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Business Strategy Acumen Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Which form of marketing would be a good strategy for an older target audience?

Question 2 2. Marketing strategy includes:

Question 3 3. Which strategy is a company using when it employs lobbyists to influence government regulators?

Question 4 4. Which answer choice represents an example of how a business could pursue a non-market strategy?

Question 5 5. A merger or an acquisition is a type of _____ growth strategy.

Page 2

Question 6 6. _____ occurs when an organization begins to offer a new product or service in their current market.

Question 7 7. Anti-discrimination training is considered what type of training?

Question 8 8. Training employees on an organization's new software system to monitor inventory would be considered _____.

Question 9 9. Which of the following is NOT one of the 4 P's of the marketing mix?

Question 10 10. Your company is the only one on the market that has a product which is in high demand. If you want to earn as much as possible, while minimizing your cost, which strategy should you use?

Page 3

Question 11 11. When suppliers are limited or inputs are scarce, which of Porter's Five Forces are at play?

Question 12 12. When buyers are able to join together to put pressure on a supplier, this is which of Porter's Five Forces?

Question 13 13. How does the focus strategy differ from the other strategies identified in the lesson?

Question 14 14. Which of the following is the best explanation of a business strategy?

Question 15 15. What can a proactive company do to ensure that a value chain is effective?

Page 4

Question 16 16. How does one explain a value chain?

Question 17 17. What are the two main types of salespeople?

Question 18 18. What are two common types of compensation?

Question 19 19. What are the main components of the strategic management process?

Question 20 20. Which of the following is a possible way to assemble a strategy?

Page 5

Question 21 21. What are the three components are used to gain the market's attention when using a marketing strategy?

Question 22 22. Part of Mary's job is to scan the internet every day looking for threats and opportunities for her company. Mary is playing a role in what type of market strategy?

Question 23 23. _____ means that a company will seek to expand their business by increasing their market shares in the market they are already operating in.

Question 24 24. What is NOT a benefit of using college and university career service departments for recruiting?

Question 25 25. If there is another leader in the industry, a company might decide to match the leader's pricing. Otherwise, it will maintain current prices. What is this strategy called?

Page 6

Question 26 26. Which of Porter's Five Forces tell us that in an industry with a lot of patents it might be difficult to gain a competitive advantage if you are new to the industry?

Question 27 27. Why is a differentiation strategy difficult to utilize?

Question 28 28. Once the core issue is understood and deemed feasible, what is the next step in creating a value chain?

Question 29 29. What are two measurements that are helpful in managing a sales strategy?

Question 30 30. A company is performing an analysis of its environment. It has detected that one of its greatest threats is the potential rise of inflation by 3%. The other two factors that impact it are that there might be a change in fiscal policy that will decrease the effective tax rate by 15% and that Republicans might lose their majority in Congress, creating a complicated political climate. Identify which of the factors mentioned are economic factors:

Business Strategy Acumen Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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