Business Management Exam test
quiz and answers graded A+
Strategic Management - ANS✅✅analyze the current situation, develop appropriate strategy, put it
into action, evaluate and change as necessary
Strategic Management Process - ANS✅✅analyzing, development, implementation, evaluation
Strategy (game plan) - ANS✅✅the competitive moves and business approaches that managers
employ to attract and please customers, compete successfully, capitalize on opportunities to grow
the business, respond to changing market conditions, conduct operations, and achieve the targeted
financial market performance
Vision - ANS✅✅points an organization in a particular direction, charts a strategic path for it to
follow in preparing for the future, molds organizational identity, and helps steer in a common
direction
Mission - ANS✅✅describes the firms primary market, image, product and values; who are we,
what do we do, and why are we here?
Strategic planning - ANS✅✅process where organization makes decisions and takes action to affect
long-term performance
Strategic leadership - ANS✅✅levels of management & responsibilities at each level **look this
up**
Corporate governance - ANS✅✅is the system of rules, practices, and processes by which a
company is directed and controlled; involves balancing the interests of a company's many
stakeholders, such as shareholders, management, customers, suppliers, financiers, government and
the communtiy
Competitive advantage - ANS✅✅the edge that an organization has over its rival in attracting buyer
and coping with competitive forces
, Ethics - ANS✅✅notions of right and wrong, fair and unfair, moral or immoral; present in all
societies and cultures; managers can be moral, amoral, or immoral
Ethical universalism - ANS✅✅a concept in which the ethical implications of an action applies
universally to anyone, regardless of circumstance.
Corporate social responsibility - ANS✅✅organization displays a social conscience in operating the
business, and specifically takes into account how management decisions and company actions affect
the well-being of employees, local communities, the environment, and society at large
Core competencies - ANS✅✅a defining capability or advantage that distinguishes an enterprise
from its competitors
Capabilities - ANS✅✅businesses ability to successfully employ competitive strategies that all it to
survive and increase its value over time
Barriers to entry - ANS✅✅economies of scale, switching costs, product differentiation, capital
requirements, strong distribution networks
Economies of scale - ANS✅✅the cost advantages that enterprises obtain due to size, output, or
scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed
costs are spread out over more units of output
Economies of scope - ANS✅✅cost advantages that result when firms provide a variety of products
rather than specializing in the production or delivery of a single product or service
Switching costs - ANS✅✅the costs that a consumer incurs as a result of changing brands, suppliers
or products; usually monetary in nature, but can also be psychological
Value chain - ANS✅✅identifies primary activities and related support activities
Policies and procedures - ANS✅✅provide top-down guidance regarding how certain things need
to be done and helping enforce consistency in how strategy-critical activities are performed in
geographically scattered organization units
quiz and answers graded A+
Strategic Management - ANS✅✅analyze the current situation, develop appropriate strategy, put it
into action, evaluate and change as necessary
Strategic Management Process - ANS✅✅analyzing, development, implementation, evaluation
Strategy (game plan) - ANS✅✅the competitive moves and business approaches that managers
employ to attract and please customers, compete successfully, capitalize on opportunities to grow
the business, respond to changing market conditions, conduct operations, and achieve the targeted
financial market performance
Vision - ANS✅✅points an organization in a particular direction, charts a strategic path for it to
follow in preparing for the future, molds organizational identity, and helps steer in a common
direction
Mission - ANS✅✅describes the firms primary market, image, product and values; who are we,
what do we do, and why are we here?
Strategic planning - ANS✅✅process where organization makes decisions and takes action to affect
long-term performance
Strategic leadership - ANS✅✅levels of management & responsibilities at each level **look this
up**
Corporate governance - ANS✅✅is the system of rules, practices, and processes by which a
company is directed and controlled; involves balancing the interests of a company's many
stakeholders, such as shareholders, management, customers, suppliers, financiers, government and
the communtiy
Competitive advantage - ANS✅✅the edge that an organization has over its rival in attracting buyer
and coping with competitive forces
, Ethics - ANS✅✅notions of right and wrong, fair and unfair, moral or immoral; present in all
societies and cultures; managers can be moral, amoral, or immoral
Ethical universalism - ANS✅✅a concept in which the ethical implications of an action applies
universally to anyone, regardless of circumstance.
Corporate social responsibility - ANS✅✅organization displays a social conscience in operating the
business, and specifically takes into account how management decisions and company actions affect
the well-being of employees, local communities, the environment, and society at large
Core competencies - ANS✅✅a defining capability or advantage that distinguishes an enterprise
from its competitors
Capabilities - ANS✅✅businesses ability to successfully employ competitive strategies that all it to
survive and increase its value over time
Barriers to entry - ANS✅✅economies of scale, switching costs, product differentiation, capital
requirements, strong distribution networks
Economies of scale - ANS✅✅the cost advantages that enterprises obtain due to size, output, or
scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed
costs are spread out over more units of output
Economies of scope - ANS✅✅cost advantages that result when firms provide a variety of products
rather than specializing in the production or delivery of a single product or service
Switching costs - ANS✅✅the costs that a consumer incurs as a result of changing brands, suppliers
or products; usually monetary in nature, but can also be psychological
Value chain - ANS✅✅identifies primary activities and related support activities
Policies and procedures - ANS✅✅provide top-down guidance regarding how certain things need
to be done and helping enforce consistency in how strategy-critical activities are performed in
geographically scattered organization units
