Topic 7b

A ________ describes the rationale of how a company is going to make money.

• A) mission statement

• B) business model

• C) SWOT analysis

• D) core competency

The CEO is meeting with his top managers to determine how best to compete successfully in the company's market. This group is developing the company's ________.

• A) strategy

• B) competitive advantage

• C) strengths and weaknesses

• D) opportunities and threats

Organizations grow by using strategies of ________.

• A) concentration, integration, or diversification

• B) concentration, integration, or stabilization

• C) integration, diversification, or differentiation

• D) integration, diversification, or functionalization

The CEO and his top managers have asked themselves two important questions: a. do customers value what the company is providing; and b. can the company make money doing that? This group is developing a ________.

• A) strategy

• B) competitive advantage

• C) business model

• D) BCG matrix

What are the three main types of corporate strategies?

• A) Stability, focus, and turnaround

• B) Growth, stability, and renewal

• C) Growth, cost leadership, and differentiation

• D) Stability, differentiation, and focus

Joe's Hardware bought Moe's hardware on the other side of town. This is an example of ________.

• A) backward integration

• B) forward integration

• C) lateral integration

• D) horizontal integration

A firm's ________ strategy is an organizational strategy for how it will compete in its primary or main market.

• A) primary

• B) competitive

• C) market

• D) concentration

An important part of customer service is ________.

• A) maintaining a friendly attitude

• B) giving customers what they want

• C) offering a toll-free number with representatives available 24/7.

• D) keeping costs low by offshoring the customer service call center

When used to connect with customers or to connect employees with co-workers in other locations, social media ________.

• A) provide a means for customers to order products online

• B) create distractions that can keep employees from being productive

• C) provide information for competitors that give them a competitive advantage

• D) can create a competitive advantage

The top managers of the corporation are meeting to discuss how they will compete in their chosen markets and how they will attract and satisfy customers. These managers are discussing ________.

• A) the business model

• B) strategy

• C) their competitive advantage

• D) core competencies