Test bank for business strategy development application 2nd edition by bissonette

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This chapter has 142 questions.

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Multiple Choice Questions - (74)

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Learning Objective: 01-05 Exposure to the concept of Visionary Leadership - (5)

True/False Questions - (56)

Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between
business strategy and business model development, and the importance of successfully executing both in order for a
business to achieve its identified objectives - (12)

Short Answer Questions - (12)

Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
profitability - (13)

Odd Numbered - (71)

Topic: 01-01 The Big Picture - (12)

Even Numbered - (71)

Topic: 01-02 What Is Business? - (51)

Accessibility: Keyboard Navigation - (130)

Topic: 01-03 The Full Business Model - (11)

Difficulty: Difficult - (6)

Topic: 01-04 The Role of the Business Owner or C-Suite Manager - (16)

Difficulty: Easy - (107)

Topic: 01-05 Putting Plans Into Action - (14)

Difficulty: Moderate - (29)

Topic: 01-06 Thinking Across Multiple Horizons - (4)

Gradable: automatic - (130)

Topic: 01-07 Corporate Social Responsibility - (10)

Gradable: manual - (12)

Topic: 01-08 The Concept of Visionary Leadership - (7)

Learning Objective: 01-01 A macro-level understanding of what business
is - (54)

Topic: 01-09 Management Reflection - The Business Decision-Making Landscape - (8)

Learning Objective: 01-02 An overview of the major components of a
business model and how their successful development and execution determines
business performance - (54)

Topic: 01-10 Appendix - The Business Model and Profitability - (2)

Learning Objective: 01-03 An awareness of the overarching role of the
business owner or C-Suite management team - (45)

Topic: 01-11 The Difference between Profit and Profitability - (8)

Learning Objective: 01-04 An understanding of how businesses plan - (42)

Topic: 01-12 Improving Profitability - (2)

1. Commercial endeavours refers to the markets the organization serves, the products it offers, and the needs it professes to
meet in the marketplace.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
True / False Question
Gradable: automatic
question #1

Topic: 01-01 The Big Picture
2. Employee interaction is a reflection of the complexities of the business activities that circulate within an organization.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
True / False Question
Gradable: automatic
question #2
Topic: 01-01 The Big Picture
3. Organizational efficiency and structure refers to the value-creating skills an organization's employees bring to the
marketplace.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
True / False Question
Gradable: automatic
question #3
Topic: 01-01 The Big Picture
4. Employee interaction refers to the value-creating skills an organization's employees bring to the marketplace.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
True / False Question
Gradable: automatic
question #4
Topic: 01-01 The Big Picture
5. Business can be thought of as a system designed to grow a market for an organization's goods and services and create

organizational value on behalf of stakeholders.
→ True
False

True / False Question
question #5
6. Any organization that produces a good or service can be classified as a business.
True
→ False

True / False Question
question #6

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Topic: 01-01 The Big Picture

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Topic: 01-02 What Is Business?

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7. The goal of business activities is profit.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #7
Topic: 01-02 What Is Business?
8. Profit is what it costs to make and sell a product.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #8
Topic: 01-02 What Is Business?
9. Businesses have the right to keep and use their profits as they choose, without limitations.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #9
Topic: 01-02 What Is Business?
10. Businesses seek to earn a profit by providing goods and services to others.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #10
Topic: 01-02 What Is Business?
11. Revenue is the amount a business earns above and beyond what it spends for expenses and costs.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #11
Topic: 01-02 What Is Business?

12. A manager is an individual who assumes the risk of starting a business.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #12
Topic: 01-02 What Is Business?
13. If a business' costs and expenses are greater than its revenue, it will suffer a loss.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #13
Topic: 01-02 What Is Business?
14. The business model can best be visualized as the underlying operational platform.

