Business Strategy
Study Guide Questions
Course Introduction
Business Strategy is a critical course that explores how organizations achieve competitive advantage and long-term success in dynamic environments. Students examine foundational concepts such as industry analysis, value creation, competitive positioning, core competencies, and strategic decision-making. The course emphasizes both analytical frameworks and real-world case studies, enabling students to assess internal and external factors that impact business performance. By integrating theory with practical application, students learn to formulate, implement, and evaluate business strategies that drive growth and sustainability while adapting to changing market conditions and stakeholder interests.
Recommended Textbook
Future of Business 3rd Canadian Edition by Norm Althouse
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16 Chapters
2162 Verified Questions
2162 Flashcards
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Chapter 1: understanding Evolving Economic Systems and Competition
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145 Verified Questions
145 Flashcards
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Sample Questions
Q1) Market equilibrium is described as which of the following?
A) the point at which a nation reaches full employment
B) the time period used to determine the Consumer Price Index (CPI)
C) the point at which quantity supplied equals quantity demanded
D) the moment when profit is created
Answer: C
Q2) If a nation experienced an inflation rate of about 12 percent and then,five years later,had an inflation rate of about 5 percent,which of the following statements best describes what was happening to purchasing power during the period?
A) The purchasing power of businesses did not see a change throughout the period,but consumers did.
B) The average consumer's purchasing power was lower at the beginning of period than at the end.
C) The country was experiencing a recession,prices were universally high throughout the period,and purchasing power declined for everyone.
D) The average consumer's purchasing power was higher at the beginning of the period than at the end.
Answer: D
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Page 3
Chapter 2: the Global Marketplace and Governments Roles
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Briefly explain how an exchange of merchandise can occur without involving cash or any other form of financial consideration.
Answer: by using countertrades or bartering
Q2) Which of the following is an accelerating trend in the economies of India and China?
A) importance of technical and managerial skills
B) dominance in mass production
C) cheap assembly labour
D) movement toward political stability
Answer: A
Q3) The Caucasus Mountains along the northeastern border of Georgia make it difficult for the nation to trade with other former Soviet republics that are to its north and east.The mountain range acts as which type of barrier or deterrent?
A) a natural blockage
B) a natural embargo
C) a natural trade barrier
D) an infrastructure deterrent
Answer: C
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4
Chapter 3: Social Trends, social Responsibility, and Making
Ethical Decisions in Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) What are ethics?
Answer: a set of standards for judging whether something is right or wrong
Q2) People choose between right and wrong based on which of the following?
A) what others are doing
B) their desire to please the boss
C) their fear of discovery
D) their personal code of ethics
Answer: D
Q3) A ____________________ provides employees with the knowledge of what their company expects them to do,and how they must behave toward their coworkers,customers,and suppliers.
Answer: code of ethics
Q4) IBM demonstrates strategic giving when the organization directs its charitable contributions to areas such as technological education when IBM needs to ensure a supply of well-educated employees in future.
A)True
B)False
Answer: True
Q5) ____________________ is the concern of businesses for the welfare of society.
Answer: Social responsibility
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Chapter 4: Using Technology to Manage Information and for Business Success
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) One of the important decisions managers have to make is whether to buy and commit to upgrading their computer equipment every couple of years.What is one way to avoiding having to buy costly upgrades that can quickly become obsolete?
A) a software infrastructure
B) application service providers
C) Web sharing
D) an Internet warehouse
Q2) The primary use for an expert system is to answer "what if" questions.
A)True
B)False
Q3) Which of the following contribute to and benefit from information used in performing various tasks including acquiring,searching,analyzing,organizing,storing,programming,producing,distributing,m arketing,or selling functions?
A) information technicians
B) knowledge workers
C) knowledge shareholders
D) information monitors
Q4) What is knowledge management?
Q5) Which management support system uses artificial intelligence?
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Chapter 5: Forms of Business Ownership
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120 Flashcards
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Sample Questions
Q1) Faye Adkins had a relish that her family and friends raved about.As a result of moral and financial support from her family,Adkins began her own business and sells it in local supermarkets and on the Internet.Faye Adkins is an example of which of the following?
A) a sole partnership
B) a sole proprietorship
C) an S corporation
D) a limited partnership
Q2) Who are the owners of a corporation?
Q3) What is the first step in incorporating a company?
Q4) When Addison Wilcox buys an H&R Block franchise,he becomes a franchisee.
