Business Planning Exam Preparation Guide
Course Introduction
Business Planning is an essential course designed to equip students with the knowledge and skills required to develop, analyze, and implement effective business plans. The course covers foundational concepts such as market research, competitive analysis, financial forecasting, and strategic goal setting. Students will learn how to identify business opportunities, define a value proposition, and design operational strategies that drive organizational success. Through practical exercises and case studies, participants will gain hands-on experience in creating comprehensive business plans that address key elements such as marketing, management, and funding. By the end of the course, students will be prepared to present viable business proposals to stakeholders and make informed decisions that contribute to business growth and sustainability.
Recommended Textbook
Strategic Management 6th Edition by Graham Hubbard
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14 Chapters
557 Verified Questions
557 Flashcards
Source URL: https://quizplus.com/study-set/2371
Page 2
Chapter 1: What Is Strategy
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40 Verified Questions
40 Flashcards
Source URL: https://quizplus.com/quiz/47066
Sample Questions
Q1) All organisations must have the three levels of strategy.
A)True
B)False
Answer: False
Q2) Explain the concept of 'sustainability'.Is it relevant for only the shareholders?
Answer: Sustainability is defined as development that meets the needs of stakeholders without compromising the ability to meet their needs in the future.'Sustainable development' implies that the practices of the organisation (or society)can be continued into the future without having overall negative effects on the planet.
Sustainable development considers that organisations have a responsibility to promote the best interests of all of their stakeholders,including other parties with an interest in the firm and its operations (e.g.local communities,employees and the natural environment),not just shareholders.
Q3) According to agency theory,organisational underperformance is due to excessive competition.
A)True
B)False
Answer: False
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3
Chapter 2: Analysing Business Strategy: Creating Value
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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) Which of the following is the best explanation why 'Corporate social responsibility' is increasingly being used by organisations?
A)Because corporations are trying to attract younger employees
B)Because corporations seek to focus on meeting current needs
C)Because CR is not catching on as a replacement term for CSR
D)Because corporations must balance the needs of the different stakeholders affected by corporate actions
Answer: D
Q2) A 'demand side' perspective refers to the overall demand for a particular product or service.
A)True
B)False
Answer: False
Q3) A vision statement is a statement that:
A)tells it like it is
B)is thorough and exhaustive
C)represents a realistic concept of the short-term position of the company
D)should be memorable and inspire employees
Answer: D
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Page 4
Chapter 3: Analysing the External Environment
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43 Verified Questions
43 Flashcards
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Sample Questions
Q1) When is the five forces model most appropriate for not-for-profit organizations? Discuss.
Answer: The five forces model is best applied to not-for-profit organizations where there are substitutes for the product or service (e.g. ,Australia Post).However,when public sector organisations have legislative monopolies on products or services (e.g. ,Taxation Office,Department of Justice,Civil Aviation Safety Authority)and there are no clear substitutes,a slightly different framework may be more appropriate.This is because the five forces model was initially developed for the private sector and works best in competitive markets where there are a number of suppliers and operators within the industry,as well as buyers.
Q2) An industry is defined as:
A)all the productive capacity of the national economy
B)a reality based on geography and not a perception
C)a group of business units producing complementary goods and services
D)a group of organisations producing close substitutes
Answer: D
Q3) Critical success factors vary across industries.
A)True
B)False
Answer: True
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Chapter 4: Analysing the External Environment
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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) Which of the following is important for organisations to meet environmental sustainability?
A)Identifying surface capabilities and measuring performance against others
B)Developing 'green' capabilities
C)Forcing knowledge dissemination and cultural conformity on all employees
D)Establishing a community of practice network and a knowledge reward system
Q2) Leonard's findings about the ability to innovate did NOT include:
A)outsourcing problem-solving for greater efficiency
B)implementing new methodologies
C)experimenting and prototyping
D)learning from the market
Q3) How does the emergence of sustainability as a macro-environment issue affect the analysis of organisational capabilities?
Q4) Why is it so difficult to identify strategic capabilities within organisations? What should be used for this search?
Q5) What ways can be used to measure performance (or the difference in quality or capabilities)of an organisation as compared with its competitor? Discuss the initial approach in depth.
Q6) Describe the links between resources,capabilities and strategic capabilities.
