30 Questions
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Which of the following is NOT part of the five forces that determine competitive dynamics?
Employees
In a SWOT analysis, what is the purpose of relating firm-specific strengths and weaknesses to industry opportunities and threats?
To understand the competitive market dynamics
Where can one look to analyze a firm's resources and capabilities as part of a SWOT analysis?
Balance sheet
Which stage of a SWOT analysis involves analyzing the internal strengths and weaknesses of a firm?
Analyzing resources and capabilities of the firm
What does the 'five-forces' analysis help in understanding about any given industry?
Competitive dynamics
What is the primary purpose of a mission statement in an organization?
To communicate the core values of the business
How does a mission statement help employees?
By helping them understand the firm's response to surrounding opportunities
What are the two key questions about the position of a business in its competitive market place?
How do we create value for our customers and how do we differentiate our products and services?
In what ways can firms differentiate their products and services from competitors?
By customizing offerings to respond to specialized customer needs
How might firms create value for customers in a competitive market?
By adding unique benefits to products and services
What is the primary focus of a firm that aims to compete by offering goods and services at low cost?
Targeting price-sensitive customers
When should a manager control processes according to the text?
When processes can be observed and/or measured
What is the primary reason for controlling inputs based on the text?
When the cost of input is high relative to value of outputs
In what scenarios should outputs be controlled according to the text?
When outputs can be observed and/or measured
Why must employees be carefully selected, trained, and indoctrinated according to the text?
To ensure that employees understand the values and objectives of the organization
Big data refers to:
Massive amounts of detailed information that can be collected and analyzed
Big data has transformed the way companies search for and respond to opportunities by:
Analyzing consumer activity patterns and business trends
What configuration focuses on providing the best technology or branding regardless of location?
Global Standard of Excellence Configuration
Which configuration is characterized by duplication of activities across regions leading to increased costs?
Regional Value-Added Configuration
What is a major drawback of the local value creation configuration when compared to the low-price configuration?
Inefficiency in terms of cost management
Which type of businesses are organized into product groups under the Global Standard of Excellence configuration?
Global businesses
How does organizing by market-facing product group benefit customers seeking product excellence?
Creates economies in R&D, production, and distribution
What are regional managers accountable for in this business operation configuration?
Both profit and loss statement and balance sheet assets
What type of costs should be used to compute product mix variances?
Standard variable costs per unit
In what type of firms are Efficiency Variance and Production Spending Variance used?
Manufacturing firms
What are Non-variable Costs Variances used for?
Both manufacturing and service firms
What do variable costs change with according to the text?
Output volume, efficiency ratio, and input factor prices
What kind of costs are Committed Costs and Discretionary Expenses related to?
Non-variable costs
Which costs are referred to as resources that vary proportionally with the level of sales?
Variable costs
Learn about the fundamental concepts of SWOT analysis, including the significance of analyzing internal strengths and weaknesses in relation to external opportunities and threats in the marketplace.
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