has a narrow range of competencies
vertical integration strategy
, This type of corporate strategy should reduce costs and uncertainties created by unpredictable
business relationships with suppliers and distributors
concentric diversification
This corporate strategy is used by companies to take advantage of their strengths in one business
to gain an advantage in another
concentric diversification
This corporate strategy requires adequate management and other resources for operating more
than one business
conglomerate diversification
This type of corporate strategy is pursued by companies to minimize risks due to market
fluctuations in one industry
A business strategy an organization uses to build competitive advantage by being efficient
and offering a standard, no-frills product.
low-cost strategy
A strategy an organization uses to build competitive advantage by being unique in its
industry or market segment along one or more dimensions.
Differentiation Strategy
economy, technology, legal, demographics, natural environment
5 Factors of Macroenvironment
