Year 12 Business: Unit 3 Topic 2: Strategic Development

What are the four criteria that are used to make judgements, decisions and recommendations in Senior Business?

• Competitiveness, effectiveness, ethics and stakeholder satisfaction.

• Competitiveness, Effectiveness, Efficiency and Stakeholder Satisfaction.

• Capacity, ethics, engagement and sustainability.

• Compliance, effectiveness, efficiency and satisfaction.

Which business criterion considers the degree to which a business's products and services meet or exceed market standards in relation to other businesses.

• Efficiency

• Stakeholder Satisfaction

• Competitiveness

• Effectiveness

What criterion in business is concerned with the degree to which a business has optimised its use of resources, and application of processes, to achieve its goals and objectives?

• Competitiveness

• Stakeholder Satisfaction

• Effectiveness

• Efficiency

Operating efficiently in a hostile environment can be achieved by focusing on which three areas?

Select all correct answers.

• Price reductions

• Technological efficiencies

• Outsourcing

• Project Management and operational efficiency.

___________ is when non-core business operations are transferred to external specialists who perform them more efficiently and effectively.

Which of the following is an advantage of outsourcing?

• Ability to focus on core functions.

• Reduction in operating costs, including cheap labour.

• Loss of jobs in the business.

• Access to skills and expertise not available in the business.

___________ of production, often to overseas companies, presents opportunities and challenges for mature businesses looking to remain competitive.

Which of the following are types of positioning strategies that can be used in competitive markets?

• Product attributes and benefits.

• Product Price

• Product Quality

• Product Profitability

_______ environments are defined as a situation in which businesses actively compete against one another for customer attention and market share.

A mature industry with hostile market conditions is often associated with what? Select all correct answers.

• Cost-Competitive Environments

• High Profitiability

• Declining profit margins

• Risk