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→

True
False

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
True / False Question
Topic: 01-02 What Is Business?
question #14
Topic: 01-03 The Full Business Model
15. Technology can help businesses become more efficient and productive.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #15
Topic: 01-02 What Is Business?
16. Successful firms follow a customer-driven strategy, as opposed to the management-driven strategy used in the past.
→ True
False

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #16
Topic: 01-02 What Is Business?
17. The competitive environment now empowers managers to make decisions quickly for their front line employees.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #17
Topic: 01-02 What Is Business?
18. Managers coordinate resources to achieve organizational objectives.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question

successful development and execution determines business performance
question #18
Topic: 01-02 What Is Business?
19. Businesses seek to earn a profit by providing goods and services to others.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #19
Topic: 01-02 What Is Business?
20. If a business' costs and expenses are less than than its revenue, it will earn a profit.
→ True
False

True / False Question
question #20
21.

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Topic: 01-02 What Is Business?

Full file at />

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On the company-centric (business system) side of the business model, the key activities cell refers to the infrastructure and
resource base of the organization.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
True / False Question
Topic: 01-02 What Is Business?
question #21
Topic: 01-03 The Full Business Model
22. The Buckmaker Corporation generated total revenues of $30 million dollars while incurring expenses of $17 million.
During the year Buckmaker earned a profit of $13 million.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance

question #22
Topic: 01-02 What Is Business?
23. Successful businesses constantly monitor consumer wants and needs.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
True / False Question
successful development and execution determines business performance
question #23
Topic: 01-02 What Is Business?
24. Not-for-profit organizations such as the Canadian Cancer Society do not engage in management, marketing, or finance
activities.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #24
Topic: 01-05 Putting Plans Into Action
25. To remain competitive in today's market, firms must produce a quality product and offer outstanding service at a
reasonable price.
→ True

False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #25
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
26. Producing a high quality product will ensure success in the competitive environment.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #26
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
27. A key element of business success is a business plan.
→ True
False
True / False Question
question #27

Full file at />
Accessibility: Keyboard Navigation

Difficulty: Moderate
Gradable: automatic

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Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Learning Objective: 01-04 An understanding of how businesses plan
Topic: 01-11 The Difference between Profit and Profitability
28. Management is the art of getting things done through organizational resources.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #28
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
29. A modern manager's main job is to issue orders, then follow up to make sure employees do as they were told.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team

True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #29
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
30. Managers in progressive organizations tend to emphasize teamwork and cooperation rather than discipline and giving
orders.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #30
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
31. Managers in many of today's high-tech firms realize that workers often know much more about technology than they do.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #31
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
32. Despite all of the changes in the business environment, the basic way a manager performs his or her job has remained

remarkably constant.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #32
Topic: 01-05 Putting Plans Into Action
33. Given the lack of discipline and short attention spans of today's workers, modern managers must watch their workers
closely, set strict rules, and vigorously enforce them.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #33
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
34. In most high tech industries, the best way to respond quickly to rapid technological changes is to keep most authority and
responsibility in the hands of a few key managers who provide precise, detailed directions to the workers.
True
→ False

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True / False Question
question #34

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Learning Objective: 01-04 An understanding of how businesses plan
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
35. The need for better-educated and self-directed workers has made it easier for managers to obtain the trust and loyalty of
their workers.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #35
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
36. Every business is faced with the reality of having less uses for resources than resources available.
True
→ False

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #36
Topic: 01-03 The Full Business Model
37. Because of advancements in technology, managers now have an easier time obtaining long-term commitments from
workers.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #37
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
38. An organization is said to have competitive advantage when it can perform critical activities better than its rivals.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team

True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #38
Topic: 01-05 Putting Plans Into Action
39. Not-for-profit organizations are concerned with wealth creation on behalf of their shareholders and stakeholders.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #39
Topic: 01-05 Putting Plans Into Action
40. For-profit organizations serve their customers and clients via a model of collective interest and social goal achievement.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #40
Topic: 01-05 Putting Plans Into Action
41. Questions like "What do we want to do?" are associated with the implementation stage of the planning cycle.
True

