LSUS MBA 706 Saleh Exam 1 Rated A+
An industry analysis should be conducted at: - ANSWER-The individual strategic
business unit
Business orientations include all of the following: - ANSWER-Production orientation,
sales orientation, market orientation, and societal orientation
Environmental Scanning involves: - ANSWER-Monitoring activity to obtain info about
the environment
How are an organization's capabilities denoted? - ANSWER-An organization's
capabilities denote its competitive capacity and are dependent upon the resources it
has access to (assets + competencies = capabilities)
How are strategic responses to future events in the environment typically implemented?
- ANSWER-Through team creation
How can "group think" or bias towards one expert be avoided in consensus forecasting?
- ANSWER-By assigning a "devil's advocate", instructing the leader to not advocate for
one opinion, and inviting outsiders into the group
How does competitive intelligence support an organization? - ANSWER-Helps a
business anticipate competitors' actions, promotes learning and innovation, improves
communication, and analyzes industry trends
How does perception influence a person's reaction? - ANSWER-Different people can
have different perceptions of the same stimulus, influenced by selective attention,
selective distortion, and selective retention.
How would you describe Intuitive Forecasting? - ANSWER-It is an individual person's
perspective of what will happen in the future in their department - more of an art than a
science
In a PEST analysis, which of these would fall under 'Technological'? - ANSWER-
Developing technological processes
In competitor analysis, one of the possible problems is: - ANSWER-Overlooking small
competitors by placing too much emphasis on larger, more visible competitors
In competitor analysis, what does it mean to explore the 'Scope of the operation'? -
ANSWER-Identify the geographical range and scale of the competitor's operations
In Porter's Five Forces, 'Potential Entrants' refers to: - ANSWER-New companies that
could enter the industry and become competitors
, In the PEST analysis, which factor involves aspects such as age profiles, changes in
lifestyle, and education? - ANSWER-Social/Cultural
Macro-segmentation involves breaking down the market into smaller and smaller
segments. - ANSWER-Micro-segmentation involves considering the choice criteria,
structure of DMU, decision-making process, buy class, importance of purchasing, type
of purchasing organization, innovation level of organization, purchasing strategy,
personal attributes, and risk.
Market analysis helps to: - ANSWER-Build a picture of potentially profitable segments
One of the benefits of conducting a competitor analysis is: - ANSWER-To explore the
relative position of direct competitors
Porter's five forces model includes: - ANSWER-Threat of new entrants, Bargaining
power of suppliers, Bargaining power of customers, Threat of substitute products, and
Competitive rivalry within an industry
The '4 P's' in marketing refers to: - ANSWER-Price, Product, Promotion, Place
The concept of marketing as being too important to be left only to the marketing
department is attributed to: - ANSWER-David Packard
The concept of Marketing Myopia is closely related to: - ANSWER-A narrow definition of
one's business
The consequence of change can be: - ANSWER-New opportunities
The focus of strategic business decisions includes all of the following: - ANSWER-
Establishing long-term goals, Analyzing the organization's external and internal
environments, Making decisions about the organization's direction and scope
The marketing mix, often referred to as the 4 P's, consists of: - ANSWER-Product,
Price, Promotion, Place
The nature of competition within an industry is best assessed by: - ANSWER-Industry
Analysis
The term "PEST" in a strategic perspective refers to: - ANSWER-Political, Economic,
Social, and Technological factors
What are competencies in the context of an organization? - ANSWER-Competencies
are the skills and expertise the organization possesses to help it achieve its capacity.
An industry analysis should be conducted at: - ANSWER-The individual strategic
business unit
Business orientations include all of the following: - ANSWER-Production orientation,
sales orientation, market orientation, and societal orientation
Environmental Scanning involves: - ANSWER-Monitoring activity to obtain info about
the environment
How are an organization's capabilities denoted? - ANSWER-An organization's
capabilities denote its competitive capacity and are dependent upon the resources it
has access to (assets + competencies = capabilities)
How are strategic responses to future events in the environment typically implemented?
- ANSWER-Through team creation
How can "group think" or bias towards one expert be avoided in consensus forecasting?
- ANSWER-By assigning a "devil's advocate", instructing the leader to not advocate for
one opinion, and inviting outsiders into the group
How does competitive intelligence support an organization? - ANSWER-Helps a
business anticipate competitors' actions, promotes learning and innovation, improves
communication, and analyzes industry trends
How does perception influence a person's reaction? - ANSWER-Different people can
have different perceptions of the same stimulus, influenced by selective attention,
selective distortion, and selective retention.
How would you describe Intuitive Forecasting? - ANSWER-It is an individual person's
perspective of what will happen in the future in their department - more of an art than a
science
In a PEST analysis, which of these would fall under 'Technological'? - ANSWER-
Developing technological processes
In competitor analysis, one of the possible problems is: - ANSWER-Overlooking small
competitors by placing too much emphasis on larger, more visible competitors
In competitor analysis, what does it mean to explore the 'Scope of the operation'? -
ANSWER-Identify the geographical range and scale of the competitor's operations
In Porter's Five Forces, 'Potential Entrants' refers to: - ANSWER-New companies that
could enter the industry and become competitors
, In the PEST analysis, which factor involves aspects such as age profiles, changes in
lifestyle, and education? - ANSWER-Social/Cultural
Macro-segmentation involves breaking down the market into smaller and smaller
segments. - ANSWER-Micro-segmentation involves considering the choice criteria,
structure of DMU, decision-making process, buy class, importance of purchasing, type
of purchasing organization, innovation level of organization, purchasing strategy,
personal attributes, and risk.
Market analysis helps to: - ANSWER-Build a picture of potentially profitable segments
One of the benefits of conducting a competitor analysis is: - ANSWER-To explore the
relative position of direct competitors
Porter's five forces model includes: - ANSWER-Threat of new entrants, Bargaining
power of suppliers, Bargaining power of customers, Threat of substitute products, and
Competitive rivalry within an industry
The '4 P's' in marketing refers to: - ANSWER-Price, Product, Promotion, Place
The concept of marketing as being too important to be left only to the marketing
department is attributed to: - ANSWER-David Packard
The concept of Marketing Myopia is closely related to: - ANSWER-A narrow definition of
one's business
The consequence of change can be: - ANSWER-New opportunities
The focus of strategic business decisions includes all of the following: - ANSWER-
Establishing long-term goals, Analyzing the organization's external and internal
environments, Making decisions about the organization's direction and scope
The marketing mix, often referred to as the 4 P's, consists of: - ANSWER-Product,
Price, Promotion, Place
The nature of competition within an industry is best assessed by: - ANSWER-Industry
Analysis
The term "PEST" in a strategic perspective refers to: - ANSWER-Political, Economic,
Social, and Technological factors
What are competencies in the context of an organization? - ANSWER-Competencies
are the skills and expertise the organization possesses to help it achieve its capacity.
