Dimensions of Business Policy: Long-Term Impact
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Questions and Answers

What is the typical time frame for which policy decisions commit a firm?

  • 5 months
  • 5 days
  • 5 weeks
  • 5 years (correct)

    • Why are a firm's image and competitive advantages tied to its policy decisions?

  • To create consistency and recognition (correct)
  • To confuse competitors
  • To maintain secrecy
  • To increase employee turnover

    • Which level of business policy involves Product, geographic, and functional area managers?

  • Individual level
  • Business level
  • Corporate level
  • Functional level (correct)

    • What are the consequences of policy decisions on most areas of the firm?

    <p>Complex implications</p> Signup and view all the answers

    Which level of business policy involves the board of directors, CEO & administration?

    <p>Corporate level</p> Signup and view all the answers

    What does Dr. Obi Berko Damoah emphasize about firms shifting away from their policies?

    <p>It can jeopardize previous gains</p> Signup and view all the answers

    What is NOT a social factor that influences the remote environment of a firm?

    <p>Technological advancements</p> Signup and view all the answers

    Which of the following is considered a political constraint on firms?

    <p>Minimum Wage Legislation</p> Signup and view all the answers

    What is one of the economic factors that form part of the remote environment of a firm?

    <p>Prime interest rates</p> Signup and view all the answers

    Which social change is NOT mentioned as part of the remote environment of a firm?

    <p>Rapid technological advancements</p> Signup and view all the answers

    What is NOT a political factor influencing the remote environment of a firm?

    <p>Trends in the growth of the gross national product</p> Signup and view all the answers

    Which economic factor does NOT influence the remote environment of a firm?

    <p>Demographic makeup</p> Signup and view all the answers

    What is a characteristic of substitute products that deserve strategic attention?

    <p>Subject to trends improving their price-performance trade-off with the industry's product</p> Signup and view all the answers

    In what scenario does intense rivalry occur among competitors in an industry?

    <p>Exit barriers are low</p> Signup and view all the answers

    What key question should be asked to understand the boundaries of an industry in competitive analysis?

    <p>What is the structure of the industry?</p> Signup and view all the answers

    Why do substitute products limit profits and reduce industry bonanzas in boom times?

    <p>By improving their price-performance trade-off with industry products</p> Signup and view all the answers

    What factor creates a strong temptation to cut prices and intensify rivalry in an industry?

    <p>Perishable products or high fixed costs</p> Signup and view all the answers

    When does rivalry intensify due to competitors being diverse in policy, origin, and personality?

    <p>When firms have similar cost structures</p> Signup and view all the answers

    What is a key success factor in designing an effective plan?

    <p>Access to useful information</p> Signup and view all the answers

    What are the topics covered in the session according to Dr. Obi Berko Damoah's outline?

    <p>Importance of the value disciplines</p> Signup and view all the answers

    What is clarified during the session regarding human resource information systems?

    <p>Input, data maintenance, and output functions</p> Signup and view all the answers

    What will students be able to do by watching and listening to the video according to the learning objectives?

    <p>Discuss generic policies by reading a required chapter</p> Signup and view all the answers

    What are the grand policies that decision makers use in forming a firm's competitive plan according to Dr. Obi Berko Damoah?

    <p>15 grand policies</p> Signup and view all the answers

    What aspect is presented regarding the merits and demerits of having a business policy information system?

    <p>Ease in accessing information for planning purposes</p> Signup and view all the answers

    What is a characteristic of Fragmented Businesses?

    <p>They have low brand loyalty.</p> Signup and view all the answers

    What type of businesses are characterized by achieving differentiation through product design and branding expertise?

    <p>Specialization Businesses</p> Signup and view all the answers

    In what situations should companies diversify according to the text?

    <p>When opportunities to leverage core competencies arise.</p> Signup and view all the answers

    What defines the Synergy Approach mentioned in the text?

    <p>Leveraging core competencies for value creation.</p> Signup and view all the answers

    What sets Specialization Businesses apart from Fragmented Businesses?

    <p>They have high brand loyalty.</p> Signup and view all the answers

    Why is achieving cost management important for profitability according to the text?

    <p>To improve profitability.</p> Signup and view all the answers

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