→ False

Full file at />

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Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #41
Topic: 01-05 Putting Plans Into Action
42. Questions like "What needs to be changed or improved?" are associated with the positioning stage of the planning cycle.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #42
Topic: 01-05 Putting Plans Into Action
43. Stakeholders are best understood as the shareholders of a business or the people who have made an equity investment.
True
→ False

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #43
Topic: 01-07 Corporate Social Responsibility
44. Stakeholders have a direct or an indirect link to an organization and can be impacted by its policies, actions, and decisions.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #44
Topic: 01-07 Corporate Social Responsibility
45. Social and environmental responsibility is not as important as it used to be.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question

Learning Objective: 01-04 An understanding of how businesses plan
question #45
Topic: 01-07 Corporate Social Responsibility
46. Short-term performance is one of two fundamental objectives that managers must consider when making decisions about
the strategic direction of the organization.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #46
Topic: 01-06 Thinking Across Multiple Horizons
47. Green initiatives are challenging organizations to position themselves as good corporate citizens in order to acquire and
retain customers.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
True / False Question
Learning Objective: 01-04 An understanding of how businesses plan
question #47
Topic: 01-07 Corporate Social Responsibility
48. Strategies are actions that a firm executes to meet short-term objectives.

True

Full file at />

Page 8 of 26

→

False

Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between
business strategy and business model development, and the importance of successfully executing both in
True / False Question
order for a business to achieve its identified objectives
question #48
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
49. Assessing company resources and capabilities is an element of the business decision-making model.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between
business strategy and business model development, and the importance of successfully executing both in
True / False Question
order for a business to achieve its identified objectives
question #49

Topic: 01-08 The Concept of Visionary Leadership
50. As managers, we need to avoid the temptation to become predominantly focused on short-term results.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship between
business strategy and business model development, and the importance of successfully executing both in
True / False Question
order for a business to achieve its identified objectives
question #50
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
51. The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
True / False Question
profitability
question #51
Topic: 01-11 The Difference between Profit and Profitability
52. Profits of a business include the salaries paid to the owners and employees of that business.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic

Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
True / False Question
profitability
question #52
Topic: 01-11 The Difference between Profit and Profitability
53. Total revenue - total expenses = profit
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
True / False Question
profitability
question #53
Topic: 01-11 The Difference between Profit and Profitability
54. Profitability is the "bottom line" result the organization has been able to achieve.
True
→ False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
True / False Question
profitability
question #54
Topic: 01-11 The Difference between Profit and Profitability
55. Profitability measures how well an organization is using its resources over a specific period of time.
→ True
False

True / False Question
question #55

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Page 9 of 26

Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
profitability
Topic: 01-11 The Difference between Profit and Profitability
56. The challenge to improve profitability faces both large companies and small companies.
→ True
False
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
True / False Question
profitability
question #56
Topic: 01-12 Improving Profitability
57. One way of thinking about the talent component of an organization is to use the axiom that a successful strategy results
from ____% thinking and ____% execution:
→ 5, 95
95, 5
80, 20

20, 80
50, 50
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #57
Topic: 01-02 What Is Business?
58. The goal of business is to earn
respect.
resources.
→ a profit.
responsibility.
independence.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #58
Topic: 01-02 What Is Business?
59. A business' objectives should NOT be:
specific
measurable
actionable

controllable
→ overly complicated
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #59
Topic: 01-05 Putting Plans Into Action
60. Which of the following is NOT presented as a key ability of visionary leaders:
articulate and communicate the vision
create exceptional commitment to vision within the workforce
→ adjust, build out or reinvent the business model
understand the critical investments necessary for success
demonstrate leadership commitment
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Multiple Choice Question
Learning Objective: 01-05 Exposure to the concept of Visionary Leadership
question #60
Topic: 01-07 Corporate Social Responsibility
61. If a business is to be successful in the long run, it must treat its customers, employees, and community with social
meetings.
→ responsibility.
agendas.
insight.