Page 6
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Chapter 5: Measuring Strategic Organisation Performance
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37 Verified Questions
37 Flashcards
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Sample Questions
Q1) What conditions limit performance comparisons with the world's best practice? Explain.
Q2) The key 'customer measures' of strategic performance include:
A) market share,customer satisfaction,customer loyalty,customer acquisition
B) customer retention,customer satisfaction,customer profitability,customer equity
C) customer retention,customer satisfaction,customer profitability,customer acquisition
D)market share,customer retention,customer satisfaction,customer profitability,customer acquisition
Q3) A friend of yours is considering the development of KPIs for his company.He asks you,'How many KPIs should there be at the business unit/functional unit/individual levels?' What would you tell him?
Q4) Criticisms of In search of excellence by Peters and Waterman did not include that it was:
A)lacking in objectivity
B)lacking in clear criteria
C)biased in its industry coverage
D)based on sound methodology
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Chapter 6: GAP Analysis and Business-Level Strategic Options
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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) Firms with well-defined business models allow them to make strategic choices concerning different parts of their operations that will support and reinforce each otherthus leading to competitive advantages.
A)True
B)False
Q2) Of the choice between new product(s)into existing market(s)and existing product(s)into new market(s),which is riskier and why?
Q3) NFPs argue that their strategic situation is different from that of a normal commercial organisation,although the 5Qs approach and concepts of business models is readily applied.In which area could you most strongly argue that NFPs differ?
Q4) What may well be the real 'growth' issue in public sector organisations?
A)Inflation
B)Budgeting
C)Human resources
D)Power
Q5) Explain the concept of reconceptualising how the firm creates value with respect to their customers by innovation from outside volunteers and present an example.
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Chapter 7: Strategic Decision-Making
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38 Verified Questions
38 Flashcards
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Sample Questions
Q1) The fundamental assumption for understanding interpretation using 'behavioural economics' is:
A)that individuals anticipate events with respect to deviations from a reference theory
B)that individuals evaluate outcomes with respect to deviations from a reference point
C)that individuals generate reasons to explain deviations from a reference norm
D)that individuals espouse theories with regard for deviations from a reference prospect
Q2) Hubbard et al.propose that risk assessment be undertaken by a process to:
A)consider alternatives,be aggressive,forecast alternatives,plan up-front,be thorough
B)be conservative,narrow possible alternatives,consider competitor reactions,be flexible
C)be flexible,expand multiple alternatives,forecast competitor reactions,plan exit strategy
D)none of the above
Q3) A wide variety of conceptual approaches for decision-making are being developed.Discuss what some of them are and what they have in common.
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9
Chapter 8: Dynamic Competitive Strategy
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) D'Aveni has argued that the situation of hypercompetition is best addressed through short-term and temporary advantage.
A)True
B)False
Q2) The three additional principles of game theory include:
A)if the organisation has a dominant strategy,it should use it
B)managers must act positively for enhanced cooperation
C)seeking solutions in stability
D)all of the above
Q3) Nalebuff and Brandenburger developed the PARTS model for analysing competitive situations using game theory concepts.PARTS stands for:
A)playing fields,added interest,risk,tactics,search
B)parameters,added players,random chance,takeovers,stakeholders
C)players,added value,rules,tactics,scope
D)participation,amplification,rules,tactics,satisfaction
Q4) One of the principles of game theory is that all managers must think similarly if cooperation is to be promoted.
A)True
B)False
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Chapter 9: Corporatemulti-Business Strategy
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40 Verified Questions
40 Flashcards
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Sample Questions
Q1) The golden rule of corporate strategy can be expressed as:
A)Value (A + B)< Value (A)+ Value (B)+ Coordination Costs (A + B)
B)Value (A + B)> Value (A)+ Value (B)+ Coordination Costs (A + B)
C)Value (A + B)< Value (A)+ Value (B)- Coordination Costs (A + B)
D)Value (A + B)> Value (A)+ Value (B)- Coordination Costs (A + B)
Q2) Collis and Montgomery's five implementation factors do NOT include:
A)nature of the capabilities to be reallocated
B)scope of the businesses
C)type of coordinating mechanisms
D)control systems and head office size
Q3) Product development strategy allows organisations to increase market share for new products in new markets.
A)True
B)False
Q4) Advantages of the diversified corporation do NOT include the claim that:
A)good diversified corporations have good control systems
B)diversification spreads risk
C)diversification trains general managers
D)diversification encourages efficient capital accumulation
Q5) Discuss any two advantages offered by a parent organisation to a new business.
