Business Simulation - D361 Question and answers already
passed 2025
1. Strategic
Process of defining organizational goals and the strategies, tactics, and
Plan- ning
resources that will enable a firm to achieve them
Seeks to answer:
What does your business do or
create? For whom?
How do they excel against the competition?
Building blocks of a strategic plan include: strategic analysis, business
opportunity analysis, strategic objectives (goals), strategic thrusts
(strategies or initiatives), and tactics
2. Business Analysis Data-driven process to identify the internal and external factors
impacting a busi- ness and its decisions
3. Goals Brief, clear statement of an outcome an organization hopes to achieve
within a given time frame
-aka objectives
4. SMART Goal Specific, Measurable, Attainable, Realistic, Timely
5. Strategy vs Tactic Strategy is big overall plan and tactic is individual components of
how you get to the strategy
6. Strategy Approach taken to achieve a goal at the organizational,
departmental/functional, or individual level; also referred to as strategic
initiatives or strategic thrusts
7. Tactic Specific activity used to pursue a strategy that aligns to a goal
8. Cost Leadership Business-level strategy where a firm seeks to position its product
competitively as the lowest-priced ottering on the market
1/
4
passed 2025
1. Strategic
Process of defining organizational goals and the strategies, tactics, and
Plan- ning
resources that will enable a firm to achieve them
Seeks to answer:
What does your business do or
create? For whom?
How do they excel against the competition?
Building blocks of a strategic plan include: strategic analysis, business
opportunity analysis, strategic objectives (goals), strategic thrusts
(strategies or initiatives), and tactics
2. Business Analysis Data-driven process to identify the internal and external factors
impacting a busi- ness and its decisions
3. Goals Brief, clear statement of an outcome an organization hopes to achieve
within a given time frame
-aka objectives
4. SMART Goal Specific, Measurable, Attainable, Realistic, Timely
5. Strategy vs Tactic Strategy is big overall plan and tactic is individual components of
how you get to the strategy
6. Strategy Approach taken to achieve a goal at the organizational,
departmental/functional, or individual level; also referred to as strategic
initiatives or strategic thrusts
7. Tactic Specific activity used to pursue a strategy that aligns to a goal
8. Cost Leadership Business-level strategy where a firm seeks to position its product
competitively as the lowest-priced ottering on the market
1/
4