A)True
B)False
Q5) A corporation has which of the following characteristics?
A) continuity of life
B) difficulty attracting financing
C) unlimited liability
D) difficulty transferring ownership
Q6) In a sole proprietorship,the owner is fully liable for all business debts of the company.This is called ____________________ liability.
Page 7
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Chapter 6: Entrepreneurship and Small Business
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112 Flashcards
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Sample Questions
Q1) Which of the following terms would be used to identify the person who takes the risk of starting and managing a business to make a profit?
A) an entrepreneur
B) a franchiser
C) a venture capitalist
D) a capitalistic adventurer
Q2) Which of the following BEST describes angel investors?
A) They provide funding for start-up businesses.
B) They are bank loan officers who are responsible for funding start-up businesses.
C) They are most interested in investing in businesses that are well established.
D) They provide equity financing to a business by loaning the business money at a low interest rate.
Q3) One form of business ownership involves ____________________,a form of business financing consisting of funds raised through the sale of stock.
Q4) List the three most common causes for business failure.
Q5) A/an ____________________ is a person who takes the risk of starting and operating a business.
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Chapter 7: Management and Leadership in Todays Organizations
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) What basic type of management is typically performed by middle managers?
Q2) Dewayne Gibbons of Burger King decided to introduce a new sliced chicken sandwich without consulting any of his subordinates or the franchise.Managers who use this style of decision making exhibit which of the following style of leadership?
A) closed-door
B) consultative
C) autocratic
D) laissez-faire
Q3) Planning is the setting of goals and designing of strategies,policies,and methods for achieving those goals.
A)True
B)False
Q4) Which of the following is the set of attitudes,values,and standards that distinguishes one organization from another?
A) strategic policy
B) corporate policy
C) corporate culture
D) the mission statement
Q5) What is management?
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Chapter 8: Designing Organizational Structures
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Sample Questions
Q1) Which of the following is a drawback associated with committee organizations?
A) When a committee makes decisions,it's easier to hold individuals accountable.
B) Committees coordinate tasks easier than individual managers do.
C) Committees usually bring diverse viewpoints to a problem.
D) People with higher formal authority sometimes dominate committees.
Q2) What is one of the advantages of work group cohesiveness?
A) the absence of resistance to change
B) the absence of conflict with other work groups
C) formalized group norms
D) reduced employee turnover
Q3) Organization charts show the formal and informal relationships among people,jobs,and departments.
A)True
B)False
Q4) Typical staff positions are found in which of the following departments?
A) human resources and marketing
B) legal and human resources
C) production and marketing
D) production and legal
Q5) What is the best type of organizational structure?
Page 10
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Chapter 9: Motivating Employees
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114 Flashcards
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Sample Questions
Q1) Employee ownership creates too much stress and is a poor motivator.
A)True
B)False
Q2) The equity theory is concerned with which of the following factors?
A) rewards based on individual employee desires
B) how fairly a worker is treated compared to coworkers
C) how much compensation a worker will receive
D) the worker's concern with company ownership
Q3) Based on the expectancy theory,managers who want to motivate their employees should do which of the following?
A) Assume all employees want the same rewards.
B) Offer intermittent reinforcement.
C) Make sure all people have the same opportunity to receive rewards.
D) Determine the rewards valued by each employee.
Q4) What do telecommuting,flextime,and job sharing have in common?
Q5) What was the primary flaw in Frederick Taylor's scientific management?
Q6) Equity theory is a theory of motivation that focuses on the link between motivation and organizational culture.
A)True
B)False
Page 11
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Chapter 10: Managing Human Resources and Labour Relations
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133 Verified Questions
133 Flashcards
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Sample Questions
Q1) A study of the tasks required to do a job well is called a job analysis.
A)True
B)False
Q2) Which of the following is a set of unique features of a company and its products that are perceived by the people or companies the organization wishes to serve as significant and superior to those of the competition?
A) a synergistic benefit
B) a competitive advantage
C) a superlative benefit
D) a comparative perception
Q3) A ____________________ is a payment for reaching a specific goal.
Q4) Which of the following is a study of the tasks required to do a particular job well?
A) job analysis
B) task delineation
C) skill inventory
D) job forecast
Q5) ____________________ groups are specific groups who have legal protection against employment discrimination.
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Chapter 11: Achieving World-class Operations Management
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136 Flashcards
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Sample Questions
Q1) The marketing division makes make-or-buy decisions for the production division.
