Question 1

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Accepted Answer

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

Question 2

With the Five Forces Model, companies should watch the forces in the market.If the forces are strong, competition generally increases, and if the forces are weak, competition typically decreases.

Accepted Answer

With the Five Forces Model, companies should watch the forces in the market.If the forces are strong, competition generally increases, and if the forces are weak, competition typically decreases.

Question 3

In a SWOT analysis, potential external threats are harmful when they identify all threats or risks detrimental to your organization, including new market entrants, substitute products, employee turnover, differentiating products, shrinking markets, adverse changes in regulations, economic shifts, and so on.

Accepted Answer

Potential external threats are harmful when they identify all threats or risks detrimental to your organization, including new market entrants, substitute products, employee turnover, differentiating products, shrinking markets, adverse changes in regulations, economic shifts, and so on.

Question 4

Mark Peterson identified the Porter's Five Forces Model which analyzes the competitive forces within a business environment.

Accepted Answer

Michael Porter identified the Porters' Five Forces Model which analyzes the competitive forces within a business environment.

Question 5

In a SWOT analysis, potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, improved marketing campaigns, and so on.

Accepted Answer

Potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, improved marketing campaigns, and so on.

Question 6

A SWOT analysis evaluates an organization's strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies.

Accepted Answer

A SWOT analysis evaluates an organizations' strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Question 7

Companies update business strategies continuously as internal and external environments change.

Accepted Answer

Companies update business strategies continuously as internal and external environments change.

Question 8

Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices.

Accepted Answer

Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices.

Question 9

When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence.

Accepted Answer

When a company is the first to market with a competitive advantage, it gains a particular benefit known as a first-mover advantage.

Question 10

Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies.

Accepted Answer

Attracting new customers, decreasing costs, and entering new markets are all examples of business strategies.

Question 11

FedEx created a first-mover advantage by developing its customer self-service software, which allows people to request parcel pickups, print mailing slips, and track parcels online.

Accepted Answer

FedEx created a first-mover advantage by developing its customer self-service software, which allows people to request parcel pickups, print mailing slips, and track parcels online.

Question 12

In a SWOT analysis, strengths and weaknesses originate inside an organization, or internally.Opportunities and threats originate outside an organization, or externally, and cannot always be anticipated or controlled.

Accepted Answer

Strengths and weaknesses originate inside an organization, or internally.Opportunities and threats originate outside an organization, or externally, and cannot always be anticipated or controlled.

Question 13

Businesses rarely need to update business strategies as the business environment remains relatively stable.

Accepted Answer

Businesses constantly need to update business strategies as the business environment rapidly changes.

Question 14

In a SWOT analysis, potential external opportunities are helpful when they identify all significant trends along with how the organization can benefit from each, including new markets, additional customer groups, legal changes, innovative technologies, population changes, competitor issues, and so on.

Accepted Answer

Potential external opportunities are helpful when they identify all significant trends along with how the organization can benefit from each, including new markets, additional customer groups, legal changes, innovative technologies, population changes, competitor issues, and so on.

Question 15

Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies.

Accepted Answer

Increasing customer loyalty, decreasing costs, and increasing sales are all examples of business strategies.

Question 16

A first-mover advantage is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.

Accepted Answer

Competitive intelligence is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a companys' ability to succeed.

Question 17

In a SWOT analysis, potential internal weaknesses are harmful when they identify all key areas that require improvement.Weaknesses focus on the absence of certain strengths, including absence of an Internet marketing plan, damaged reputation, problem areas for service, outdated technology, employee issues, and so on.

Accepted Answer

In a SWOT analysis potential internal weaknesses are harmful when they identify all key areas that require improvement.Weaknesses focus on the absence of certain strengths, including absence of an Internet marketing plan, damaged reputation, problem areas for service, outdated technology, employee issues, and so on.

Question 18

Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.

Accepted Answer

This is the definition of business intelligence, not competitive intelligence.

Question 19

A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Accepted Answer

A SWOT analysis evaluates an organizations' strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Question 20

Porter's Five Forces Model outlines the process for a sales strategy.

Accepted Answer

Porter's Five Forces Model analyzes the competitive forces within the environment in which a company operates to assess the potential for profitability in an industry.

Quiz 1: Management Information Systems: Business Driven MIS

A leadership plan that achieves a specific set of goals or objectives is a business strategy.

With the Five Forces Model, companies should watch the forces in the market.If the forces are strong, competition generally increases, and if the forces are weak, competition typically decreases.

Mark Peterson identified the Porter's Five Forces Model which analyzes the competitive forces within a business environment.

In a SWOT analysis, potential internal strengths are helpful when they identify all key strengths associated with the competitive advantage including cost advantages, new and/or innovative services, special expertise and/or experience, proven market leader, improved marketing campaigns, and so on.

A SWOT analysis evaluates an organization's strengths, worries, opportunities, and technologies to identify significant influences that work for or against business strategies.

Companies update business strategies continuously as internal and external environments change.

Competitive advantages provide the same product or service either at a lower price or with additional value that can fetch premium prices.

When a company is the first to market with a competitive advantage, it gains a particular benefit known as competitive intelligence.

Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies.

FedEx created a first-mover advantage by developing its customer self-service software, which allows people to request parcel pickups, print mailing slips, and track parcels online.

In a SWOT analysis, strengths and weaknesses originate inside an organization, or internally.Opportunities and threats originate outside an organization, or externally, and cannot always be anticipated or controlled.

Businesses rarely need to update business strategies as the business environment remains relatively stable.

Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies.

A first-mover advantage is the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed.

Competitive intelligence is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making.

A SWOT analysis evaluates an organization's strengths, weaknesses, opportunities, and threats to identify significant influences that work for or against business strategies.

Porter's Five Forces Model outlines the process for a sales strategy.