Week 2 PL activity

What does business-driven technology primarily focus on?

• The history of technology

• The cost of technology

• How technology supports business goals

• The latest technological trends

Answer explanation

Business-driven technology primarily focuses on how technology supports business goals, ensuring that tech investments align with and enhance organizational objectives.

What is a static report?

• A report that contains only visual data

• A report that is updated in real-time

• A report created once based on unchanging data

• A report that changes automatically

Answer explanation

A static report is created once and contains unchanging data, making it distinct from reports that are updated in real-time or change automatically. Thus, the correct choice is a report created once based on unchanging data.

What is a knowledge worker?

• A worker in a factory setting

• An individual who performs manual labor

• An individual valued for their ability to interpret information

• A person who manages data entry

Answer explanation

A knowledge worker is someone who is valued for their ability to interpret and analyze information, rather than performing manual labor or data entry tasks. This role emphasizes cognitive skills and knowledge application.

What does a SWOT analysis evaluate?

• Employee performance

• Company position

• Customer satisfaction

• Market trends

Answer explanation

A SWOT analysis evaluates a company's position by identifying its Strengths, Weaknesses, Opportunities, and Threats. This helps in understanding the internal and external factors affecting the business.

What is the primary focus of Porter's Five Forces Model?

• Understanding customer behavior

• Assessing employee productivity

• Evaluating industry attractiveness

• Analyzing financial performance

Answer explanation

Porter's Five Forces Model primarily focuses on evaluating industry attractiveness by analyzing competitive forces, which helps businesses understand their market position and potential profitability.

What does buyer power refer to?

• The influence of government regulations

• The power of competitors in the market

• The ability of buyers to affect prices

• The ability of suppliers to set prices

Answer explanation

Buyer power refers to the ability of buyers to influence prices in the market. When buyers have strong power, they can negotiate lower prices or demand higher quality, impacting the overall pricing strategy of sellers.

Which of the following is an example of high supplier power?

• A market with many suppliers

• A market with low demand

• A monopoly supplier

• A competitive market

Answer explanation

A monopoly supplier has high power because they are the sole provider of a product or service, limiting alternatives for buyers. This contrasts with markets with many suppliers, where competition reduces supplier power.

What is the threat of substitute products?

• High when there are many alternatives

• Low when there are few alternatives

• High when there is no competition

• Low when prices are high

Answer explanation

The threat of substitute products is high when there are many alternatives available, as consumers can easily switch to other options, increasing competition and reducing market power for existing products.

What is product differentiation?

• Increasing market share

• Creating identical products

• Reducing production costs

• Developing unique differences in products

Answer explanation

Product differentiation involves developing unique differences in products to stand out in the market. This strategy helps attract customers by offering distinct features, quality, or branding, unlike identical products.

Which strategy focuses on being the lowest-cost producer?

• Focused strategy

• Broad differentiation

• Broad cost leadership

• Niche marketing

Answer explanation

The broad cost leadership strategy aims to be the lowest-cost producer in the industry, allowing a company to attract price-sensitive customers and gain a competitive advantage.