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Developing a Business Strategy Quiz

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Questions and Answers

What are the three critical factors in developing a business strategy?

Company size, market share, and competitive pricing

Product innovation, social media presence, and customer testimonials

Marketing budget, workforce diversity, and supply chain efficiency

Business goal, understanding the market, and company strengths (correct)

Competitiveness is defined as:

How well an organization meets customer needs compared to competitors (correct)

The number of products a company sells

The total revenue a business generates

The number of employees in a company

Which of the following is NOT considered an operations strategy priority?

Quick response

Maximizing shareholder returns (correct)

Inventory management

Product and service design

When would a company typically use a price or cost strategy?

When customers cannot differentiate the company's products from competitors' Signup and view all the answers

What is the main focus of an operations strategy?

Enhancing operational functions for competitive advantage Signup and view all the answers

What is the purpose of producing and selling environment-friendly products according to the text?

To reduce pollution and waste Signup and view all the answers

What is the main focus of quality-based strategies mentioned in the text?

Maintaining or improving product quality Signup and view all the answers

What does productivity measure according to the text?

The ratio between outputs and inputs Signup and view all the answers

What are order qualifiers, as per the text?

Characteristics perceived as minimum standards of acceptability by customers Signup and view all the answers

When are time-based strategies typically utilized?

To reduce the time needed to accomplish tasks Signup and view all the answers