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Page 10 of 26

interests.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #61
Topic: 01-07 Corporate Social Responsibility
62. Not-for-profit organizations,
Last for only short periods of time as their objective is not to create profits for their owners.
Have a hard time hiring employees as they have no means of paying them.
Are not concerned about meeting their financial needs.
→ Can provide an opportunity for individuals to address social issues.
Are the same as government organizations
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #62
Topic: 01-05 Putting Plans Into Action
63. All of the following are recognized as abilities of visionary leaders except:

demonstrate leadership commitment
→ drive increases in profitability
articulate and communicate vision
create commitment to vision
Enable execution of essential processes
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Multiple Choice Question
Learning Objective: 01-05 Exposure to the concept of Visionary Leadership
question #63
Topic: 01-07 Corporate Social Responsibility
64. What is the first step in the business decision-making model:
→ visualize and assess the business opportunity
adjust, build out or reinvent the business model
assess company resources and capabilities
determine tactics required to achieve objectives
confirm market size and profitability potential
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #64
Topic: 01-08 The Concept of Visionary Leadership
65. ____________ refers to the human resource requirements of the business.
→ Labour
Capital

Assets
Efficiency
Acumen
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #65
Topic: 01-02 What Is Business?
66. When consumers decide to purchase a particular product, they:
will search for the retailer that offers the lowest price.
→ consider the total collection of benefits that the product offers.
base their decision on a brand name nearly all of the time.
initially evaluate the product's package.
Multiple Choice Question
question #66

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is

Full file at />

Page 11 of 26

Learning Objective: 01-02 An overview of the major components of a business model and how their

successful development and execution determines business performance
Topic: 01-02 What Is Business?
67. Any activity which seeks to earn a profit by providing a good or service is known as a(n):
industry
corporation
→ business
service
initiative
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #67
Topic: 01-02 What Is Business?
68. __________can most easily be thought of as a set of mission-focused actions aimed at identifying the needs of a particular
market, or markets, and the development of a solution to such needs through the acquisition or transformation of goods
and services that can be delivered to the marketplace at a profit:
goods-producing activities
service activities
→ business
government
Not-for-profit activities

Test Bank for Business Strategy Development Application 2nd Edition by Bissonette

Accessibility: Keyboard Navigation
Difficulty: Easy

Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #68
Topic: 01-02 What Is Business?
69. ______________ refers to the ability of managers to establish a direction for the organization based on the needs
identified in the marketplace and the mission (reason for being) of the organization.
Human capital
Assets
Business Acumen
→ Visionary leadership
Managerial Acumen

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Multiple Choice Question
Learning Objective: 01-05 Exposure to the concept of Visionary Leadership
question #69
Topic: 01-08 The Concept of Visionary Leadership
70. A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a
mission statement.
corporate charter.
→ business plan.
corporate statement.
balance sheet.
Accessibility: Keyboard Navigation

Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #70
Topic: 01-05 Putting Plans Into Action
71. In evaluating colleges, students, and parents are likely to judge a school:
strictly on the basis of major curriculums offered.
based on the tuition.
→ by the collection of benefits offered by the school.
on the anticipated rate of return on their tuition investment.
strictly on the basis of extracurricular activities offered
Multiple Choice Question
question #71

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their

Full file at />

Page 12 of 26

successful development and execution determines business performance
Topic: 01-03 The Full Business Model
72. _________ refers to the money needed by an organization.

Assets
Labour
→ Capital
Managerial acumen
Structure
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #72
Topic: 01-02 What Is Business?
73. Which of the following is NOT one of the four core fundamental resource areas an organization will build its business
model or system around?
Assets
Labour
Capital
Managerial acumen
→ Structure
Accessibility: Keyboard Navigation
Test Bank for Business Strategy Development Application 2nd
Edition by Bissonette

Difficulty: Easy
Gradable: automatic
Full file at />Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question

successful development and execution determines business performance
question #73
Topic: 01-02 What Is Business?
74. To start any business you must first have
investors.
→ an idea.
capital.
employees.
a business plan.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #74
Topic: 01-06 Thinking Across Multiple Horizons
75. Which of the following is NOT a suitable definition of strategy?
Is the development of plans and decisions which will guide the direction of the firm and determine its longterm performance.
Focuses on the vision of the firm and the opportunity which it believes exists in the marketplace.
Checks that the life expectancy of the product or service is long enough to ensure that the initial investment
can be recovered and that the firm can make a profit.
Is the means by which the organization selects future direction and areas for focus.
→ Checks to see that day-to-day activities are running smoothly and generating profit.
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully

Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #75
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
76. Culture, processes, and infrastructure are related to which of the three characteristics one can use to assess a business?
Employee interaction
Organizational capacity
Commercial endeavours
Markets the organization serves
→ Organizational efficiency and structure
Accessibility: Keyboard Navigation
Difficulty: Easy
Multiple Choice Question
Gradable: automatic
question #76
Topic: 01-01 The Big Picture
77. _________ occurs when a company possesses capabilities that enable it to perform critical activities better than its rivals:

Full file at />

Page 13 of 26

→

positioning
managerial acumen
competitive advantage
profit
profitability

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
Multiple Choice Question
management team
question #77
Topic: 01-03 The Full Business Model
78. The role of the top-level management team is to anticipate, recognize, and _____ opportunities that then drive the creation
of products and/or delivery of services believe to offer solutions to problems in a unique, important, and valued
(meaningful) way.
examine
analyze
consider
→ act upon
think about
Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
Test Bank for Business Strategy Development Application 2nd Edition by Bissonette
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
Full file at />question #78
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
79. Sweet Dream Confectioners uses the same ingredients as most other producers of chocolate candies. In fact, taste tests
suggest that the candy itself, while quite good, isn't much better than other well-known brands of chocolate. However, the
company wraps its candies in expensive looking foil and places them in very attractive boxes. It promotes its products in
advertisements as "the ultimate in chocolate experience." Sweet Dream charges a much higher price than most

competitors, but sales continue to grow. This success indicates that:
consumers often behave in an irrational manner.
→ there is more to the total product offer than the physical product.
consumers seldom consider price when making a buying decision for goods such as chocolate.
chocolate is best classified as a convenience good.
the market is inefficient
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #79
Topic: 01-02 What Is Business?
80. When purchasing a product, the consumer is actually buying its anticipated benefits and
→ satisfaction.
price.
costs.
productivity.
form.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #80
Topic: 01-02 What Is Business?

81. Which of the following does NOT make up a business?
A system of integrated actions
develops and grows a market for its goods and/or services
creates organizational value (wealth) on behalf of its stakeholders
→ develops wealth for its employees
delivers the right solution to the right customer

Multiple Choice Question
question #81
82. A company does not have competitive advantage when:

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Topic: 01-01 The Big Picture

Page 14 of 26

→

it can offer customers a product/service that has more value to them than similar products offered by other
companies.
the business plan is competitive and executed properly.
customers are attracted to the company's product/service offering(s).
the company generates money, or revenue, from the sale of the product.
the company's product/service offer is perceive to be equal to that offered by other companies.

Accessibility: Keyboard Navigation

Multiple Choice Question
successful development and execution determines business performance
Full file at />question #83
Topic: 01-02 What Is Business?
84. A business' objectives should NOT be which of the following?
Specific
Measurable
→ Easy
Controllable
Actionable
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #84
Topic: 01-05 Putting Plans Into Action
85. Which of the following is NOT one of the three fundamental characteristics that an efficient and effective operating
platform will possess?
→ A system of integrated actions
Commercial Endeavours
Employee Interaction model
Organizational Efficiency
Organizational Structure
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is

Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #85
Topic: 01-02 What Is Business?
86. The business plan should do all of the following except
explain the business.
include estimates of income and expenses.
establish a strategy for acquiring sufficient funds.
include an analysis of the competition.
→ act as a shackle to limit the business's flexibility and decision making.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #86
Topic: 01-05 Putting Plans Into Action
87. Today's progressive managers:
usually prefer to use the autocratic style of leadership.