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Chapter 10: Acquisitions and Alliances
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41 Verified Questions
41 Flashcards
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Sample Questions
Q1) Haspeslagh and Jemison argued that the four types of capabilities that create value for acquisitions are:
A)resource-splitting,functional skill transfer,operational skill transfer,combination transfer
B)translation,resource transfer,functional skill-sharing,general management skill-sharing
C)functional upskilling,general management upskilling,resource upskilling,outsourcing
D)general management skill transfer,resource-sharing,functional skill transfer,combination
Q2) The reason for using M&A for most diversification is that it is a much faster process of growth and expansion.
A)True
B)False
Q3) Acquirers of publicly listed companies usually have to pay a premium in order to entice current shareholders.
A)True
B)False
Q4) Explain why companies might want to undertake an alliance.
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Chapter 11: International Strategy
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35 Verified Questions
35 Flashcards
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Sample Questions
Q1) Describe the four alternative approaches used to manage worldwide operation.
Q2) An excellent set of production and sourcing decisions that firms confront would include the following except:
A)from where should the firm supply the target market
B) should the firm produce in one plant or many,related or autonomous
C) where should research and development be located
D)what sort of marketing mix should be used
Q3) For strategic exporters,Stace suggests that:
A)firms have a clear strategic focus on export markets
B)firms target only export markets
C)pricing in export markets yields lower strategic returns,or even losses at least in the short run
D)firms price to sell production in excess of the needs of the domestic market so long as these sales make a contribution to fixed overhead and profit
Q4) The reasons for a firm becoming international in scope do NOT include:
A)a desire for continued growth
B)domestic market saturation
C)the potential to exploit a new technological advantage
D)being international is the most effective strategy for growth
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Chapter 12: Capabilities, Systems and Structure
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39 Verified Questions
39 Flashcards
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Sample Questions
Q1) Operating systems determine:
A)the quality of what is not produced
B)what is produced and how
C)both of the above
D)none of the above
Q2) Simons argued that organisations need four types of control systems:
A)input systems,boundary systems,diagnostic control systems,interactive command systems
B)interactive control systems,belief systems,boundary riders,diagnostic control systems
C)belief systems,diagnostic control systems,boundary layers,interactive control systems
D)boundary systems,diagnostic control systems,interactive control systems,belief systems
Q3) In a network organisation the nature of activities is not changed from performing the activities to coordinating activities carried out by other organisations.
A)True
B)False
Q4) Is outsourcing an ethical practice? Discuss.
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14
Chapter 13: Leadership, People and Culture
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43 Verified Questions
43 Flashcards
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Sample Questions
Q1) Kotter's list of leadership attributes and processes does not include:
A)setting a direction for the organisation
B)developing a strategic orientation for the organisation
C)aligning people with the direction
D)motivating people to carry out the direction
Q2) From a strategic perspective,both leadership and management tasks are equally important.
A)True
B)False
Q3) Hubbard,Rice and Galvin suggest that there are various types of boards,including:
A)stakeholder control,managerial control,normative control,control by exception,strategic control,review and approve
B)stockholder control,positive control,tactical control,control by exception
C)analysis of variances,bottom-line driven,top-down approval,normally controlled,normative
D)advise and consent control,managerial control,objective control,culturally sensitive,financial control
Q4) 'Leaders are born,not made.' Discuss the validity of this statement.
Q5) Assess how 'top management teams' can function effectively.
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Chapter 14: Change Management
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39 Verified Questions
39 Flashcards
Source URL: https://quizplus.com/quiz/47079
Sample Questions
Q1) The cognitive perspective encompasses those who believe in a political perspective.
A)True
B)False
Q2) Hubbard,Rice and Galvin assert that a key problem in implementing change is that the change being proposed is:
A)transformational in nature
B)incremental in nature
C)not sufficiently far-reaching and radical
D)not necessarily accepted by the people in the organisation
Q3) Lawson and Price's set of conditions needed to overcome employee resistance to change does NOT include:
A)consistent role models whose desired behaviour can be copied
B)skills for the change
C)a purpose to believe in
D)systems that punish resistant behaviour
Q4) Reversal of the eight failures for transformational change are needed for successful change to occur.
A)True
B)False
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