BCOR 370 PRACTICE EXAMS 2025/2026 QUESTIONS AND
ANSWERS RATED A+
✔✔VRIO - ✔✔a framework for analyzing a resource or capability to determine its
competitive strategic potential by answering 4 questions about its value, rarity,
imitability, and organization
✔✔forecast - ✔✔vision or projection of the future
✔✔trend analysis - ✔✔hypothetical extension of a past series of events into the future
✔✔contingency planning or scenario analysis - ✔✔the creation of alternative
hypothetical but equally likely future conditions
✔✔benchmarking - ✔✔a company compares its performance with that of high
performing organizations
✔✔growth strategy - ✔✔grand strategy that involves expansion
✔✔innovation strategy - ✔✔growing market share or profits by innovating improvements
in products or services
✔✔stability strategy - ✔✔involves little or no change
✔✔defensive strategy - ✔✔reduction in organizations efforts
✔✔BCG Matrix - ✔✔management strategy used by companies to evaluate their
strategic business units on the basis of their business growth rates and market share
✔✔diversification - ✔✔moving into new lines of business (amazon purchasing whole
foods)
✔✔related diversification - ✔✔when a company purchases a new business that is
related to the current business
✔✔unrelated diversification - ✔✔a company acquires another company in a completely
unrelated business
✔✔vertical integration - ✔✔firm expands into businesses that provide the supplies it
needs to make its products or that distribute and sell its products
✔✔Porter's model for industry analysis - ✔✔threats of new entrants
bargaining power of suppliers
bargaining power of buyers
, threats of substitute products or service
rivalry among competitors
✔✔Porters 4 competitive strategies - ✔✔cost-leadership, differentiation, cost-focus,
focused-differentiation
✔✔cost leadership - ✔✔to keep costs of products lower than competitors to target wide
audience for wide market
✔✔differentiation - ✔✔to offer products or services that are unique or have superior
value compared to competitors for wide market
✔✔cost focus - ✔✔to keep costs of products lower than competitors for narrow market
✔✔focused differentiation strategy - ✔✔to offer products or services that are unique or
have superior value compared to competitors for narrow market
✔✔execution - ✔✔using questions, analysis, and follow through to mesh strategy with
reality, align people with goals, and achieve results
✔✔decision - ✔✔is a choice made from among available alternatives
✔✔decision making - ✔✔the process of identifying and choosing alternative courses of
action
✔✔rational model of decision making ( how managers should make decisions) - ✔✔1:
Identify problem
2: Think up alternative solutions
3: evaluate alternatives and select a solution
4: implement and evaluate the solution chosen
✔✔non-rational model - ✔✔assume that decision-making is almost always uncertain
and risky
✔✔bounded rationality - ✔✔the ability of decision-makers to be rational is limited by
numerous constraints
✔✔hubris - ✔✔an extreme and inflated sense of pride, certainty, and confidence
✔✔satisficing model - ✔✔managers seek alternatives until they find one that is
satisfactory not optimal
✔✔intuition - ✔✔making a choice without the use of conscious thought or logical
inference
ANSWERS RATED A+
✔✔VRIO - ✔✔a framework for analyzing a resource or capability to determine its
competitive strategic potential by answering 4 questions about its value, rarity,
imitability, and organization
✔✔forecast - ✔✔vision or projection of the future
✔✔trend analysis - ✔✔hypothetical extension of a past series of events into the future
✔✔contingency planning or scenario analysis - ✔✔the creation of alternative
hypothetical but equally likely future conditions
✔✔benchmarking - ✔✔a company compares its performance with that of high
performing organizations
✔✔growth strategy - ✔✔grand strategy that involves expansion
✔✔innovation strategy - ✔✔growing market share or profits by innovating improvements
in products or services
✔✔stability strategy - ✔✔involves little or no change
✔✔defensive strategy - ✔✔reduction in organizations efforts
✔✔BCG Matrix - ✔✔management strategy used by companies to evaluate their
strategic business units on the basis of their business growth rates and market share
✔✔diversification - ✔✔moving into new lines of business (amazon purchasing whole
foods)
✔✔related diversification - ✔✔when a company purchases a new business that is
related to the current business
✔✔unrelated diversification - ✔✔a company acquires another company in a completely
unrelated business
✔✔vertical integration - ✔✔firm expands into businesses that provide the supplies it
needs to make its products or that distribute and sell its products
✔✔Porter's model for industry analysis - ✔✔threats of new entrants
bargaining power of suppliers
bargaining power of buyers
, threats of substitute products or service
rivalry among competitors
✔✔Porters 4 competitive strategies - ✔✔cost-leadership, differentiation, cost-focus,
focused-differentiation
✔✔cost leadership - ✔✔to keep costs of products lower than competitors to target wide
audience for wide market
✔✔differentiation - ✔✔to offer products or services that are unique or have superior
value compared to competitors for wide market
✔✔cost focus - ✔✔to keep costs of products lower than competitors for narrow market
✔✔focused differentiation strategy - ✔✔to offer products or services that are unique or
have superior value compared to competitors for narrow market
✔✔execution - ✔✔using questions, analysis, and follow through to mesh strategy with
reality, align people with goals, and achieve results
✔✔decision - ✔✔is a choice made from among available alternatives
✔✔decision making - ✔✔the process of identifying and choosing alternative courses of
action
✔✔rational model of decision making ( how managers should make decisions) - ✔✔1:
Identify problem
2: Think up alternative solutions
3: evaluate alternatives and select a solution
4: implement and evaluate the solution chosen
✔✔non-rational model - ✔✔assume that decision-making is almost always uncertain
and risky
✔✔bounded rationality - ✔✔the ability of decision-makers to be rational is limited by
numerous constraints
✔✔hubris - ✔✔an extreme and inflated sense of pride, certainty, and confidence
✔✔satisficing model - ✔✔managers seek alternatives until they find one that is
satisfactory not optimal
✔✔intuition - ✔✔making a choice without the use of conscious thought or logical
inference