Full file at />

Page 15 of 26

→

tend to emphasize teamwork and cooperation rather than discipline and order-giving.

face fewer challenges and problems than managers in the past.
can rely on a much higher level of worker loyalty to the organization than in the past.
are beginning to revert to a command-and-control approach.

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #87
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
88. Profitability analysis takes into consideration all of the following except:
return on the capital invested
return on equity
financial leverage
comparisons between competitors to determine which organizations are the most effective in their utilization
of their resources
→ market capitalization
Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
Multiple Choice Question
profitability
question #88 Test Bank for Business Strategy Development
Topic: 01-11
The
Difference

between
Profit
and
Profitability
Application 2nd Edition by Bissonette
89. Which of the following is NOT one of the areas in which visionary leaders excel:
Fullsupport
file atand
/>build
critical mass for vision
→ eliminate opposition to vision and strategy
free up resources to complete critical initiatives
ensure accountability is embedded in reward and performance programs
Create shared understanding of vision
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Multiple Choice Question
Learning Objective: 01-05 Exposure to the concept of Visionary Leadership
question #89
Topic: 01-07 Corporate Social Responsibility
90. ____________ is the amount a business earns over and above what it spends for salaries and other expenses.
→ Profit
Revenue
Interest
Dividends
tax
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #90
Topic: 01-02 What Is Business?
91. ____________ is the amount a business earns over and above what it spends for salaries and other expenses.
→ Profit
Revenue
Interest
Dividends
Assets
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #91
Topic: 01-02 What Is Business?
92. _______ represent the infrastructure and resource base of the organization:
→ assets
liabilities
labour
capital
managerial acumen

Full file at />

Page 16 of 26

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #92
Topic: 01-02 What Is Business?
93. Key resources include all of the following EXCEPT:
assets
→ liabilities
labour
capital
managerial acumen
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #93
Topic: 01-02 What Is Business?
94. __________________ refers to the value-creating skills which an organization's employees bring to the marketplace.
Organizational efficiency
→ Employee interaction
Labour

supply
Test
Bank
for Business Strategy Development Application 2nd Edition by Bissonette
Organizational value
Full file at
/>Stakeholder
efficiency
Accessibility: Keyboard Navigation
Difficulty: Moderate
Multiple Choice Question
Gradable: automatic
question #94
Topic: 01-01 The Big Picture
95. _________ refers to the immediate-term actions which a firm executes in order to meet the short-term objectives set forth
in the current planning cycle:
strategy
→ tactics
leadership
culture
resources and capabilities
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #95
Topic: 01-08 The Concept of Visionary Leadership

96. The total amount of money that businesses earn by selling goods and services is called ________.
profit
→ revenue
loss
retained earnings
equity
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #96
Topic: 01-02 What Is Business?
97. Which of the following is NOT part of the process called The Business Planning Cycle?
Management team understands its strategic opportunities and its capabilities, competencies, and overall
capacity.
Management team develops a business plan via a process which outlines its focus and methodology for using
its resources.
→ Management team capitalizes on its identified strategic opportunities.
Management team creates valuable products and services.
Management team creates a unique position in the marketplace built around a competitive advantage.
Multiple Choice Question
question #97

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Moderate

Page 17 of 26

Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Learning Objective: 01-04 An understanding of how businesses plan
Topic: 01-05 Putting Plans Into Action
98. The functions of organizing, staffing, planning, and controlling are most closely associated with
employees.
customers.
→ managers.
stockholders.
accountants.
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #98
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
99. Today, managers have to make allocation decisions around the use of all of the following resources EXCEPT:
financial
human
natural
technological
→ consumer

Test Bank for Business Strategy Development Application 2nd Edition by Bissonette

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #99
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
100."I Can't Believe That It's Medicine" is an advertising slogan for a new antacid. The manufacturer claims that their antacid
works faster and tastes better than any competing brand. These claims are part of the firm's __________ strategy.
partnership
portfolio
new product development.
positioning
→
value chain

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #100
Topic: 01-02 What Is Business?

