Business Development
Final Exam Questions
Course Introduction
Business Development is a course designed to provide students with a comprehensive understanding of the strategies and processes involved in creating and sustaining growth within organizations. The course covers key topics such as market analysis, opportunity identification, relationship management, sales strategies, business model innovation, negotiation techniques, and strategic partnerships. Emphasizing both theoretical frameworks and practical applications, students will learn how to identify potential opportunities, develop business plans, and implement effective strategies for expanding products, services, and market presence. Case studies and real-world examples are integrated to help students critically analyze challenges and solutions in a dynamic business environment.
Recommended Textbook
Strategic Management Theory An Integrated Approach 11th Edition by Charles
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W. L. Hill
Chapter 1: Strategic Leadership: Managing the Strategy-Making Process for Competitive Analysis
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Q1) A strategy can be defined as a set of related actions that managers take to increase their company's performance.
A)True
B)False
Answer: True
Q2) One of the principal factors that helps increase shareholder value is:
A)profitability.
B)risk factors.
C)low brand awareness.
D)government regulations.
E)high production costs.
Answer: A
Q3) In the typical scenario planning exercise:
A)managers entirely depend on employee feedback.
B)managers try to come up with alternative plans when a business model has failed.
C)managers formulate plans upon 'what-if situations about the future.
D)managers do a 'postmortem' to understand what went wrong with a strategy.
E)the corporate-level management sets targets for functional-level managers.
Answer: C
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Chapter 2: External Analysis: The Identification of Opportunities and Threats
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Q1) If economies of scale are an industry's primary entry barrier, a new entrant's major concern is:
A)its inability to counter brand loyalty that customers have for established companies in the industry.
B)the inferior quality of its products.
C)its inability to match the innovation of the established finn.
D)its inability to produce in sufficient volume to match the cost advantages of established producers.
E)its inability to get buyers to switch to its product.
Answer: D
Q2) One of the defrning characteristics of the mature stage of the industry life cycle is that growth is low or zero.
A)True
B)False
Answer: True
Q3) Substitute products are not a threat if a company is the market leader.
A)True
B)False
Answer: False
Page 4
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Chapter 3: Internal Analysis: Distinctive Competencies, Competitive
Advantage, and Profitability
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Q1) Kodak possesses the leading imaging technology.This technology has allowed the company to differentiate its products from those offered by rivals.Imaging technology is Kodak's:
A)distinctive competence.
B)profit.
C)support activity.
D)value chain.
E)retired product.
Answer: A
Q2) The ability of established competitors to imitate the competitive advantage of a rival is not limited by factors such as existing strategic commitments and low absorptive capacity.
A)True
B)False
Answer: False
Q3) The importance of reliability in building competitive advantage has increased dramatically over the past decade.
A)True
B)False
Answer: True
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Chapter 4: Building Competitive Advantage Through Functional-Level Strategy
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Q1) A vital source of information about the causes of poor quality are the firm's own employees.
A)True
B)False
Q2) When Amber first started working at a car manufacturing plant assembling car doors, she was slower at the task than her co-workers.As time passed, her speed at assembling the doors increased and she even taught others how to perform the task more quickly.As a result of increased employee productivity, this particular plant experienced cost savings.These cost savings can be attributed to learning effects.
A)True
B)False
Q3) Customer focus in a function of only the lower levels of an organization.
A)True
B)False
Q4) Production and materials-management functions need not be changed in response to unanticipated customer demands as they do not affect response time.
A)True
B)False
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Chapter 5: Building Competitive Advantage Through Business-Level Strategy
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Q1) A differentiation strategy is based on creating a product that customers perceive as being:
A)the same as other available products.
B)distinct from other available products.
C)the least costly product in the industry.
D)the most costly product in the industry.
E)cheaper, but inferior to the available products.
Q2) Production of a large product variety without a large cost penalty is known as:
A)market concentration.
B)market segmentation.
C)focused differentiation.
D)mass production.
E)mass customization.
Q3) Actions taken at the functional level should support the business-level strategy, as should the organizational arrangements of the enterprise.
A)True
B)False
Q4) List the features that need to be included in functional strategies to improve differentiation.
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Chapter 6: Business-Level Strategy and the Industry Environment
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Q1) In deciding on a strategy, a company in a declining industry must do all of the following except
A)lower prices.
B)manage industry capacity.
C)evaluate its strengths relative to the remaining pockets of demand.
D)evaluate the severity of decline.
E)monitor its cash flow.
Q2) Factors leading to the slow growth of demand in embryonic industries include all of the following except the:
A)poor quality of the first products.
B)lack of complementary products.
C)customer familiarity with products.
D)high production costs of the products.
E)lack of distribution channels for the products.
Q3) Both innovators and early adopters enter the market while the industry is in its embryonic stage.
A)True
B)False
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Chapter 7: Strategy and Technology
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Q1) Microsoft's near monopoly substantially reduces the risks facing the makers of complementary products and the costs of those products.
