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MBA 706 test 1 study guide Chapters 1-4 Questions and Answers
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MBA 706 test 1 study guide Chapters 1-4 Questions and Answers
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MBA 706 test 1 study guide Chapters 1-4 Questions andAnswers
Strategic Business Unit (SBU) CORRECT ANS-a subgroup of a single business or a collection
of related businesses within the larger organization
A distinct mission and specific target market
Control over its resources
Its own competitors
Plans independent of other SBUs CORRECT ANS-An SBU has...
Market penetration CORRECT ANS-market ___ increases market share among existing
customers
Market development CORRECT ANS-Market ____ is; attracting new customers to existing
products
Diversification CORRECT ANS-___ is introducing new products into new markets
Corporate culture CORRECT ANS-the shared experiences, stories, beliefs, and norms that
characterize an organization
Internal environment CORRECT ANS-Controllable elements inside of an organization
(human capital, organizational culture-Google, financial stability, corporate reputation, quality
products, brand strength, etc.)
These elements represent key strengths and weaknesses of the firm
•Situation analysis CORRECT ANS-•An assessment of a firm's internal and external
environments
, MBA 706 test 1 study guide Chapters 1-4 Questions and
Answers
External environment CORRECT ANS-•Uncontrollable elements outside of an organization
that may affect its performance either positively or negatively (economy, competition,
technology, political unrest, etc.) (Greece)
SWOT CORRECT ANS-enables the firm to develop strategies that maximize strengths and
capitalize upon opportunities
customer groups, customer needs, and technology. CORRECT ANS-A business is defined on
three dimensions
Overall cost leadership- CORRECT ANS-__ __ __ is when firms work to achieve the lowest
production and distribution costs so they can underprice competitors and win market share
Differentiation CORRECT ANS-concentrates on achieving superior performance in an
important customer benefit area valued by a large part of the market
Focus CORRECT ANS-focuses on one or more narrow market segments, gets to know them
intimately, and pursues either cost leadership or differentiation within the target segment
Product or service alliances CORRECT ANS-One company licenses another to produce its
product, or two companies jointly market their complementary products or a new product is
known as ____
Marketing CORRECT ANS-an organizational function that creates, communicates, and
delivers value to customers
market CORRECT ANS-a collection of buyers and sellers who transact over a particular
product or product class (such as the housing market).
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