Questions and Answers
What does Business Acumen mean?
Possessing the knowledge, abilities, and skills to succeed in the business field.
Which of the following is NOT a goal of Business Acumen?
What is a goal in the context of Business Acumen?
A statement of general, broad, long-term target, aim, and intent.
What is included in Tactical Goals?
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Which of the following is a component of Porter's Five Forces Model?
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What does the Threat of Substitutes refer to?
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What are Operational Goals characterized by?
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Vision is a statement that reflects management’s values and beliefs.
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Study Notes
CIA Integrated Review Overview
- The CIA Integrated Review includes courses like Business Acumen and Strategic Management for the 1st Semester of SY 2024-2025.
Monday Motivation
- Quote by John Wooden: "Things work out best for those who make the best of how things work out."
Business Acumen
- Defined as the knowledge, abilities, and skills (KASs) needed for success in business.
- Objectives for CIAs in Business Acumen:
- Understand company visions and missions deeply.
- Develop effective business strategies and goals.
- Comprehend core business functions.
- Apply information technology and general tech effectively.
- Solve business issues and assist in decision-making.
Strategic Planning
- Strategies provide a macro view of the organization’s direction and the processes senior management uses to create and implement strategies.
Mission and Vision
- Mission statements encapsulate management’s values and beliefs.
- Vision statements outline the desired future state and aspirations of the company.
Goals
- Goals arise from the vision and mission, serving as broad, long-term objectives for the organization.
Tactical Goals
- Connected to strategic goals, these include measurable medium-term outcomes.
- Example goals:
- Add 1,000 branches in the Philippines.
- Achieve inclusion in the Top 1,000 Corporations in the Philippines.
Operational Goals
- Focused on short-term, specific measurable results for individual work groups.
- Example goals:
- Generate 15% additional sales.
- Reduce employee turnover by 50%.
Planning and Actions
- Plans act as blueprints detailing necessary resources, schedules, and actions to reach goals.
- Actions are structured steps taken to implement plans and generate expected results.
Porter’s Five Forces Model
- A strategic analysis framework by Michael Porter introduced in 1979 to analyze market competition and profitability.
Competitive Rivalry
- Intensity influenced by:
- Number of competitors.
- Industry growth rate.
- Similarity of products/services.
- Exit barriers.
- Fixed cost levels.
Threat of New Entrants
- Factors affecting potential new competition:
- Economies of scale.
- Product differentiation.
- Required capital investment.
- Access to distribution channels.
- Regulatory barriers.
Bargaining Power of Suppliers
- Strong supplier power can increase costs or limit resources.
- Influenced by:
- Number of available suppliers.
- Uniqueness of supply.
- Importance of the supplier industry.
Bargaining Power of Customers
- High customer power pressurizes businesses to offer better products/services at lower prices.
- Intensified by:
- Number of buyers.
- Size of transactions.
- Price sensitivity.
- Customer awareness.
Threat of Substitutes
- Availability of alternatives poses a significant threat to industry players.
- Magnifying factors include:
- Relative price-performance ratio.
- Customer inclination towards substitutes.
- Perception of product similarity.
- Access to close substitutes.
Michael Porter’s Generic Strategies
- A firm’s competitive positioning within the industry significantly influences its profitability levels.
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Description
This quiz covers the CIA Integrated Review including essential courses such as Business Acumen and Strategic Management for the 1st Semester of SY 2024-2025. You'll explore key concepts like business strategies, mission and vision statements, and the skills required for success in business.