101._______ expenditures are expenses incurred as a result of the normal business operations. The salaries/wages of
employees, the purchase of raw materials for the fabrication of products, the costs of shipping products from point A to
point B, or the costs of advertising campaigns, are examples of such expenses.
Asset-based
Working
Operating
→
Functioning
Past
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #101
Topic: 01-02 What Is Business?
102.__________ is the ability to develop a unique, credible, sustainable, and valued place in the minds of our customers for
our brand, products, and/or services:
positioning
→
relative merit assessment
opportunity assessment
revenue model development
primary segment development and exploitation

Full file at />

Page 18 of 26

Multiple Choice Question
question #102

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Topic: 01-02 What Is Business?
103.Which of the following is NOT one of the three fundamental characteristics against which a business can be initially
assessed?
Commercial endeavours
Organizational capacity
→
Organizational efficiency
Employee interaction
Organizational structure
Accessibility: Keyboard Navigation
Difficulty: Easy
Multiple Choice Question
Gradable: automatic
question #103
Topic: 01-01 The Big Picture
104.The idea that strategy is 5% thinking and 95% execution, and execution is 5% technical competence and 95% people
capabilities is most closely associated with which characteristic of a business?
Commercial endeavour
Organizational capacity
Organizational efficiency

Employee interaction
→
Test
Bank forstructure
Business Strategy Development Application 2nd Edition by Bissonette
Organizational

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Easy
Multiple Choice Question
Gradable: automatic
question #104
Topic: 01-01 The Big Picture
105.Which of the following is NOT typically included on the company-centric side of the business model?
activities
resources
partners
revenue model
→
product/service portfolio
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Multiple Choice Question
Topic: 01-02 What Is Business?
question #105

Topic: 01-03 The Full Business Model
106.According to your text, marketing research and data analytics are most commonly associated with:
value proposition development
opportunity assessment
→
portfolio management
value chain configuration
assembly of key resources
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #106
Topic: 01-02 What Is Business?
107._______________ is the art of getting things done using organizational resources.
Socialization
Justification
Preparation
Management
→
Cultural alignment
Multiple Choice Question
question #107

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team

Full file at />

Page 19 of 26

Learning Objective: 01-04 An understanding of how businesses plan
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
108.___________ summarizes to whom a product or service is geared and the benefits the purchaser will realize as a result of
using the product or service:
value proposition
→
product mix
product differentiation
opportunity assessment
product portfolio
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
Multiple Choice Question
management team
question #108
Topic: 01-03 The Full Business Model
109.Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a
similar market?
Product matrix.
Product line.
→

Product mix.
Total product offer.
product proposition.
Accessibility: Keyboard Navigation
Test Bank for Business Strategy Development Application 2nd
Edition by Bissonette

Difficulty: Easy
Gradable: automatic
Full file at Learning
/>Objective: 01-07 Via an appendix, an introduction to the difference between profit and
Multiple Choice Question
profitability
question #109
Topic: 01-11 The Difference between Profit and Profitability
110.Which of the following is typically NOT used to describe commercial endeavours?
Markets the organization serves
Needs the organization professes to meet in the marketplace
Products the organization offers
Services the organization offers
Transaction processes the organization develops
→
Accessibility: Keyboard Navigation
Difficulty: Easy
Multiple Choice Question
Gradable: automatic
question #110
Topic: 01-01 The Big Picture
111._____________ measures how well a company is using its resources over a specific period of time to generate earnings
relative to its competitors:

profit
profitability
→
profit potential
profit target
profit expectation
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
Multiple Choice Question
profitability
question #111
Topic: 01-10 Appendix - The Business Model and Profitability
112.Businesses differ from not-for-profit organizations in that a business's focus is on
price.
goods.
profit.
→
organization.
plans.
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #112
Topic: 01-02 What Is Business?

