Business Planning
Test Questions
Course Introduction
Business Planning is a comprehensive course that explores the fundamental concepts and practical approaches to developing effective business plans for new and existing ventures. Students will learn how to assess market opportunities, analyze competitive environments, define strategic objectives, and formulate actionable plans to achieve business success. Key topics include evaluating financial viability, marketing strategies, operational planning, risk management, and resource allocation. Through case studies, real-world scenarios, and the development of an original business plan, students will gain the skills and confidence necessary to launch, manage, or expand a business in a dynamic marketplace.
Recommended Textbook
Strategic Management Concepts and Cases 16th Edition by Fred R. David
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11 Chapters
1321 Verified Questions
1321 Flashcards
Source URL: https://quizplus.com/study-set/1473
Page 2
Chapter 1: The Nature of Strategic Management
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29313
Sample Questions
Q1) Which of the following is NOT a reason given for poor or no strategic planning in an organization?
A) Planning is viewed as a waste of time
B) Content with current success
C) Too busy "firefighting" to plan ahead
D) No monetary rewards for planning
E) Trust of management makes it unnecessary
Answer: E
Q2) What types of skills are especially critical for successful strategy implementation?
A) Interpersonal
B) Marketing
C) Technical
D) Conceptual
E) Visionary
Answer: A
Q3) Annual objectives are especially important in strategy formulation.
A)True
B)False
Answer: False
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Page 3
Chapter 2: The Business Vision and Mission
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Which question(s) is answered in an effective mission statement?
A) Is the firm committed to growth and financial soundness?
B) Are employees a valuable asset of the firm?
C) Geographically, where does the firm compete?
D) Who are the firm's customers?
E) All of the above questions are answered in an effective mission statement.
Answer: E
Q2) According to Campbell and Yeung, an organization's vision is associated with behavior and with the present.
A)True
B)False
Answer: False
Q3) Individuals who own stock in a corporation are considered stakeholders. A)True
B)False
Answer: True
Q4) Mission statements cannot be stated with too high a level of specificity.
A)True
B)False
Answer: False
Page 4
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Chapter 3: The External Assessment
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115 Verified Questions
115 Flashcards
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Sample Questions
Q1) While forecasts might not be perfect, they are never wildly inaccurate.
A)True
B)False
Answer: False
Q2) What is the range for a firm's total weighted score in a Competitive Profile Matrix (CPM)?
A) 0 to 4
B) 0 to 5
C) 1 to 4
D) 1 to 5
E) 0 to 10
Answer: C
Q3) The I/O approach to competitive advantage advocates that internal factors are more important than external factors in a firm achieving competitive advantage.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Internal Assessment
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29318
Sample Questions
Q1) Discuss the limitations of financial ratio analysis.
Q2) All of the following are basic activities of management EXCEPT
A) staffing.
B) planning.
C) consolidating.
D) organizing.
E) motivating.
Q3) What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?
A) Profitability
B) Liquidity
C) Leverage
D) Revenue Growth
E) Growth
Q4) The controlling function of management is especially important for effective strategy evaluation.
A)True
B)False
Q5) Explain the resource-based view and its relation to strategic management.
Q6) Identify the five basic functions of management, and describe each function.
Page 6
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Chapter 5: Strategies in Action
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/29319
Sample Questions
Q1) When an acquisition or merger is not desired by both parties, it is called a hostile takeover.
A)True
B)False
Q2) Which of the following is NOT a reason joint ventures fail?
A) Managers who must collaborate daily in operating the venture are not involved in forming or shaping the venture.
B) The venture may not be supported equally by both partners.
C) The venture may benefit the partnering companies but may not benefit the customers who then complain about poorer service or criticize the companies in other ways.
D) Venture risk was minimized.
E) The venture may begin to compete more with one of the partners than the other.
Q3) Long-term objectives are needed at which level(s) in an organization?
A) Corporate
B) Divisional
C) Functional
D) All of the above
E) Corporate & divisional levels, but not functional level
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Page 7
Chapter 6: Strategy Analysis and Choice
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119 Verified Questions
119 Flashcards
Source URL: https://quizplus.com/quiz/29320
Sample Questions
Q1) An organization's present strategies, objectives, vision, and mission, coupled with the external and internal audit information, provide a basis for generating and evaluating feasible alternative strategies.
