Business Strategy Fundamentals Quiz
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Questions and Answers

What is a strategy according to the text?

  • A list of short-term goals for the organization
  • A set of decisions about business activities and markets (correct)
  • A detailed plan for day-to-day operations
  • A description of the organizational structure
  • What is the first stage of the planning process mentioned in the text?

  • Determining the organization's mission and goals (correct)
  • Identifying external environmental factors
  • Selecting goals and courses of action
  • Creating an organizational plan
  • What does the 'Direction' aspect of a strategy refer to?

  • The day-to-day operations of the business
  • The organizational structure of the business
  • Where the business is trying to get to in the long-term (correct)
  • The short-term financial goals of the business
  • What does the 'Resources' aspect of a strategy encompass?

    <p>Skills, assets, finance, relationships, technical competence, facilities</p> Signup and view all the answers

    What is the purpose of the planning process mentioned in the text?

    <p>To identify and select goals and courses of action for the organization</p> Signup and view all the answers

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