Business Concepts Quiz
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Questions and Answers

What is the weighted score of the trend toward healthy eating eroding concession sales?

  • 0.18
  • 0.60
  • 0.48 (correct)
  • 0.12

    • Which competitive profile matrix rating indicates a poor response to a critical success factor?

  • 4
  • 1 (correct)
  • 2
  • 3

    • What percentage increase was reported for movies rented at local Red Box's?

  • 10%
  • 25%
  • 15%
  • 12% (correct)

    • What is the total weighted score calculated for the key external factors in the EFE Matrix?

    <p>2.58</p> Signup and view all the answers

    How much is the increase in county and city property taxes noted in the content?

    <p>25%</p> Signup and view all the answers

    What is the primary focus of an external audit?

    <p>Identifying and evaluating trends beyond a single firm's control</p> Signup and view all the answers

    Which of the following is NOT one of the five broad categories of external forces?

    <p>Cultural forces</p> Signup and view all the answers

    Which factor is NOT part of the AQCD test?

    <p>Diplomatic</p> Signup and view all the answers

    How can firms respond to external audit results?

    <p>By formulating strategies that take advantage of opportunities or minimize threats</p> Signup and view all the answers

    What does the term 'SCDE' refer to in the context of external forces?

    <p>Social, Cultural, Demographic, and Environmental</p> Signup and view all the answers

    Which of the following economic factors affects strategic decisions regarding consumption patterns?

    <p>Unemployment trends</p> Signup and view all the answers

    Which of these statements best describes the AQCD test's admissibility criteria?

    <p>Factors must be actionable, quantitative, comparative, and divisional.</p> Signup and view all the answers

    Which of the following best describes the overall goal of an external audit?

    <p>To reveal key opportunities and threats for strategy formulation</p> Signup and view all the answers

    Which of the following is NOT considered a key SCDE variable?

    <p>National budget deficit</p> Signup and view all the answers

    What is one method of obtaining competitive intelligence ethically?

    <p>Reverse-engineering rival firms’ products</p> Signup and view all the answers

    Which of the following factors is aligned with political, governmental, and legal variables affecting organizations?

    <p>Unionization trends</p> Signup and view all the answers

    What does competitive intelligence (CI) primarily focus on?

    <p>Gathering and analyzing information about competition</p> Signup and view all the answers

    Among the following, which approach is part of identifying competitive forces?

    <p>Evaluating supplier relationships</p> Signup and view all the answers

    Which of the following is a technology that is said to impact strategic-planning decisions?

    <p>Artificial intelligence</p> Signup and view all the answers

    What represents a challenge in obtaining competitive intelligence?

    <p>Legal restrictions on data gathering</p> Signup and view all the answers

    Which of the following describes the Five-Forces Model of Competition?

    <p>A framework identifying key elements impacting competitive strength</p> Signup and view all the answers

    Which of the following is a common political force that can affect business strategies?

    <p>Local employment laws</p> Signup and view all the answers

    In competitive intelligence, which practice is generally considered unethical?

    <p>Using illegal surveillance</p> Signup and view all the answers

    Which technological advancement is expected to shape the future of many industries according to current trends?

    <p>3D printing</p> Signup and view all the answers

    Which of the following best captures consumer behavior changes relevant to business strategies?

    <p>Population demographics</p> Signup and view all the answers

    What factor is likely to signify the impact of social media on competitive positioning?

    <p>Social-media conversation mastery</p> Signup and view all the answers

    Which of the following would NOT be considered a competitive force?

    <p>Employee satisfaction levels</p> Signup and view all the answers

    What factors contribute to high rivalry among competing firms?

    <p>Similar capabilities among firms</p> Signup and view all the answers

    Which of the following is NOT a barrier to entry in a market?

    <p>Strong corporate partnerships</p> Signup and view all the answers

    Under what condition would the bargaining power of suppliers be considered high?

    <p>High costs associated with switching to alternative suppliers</p> Signup and view all the answers

    What typically happens when the price of substitute products decreases?

    <p>Consumer demand for original products may decrease</p> Signup and view all the answers

    Which factor increases the bargaining power of consumers?

    <p>Low switching costs</p> Signup and view all the answers

    Which of the following could weaken barriers to entry in a market?

    <p>New technologies that lower production costs</p> Signup and view all the answers

    What is a potential consequence of high fixed costs among competing firms?

    <p>Firms may avoid aggressive price competition</p> Signup and view all the answers

    In what circumstance might a buyer possess significant bargaining power?

    <p>The availability of many product options</p> Signup and view all the answers

    What role do governmental regulations typically play in market dynamics?

    <p>They can act as barriers to entry</p> Signup and view all the answers

    Which situation would likely result in a market experiencing high pressure from substitutes?

    <p>Rapid price reductions in substitute products</p> Signup and view all the answers

    What strategy might companies undertake to improve their bargaining position against suppliers?

    <p>Invest in backward integration</p> Signup and view all the answers

    What effect does a lack of access to raw materials have on new entrants in a market?

    <p>It increases barriers to entry</p> Signup and view all the answers

    In the context of industry analysis, what do key external factors typically include?

    <p>Social, cultural, and economic influences</p> Signup and view all the answers

    How are weighted scores calculated in the EFE matrix?

    <p>By multiplying weights by effectiveness ratings</p> Signup and view all the answers

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