A)True
B)False
Q2) Ownership of an industry standard that is protected from imitation by patents and copyrights is a weak organizational resource.
A)True
B)False
Q3) An adequate supply of complements to a product results in:
A)more customers opting for the product.
B)higher switching costs.
C)a significant decrease in the sales of the product.
D)a significant decrease in customer demand for the product.
E)the company failing to win a format war.
Q4) Technical standards are often set by cooperation among businesses, without government help.
A)True
B)False
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Chapter 8: Strategy in the Global Environment
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Q1) Companies should form strategic alliances with frrms that have a reputation for being opportunistic.
A)True
B)False
Q2) Which of the following is not a necessity for leveraging the skills of global subsidiaries?
A)Incentives for local managers to share knowledge and ideas
B)Awareness among managers that competencies can develop anywhere
C)Assertion of monopoly of the corporate center over subsidiaries
D)Transfer of competencies around the company
E)Incentives that encourage employees to take necessary risks
Q3) Factor endowments, the cost and quality of factors of production, are a prime determinant of the competitive advantage that certain countries have in certain industries.
A)True
B)False
Q4) List and briefly describe each of the four basic global strategies.
Q5) Most manufacturing companies begin their global expansion by exporting.
A)True
B)False
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Chapter 9: Corporate-Level Strategy: Horizontal Integration,
Vertical Integration, and Strategic Outsourcing
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Q1) Tina's Technologies is expanding its operations backward into an industry that produces inputs for the company's products.Tina's Technologies is utilizing horizontal integration.
A)True
B)False
Q2) A strategy of vertical integration may be a risky strategy for a company to pursue when demand is:
A)predictable.
B)stable.
C)unpredictable.
D)steadily increasing.
E)rapidly increasing.
Q3) Long-term agreements between two or more companies to jointly develop new products or processes that benefit all companies that are a part of the agreement are known as:
A)horizontal integration.
B)outsourcing.
C)strategic alliance.
D)joint venture.
E)vertical integration.
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Chapter 10: Corporate-Level Strategy: Related and
Unrelated Diversification
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Q1) Stanley's services finn wants to enter an embryonic market, but it doesn't have enough cash to purchase the required assets.Which of the following strategies would you recommend to Stanley?
A)DiversifY through acquisition
B)Do not diversifY at all
C)DiversifY with an internal new venture
D)DiversifY with a joint venture
E)DiversifY through vertical integration
Q2) One way a diversified company can increase its profitability is by acquiring inefficient or poorly managed companies and then restructuring them to improve their performance.
A)True
B)False
Q3) Product bundling refers to:
A)preparation of products for shipment.
B)a complete package of related products.
C)a method of stocking products efficiently.
D)an inventory procedure for ensuring effective counting of products.
E)a package of unrelated products.
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Chapter 11: Corporate Performance, Governance, and Business Ethics
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Q1) Managers using company funds for their own personal consumption is called .
A)information manipulation
B)self-dealing
C)takeover constraint
D)greenmail
E)information asymmetry
Q2) Which of the following statements is true in the context of unethical behavior?
A)Business ethics significantly differ from personal ethics.
B)An individual with a strong sense of personal ethics is more likely to engage in self-dealing.
C)A personal ethical code will exert a profound influence on the way individuals behave as businesspeople.
D)Focusing only on applying straightforward business calculus can completely eliminate ethical concerns.
E)An organizational culture that fosters decision making on purely economic terms eliminates unethical practices.
Q3) Consider a national chain of company-owned fast-food restaurants.For this finn, list the important stakeholders. Then describe how each stakeholder group can affect the firm's profitability.
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Chapter 12: Implementing Strategy in Companies That
Compete in a Single Industry
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Q1) All employees part of a project team within a structure are known as two-boss employees.
A)functional
B)geographic
C)market
D)matrix
E)product
Q2) An organization with a centralized structure has a potential for creating higher bureaucratic costs.
A)True
B)False
Q3) Which of the following structures requires centralization of value chain support activities?
A)The product structure
B)The product team structure
C)The matrix structure
D)The functional structure
E)The innovative structure
Q4) Identify and discuss the three building blocks of organizational structure.
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Chapter 13: Implementing Strategy in Companies That
Compete Across Industries and Countries
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Q1) Which of the following statements is tme about related diversification in the context of a multidivisional stmcture?
A)It makes it easier for corporate managers to assess the performance of individual divisions.
B)It has the lowest bureaucratic costs.
C)It requires sophisticated integrating devices to ensure coordination among divisions.
D)It involves divisions that operate autonomously, and the company can easily reward managers based upon their division's individual performance.
E)It provides scope for corporate managers to easily use output control.
Q2) A structure is a structure in which horizontal differentiation proceeds along two dimensions: product division and geographic area.
A)global matrix
B)international division
C)worldwide product divisional
D)worldwide area
E)functional
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