A)True
B)False
Q2) A company starts up a website where customers can create the perfect athletic shoe to support their particular shape of feet and style of activity.Visitors to the site select from 15 different elements to design a pair of shoes perfect for them.This company uses which of the following processes?
A) just-in-time production
B) individualized production
C) niche manufacturing
D) mass customization
Q3) One way to determine the best inventory levels is to look at three costs.What are they?
Q4) Which of the following systems uses a computer to design and test new products and modify existing ones?
A) computer-aided manufacturing
B) computer-aided design
C) just-in-time design
D) flexible manufacturing system
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Chapter 12: Understanding the Customer
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) A(n)____________________ is a large computerized file of the profiles and purchase patterns of customers and potential customers.
Q2) A(n)____________________ takes place when the consumer trades money for desired goods and services.
Q3) A short story describing how reluctant British citizens are to play party games that might result in them looking foolish is an example of how which of the following factors shapes human behaviour?
A) geographic segmentation
B) consumer expectation
C) stimulus reaction
D) culture
Q4) What kind of segmentation is the publisher of Seventeen magazine using?
Q5) What is the goal of the marketing concept?
A) It focuses on profit maximization .
B) It achieves short-term organizational goals.
C) It satisfies customer wants and needs legally and responsibly.
D) It integrates all of the company's activities to achieve maximization.
Q6) Marketing to promote recycling is an example of ____________________ marketing.
Q7) Personal interviews can be used to gather ____________________ data.
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Chapter 13: Creating Marketing Strategies
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) What is another name for psychological pricing?
Q2) What is a product that is bought by a company for use in making another product?
A) a business product
B) an institutional product
C) a functional product
D) a distribution product
Q3) A warehouse that specializes in breaking down bulk goods to small shipment sizes but not in storing goods is called which of the following?
A) a supply chain captain
B) a distribution centre
C) a physical handling system
D) a material control system
Q4) What is a product?
Q5) ____________________ is the term used for efficiently managing the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.
Q6) List the four stages of the product life cycle.
Q7) Give an example of bundling.
Q8) List the three sorting methods used in distribution channels.
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Chapter 14: Using Financial Information and Accounting
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133 Flashcards
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Sample Questions
Q1) Which of the following ratios is a measure of the firm's ability to pay its current liabilities once inventory is subtracted from current assets?
A) the acid-test ratio
B) the net margin ratio
C) the profitability ratio
D) the inventory ratio
Q2) What do debt ratios measure?
Q3) Which of the following deals with the internal operation of the firm?
A) managerial accounting
B) auditing accounting
C) bookkeeping
D) financial accounting
Q4) What are the two main types of operating expenses?
A) production and general and administrative
B) production and selling
C) selling and general and administrative
D) office and selling
Q5) ____________________ earnings are the amounts left over from profitable operations since the firm's beginning.
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Chapter 15: Understanding Money, financial Institutions, and
the Securities Markets
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149 Verified Questions
149 Flashcards
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Sample Questions
Q1) Which of the following are investment certificates that represent either ownership of a corporation or a loan to the corporation?
A) deposits
B) capital funds
C) contracts
D) securities
Q2) The amount borrowed by the issuer of a bond that must be repaid at maturity is called the ____________________ or par value.
Q3) What is another term for a chequing account?
A) a treasury account
B) a time deposit
C) a demand deposit
D) a certificate of deposit
Q4) Mutual funds are prohibited from investing in bonds and government securities.
A)True
B)False
Q5) How do investors use bond ratings?
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Q6) What can you expect to happen to your securities investment when a bull market exists?
Chapter 16: Managing the Firms Finances
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Sample Questions
Q1) Accounts receivable or inventory usually secures short-term secured loans.
A)True
B)False
Q2) A firm's basic approach to paying ____________________ is an important part of financing strategy that can greatly affect its share price.They can be paid in either cash or shares.
Q3) Dividends are BEST described by which of the following?
A) They are annual payments on bonds.
B) They are the earnings of the corporation.
C) They are payments to the shareholders from company earnings.
D) They are guaranteed payments to the common shareholders.
Q4) What is financial management?
Q5) Short-term forecasts that project revenues,costs of goods,and operating expenses over a one-year period are known as which of the following?
A) supervised plans
B) internal plans
C) operating plans
D) strategic plans
Q6) Short-term forecasts are also called ____________________ plans.
Page 18
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