Business Strategy and Management True/False Quiz

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16 Questions

Which of the following is true about strategy?

It is a short-term plan that guides a company's daily operations

What is an incorrect statement regarding financial management?

None of the above

Are IKEA customers allowed home delivery for their purchases?

No, they are not allowed home delivery

Was CocaCola's #MakeItHappy campaign a successful social media campaign?

No, it was not successful

Is long-term debt required to be paid within a year?

Yes, it must be paid within a year

What does direct procurement relate to?

Goods and services that do not support the company products

What does competitive advantage refer to?

The resources and competencies a company can use to provide value to customers

What does the term 'vision' represent in a company?

The strategic intent or desired future state of the company

What is the Marketing Mix composed of?

Product, Promotion, Price, and Place

What does direct procurement relate to?

Goods and services related to the main products of the company

What does the income statement measure?

The performance over a specific period of time

What is Net Working Capital defined as?

The difference between current assets and current liabilities

What does Technology Development refer to?

The modern methods that give support to achieve the work

What is Porter's value chain model used for?

To capture the value added in each activity of the company

What is finance about?

The amount of money and the management of such amount of money

'Selective hiring techniques' are used for what purpose?

'The more you charge, the more value or quality your customers will expect for their money.'

Study Notes

Strategy

  • A plan of action designed to achieve a particular goal or set of goals.

Financial Management

  • Does not require long-term debt to be paid within a year.

Logistics and Delivery

  • IKEA customers are allowed home delivery for their purchases.

Social Media Marketing

  • CocaCola's #MakeItHappy campaign was a successful social media campaign.

Procurement

  • Direct procurement relates to purchasing raw materials, goods, or services directly from a supplier.

Competitive Advantage

  • Refers to a company's ability to perform at a higher level than its competitors.

Company Vision

  • Represents a company's desired future state or position.

Marketing Mix

  • Composed of four Ps: Product, Price, Place, and Promotion.

Financial Statement Analysis

  • The income statement measures a company's revenues and expenses over a particular period.

Working Capital

  • Net Working Capital is defined as a company's current assets minus its current liabilities.

Technology Development

  • Refers to the process of creating new or improved products, processes, or services.

Value Chain Analysis

  • Porter's value chain model is used to analyze the activities that create value for a company's customers.

Finance

  • The management of money and investments for individuals, businesses, and organizations.

Human Resources

  • Selective hiring techniques are used to identify and recruit the best-qualified candidates for a job.

Test your knowledge of business strategy and management with this True/False quiz. Assess your understanding of topics such as strategy, financial management, customer service, and social media campaigns.

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