A)True
B)False
Q2) What are the two external dimensions of the SPACE Matrix?
A) Stability position and industry position
B) Stability position and competitive position
C) Industry position and competitive position
D) Competitive position and financial position
E) Financial position and industry position
Q3) Which of the following is the first step in developing a QSPM?
A) Compute the Total Attractiveness Scores.
B) Examine the Stage 2 matrices and identify alternative strategies the organization should consider implementing.
C) Assign weights to each key external and internal factor.
D) Determine the Attractiveness Scores.
E) Make a list of the firm's key external opportunities and threats and internal strengths and weaknesses in the left column of the QSPM.
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Page 8
Chapter 7: Implementing Strategies: Management, Operations, and Human Resource Issues
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116 Verified Questions
116 Flashcards
Source URL: https://quizplus.com/quiz/29321
Sample Questions
Q1) Policies largely dictate how structure will be established.
A)True
B)False
Q2) Four types of resources that can be used to achieve desired objectives are financial, physical, human, and technological.
A)True
B)False
Q3) With a divisional structure by customer, an organization can effectively cater to the requirements of clearly defined customer groups.
A)True
B)False
Q4) Which word or phrase would be most suitable to use in written objective statements?
A) Maximize
B) Minimize
C) 10 percent increase
D) Adequate
E) As soon as possible
Page 9
Q5) List the four basic ways a divisionally structured firm could be organized.
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Chapter 8: Implementing Strategies: Marketing, Financeaccounting,
Rd, and Mis
Issues
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Multidimensional scaling involves examining three or more criteria simultaneously in a product-positioning analysis.
A)True
B)False
Q2) Discuss the three rules mentioned in the text for using product positioning as a strategy-implementation tool.
Q3) If the rate of market growth and technical progress is rapid, then in-house R&D is the preferred solution.
A)True
B)False
Q4) Which of the following variables is NOT directly affected by market segmentation?
A) Product
B) Place
C) Process
D) Promotion
E) Price
Q5) Name three finance and accounting activities especially important in strategy implementation.
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Chapter 9: Strategy Review, Evaluation, and Control
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122 Verified Questions
122 Flashcards
Source URL: https://quizplus.com/quiz/29323
Sample Questions
Q1) Which of the following is true regarding the design of a firm's strategy-evaluation system?
A) There is a one-size-fits-all system that works for all companies.
B) It does not need to take into account the organization's size.
C) The management style of a firm has no bearing on the design.
D) It should be determined based on the unique aspects of a company.
E) There is one ideal system.
Q2) In strategy evaluation, a revised IFE Matrix should indicate how effective a firm's strategies have been in response to key opportunities and threats.
A)True
B)False
Q3) The construction of a Balanced Scorecard is consistent across organizations and industries.
A)True
B)False
Q4) When measuring organizational performance, a comparison should be made between expected results and actual results.
A)True
B)False
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Chapter 10: Business Ethics, Social Responsibility, and Environmental Sustainability
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117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/29314
Sample Questions
Q1) New Jersey's goal is to obtain 3 percent of its electricity from the sun and 12 percent from offshore wind by 2020.
A)True
B)False
Q2) Environmental advocacy groups now have ________ Americans as members. A) approximately 100,000 B) just under a million
C) close to 5 million
D) over 20 million
E) almost a billion
Q3) In order to be considered bribery, the gift offered must be either money or a physical item.
A)True
B)False
Q4) Dumping banned or flawed products in foreign markets is considered to be an unethical business practice.
A)True
B)False
Q6) Why should companies have policies addressing workplace romance? Page 12
Q5) Within an organization, who is responsible for providing ethics leadership?
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Chapter 11: Global and International Issues
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126 Verified Questions
126 Flashcards
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Sample Questions
Q1) Which of the following U.S. industries is NOT yet greatly challenged by foreign competitors?
A) Aircraft manufacturing
B) Auto manufacturing
C) Heavy equipment manufacturing
D) Tire manufacturing
E) Furniture manufacturing
Q2) Although growth in revenues and profits is a common expectation of shareholders, it is not a measure of organizational success.
A)True
B)False
Q3) Most economists argue that protectionism harms the world economy because it inhibits trade among countries and invites retaliation.
A)True
B)False
Q4) In today's global climate, many companies may find it difficult to survive by relying solely on domestic markets.
A)True
B)False
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