113.____________ is the "bottom line" result an organization has realized for an identified, immediate period of time:
profit potential
profit target

Full file at />

Page 20 of 26

→

profitability
profit
profit expectation

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
Multiple Choice Question
profitability
question #113
Topic: 01-10 Appendix - The Business Model and Profitability
114.Too much emphasis on developing future products and/or services, versus responding to customer needs today, may result
in the business:
falling short of social responsibility expectations
liquidity issues if it is unable to cover its expenses in the short term
→
remaining healthy and continues to grow
acquiring external capital funding commitments which will enable them to reinvest in the organization
ensuring that it remains vibrant and responsive to community needs

Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #114
Topic: 01-07 Corporate Social Responsibility
115.A loss occurs
when
expenses
are greaterStrategy
than:
Test
Bank
for Business
Development Application 2nd Edition by Bissonette
assets
Full file at />profit
revenue
→
costs
taxes
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question

successful development and execution determines business performance
question #115
Topic: 01-02 What Is Business?
116.Which of the following is NOT integral in how an organization can succeed in identifying solutions to needs the
marketplace desires?
right time
right customer
right place
right invention
→
right price
Multiple Choice Question
question #116
117.Which of the following is typically NOT used to describe commercial endeavours?
Value-creating skills of employees
→
Markets the organization serves
Services the organization offers
Products the organization offers
Needs the organization professes to meet in the marketplace

Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic

Accessibility: Keyboard Navigation
Difficulty: Easy
Multiple Choice Question
Gradable: automatic
question #117

Topic: 01-01 The Big Picture
118.Which organization is endeavouring to serve a wealthier and "trendier" customer base?
Walmart
Home Outfitters
Simons Inc.
Hudson's Bay Company
→
Zellers
Multiple Choice Question
question #118

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and

Full file at />

Page 21 of 26

profitability
Topic: 01-12 Improving Profitability
119._______, managers need to understand where the market is going and how their products and services will fit into the
market and meet customer needs. ________, they need to ensure that the right product reaches the right customer at the
right time and at the right place for the right price.
Tactically; Tactically
Strategically; Strategically
Strategically; Tactically
→
Decisively; Tactically

Defensively; Tactically
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #119
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
120.___________ is the development of plans and decisions which will guide the direction of the firm and determine its longterm performance.
Vision
Planning
Strategy
→
Execution
Tactic

Test Bank for Business Strategy Development Application 2nd Edition by Bissonette

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #120
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
121.____________ is the development of plans and decisions which will guide the direction of the firm and determine its

long-term performance.
Vision
Planning
Strategy
→
Execution
Tactic

Full file at />
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Multiple Choice Question
executing both in order for a business to achieve its identified objectives
question #121
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape
122.The _______ of the value proposition is the perceived sum of your company's ability to deliver in each of the areas noted
within the value proposition equation, versus the _____ of your competitors' value propositions measured across these
same benefit areas.
total; strength
strength; strength
→
strength; weakness
weakness; weakness
weakness; strength
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #122
Topic: 01-02 What Is Business?
123.Which of the following is NOT one of the key elements that comprise the commercial endeavours characteristic of the
"big picture" model of the enterprise:
markets the organization serves
products the organization offers
structure of the organization
→
services the organization offers
needs the organization meets

Full file at />

Page 22 of 26

Multiple Choice Question
question #123

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Topic: 01-02 What Is Business?
124.Last year, MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million. Based on this

information, MacTeck:
earned a profit of $12 million.
→
earned a profit of $56 million.
suffered a loss of $12 million.
suffered a loss of $22 million.
paid tax of $12 million
Accessibility: Keyboard Navigation
Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #124
Topic: 01-02 What Is Business?
125.Which of the following is the best example of a business?
A community college
The Salvation Army
The Girl
Guides
of Canada Strategy Development Application 2nd Edition by Bissonette
Test
Bank
for Business
Walmart
→
FullYMCA
file at />The
Accessibility: Keyboard Navigation

Difficulty: Moderate
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #125
Topic: 01-02 What Is Business?
126.In order to achieve long-term growth and profitability, businesses are constantly searching for new markets and new
opportunities to further grow the scope and focus of their organizations:
because management behavior is unpredictable
because they recognize that the demand for current products and services could disappear
to ensure the immediate survival of the firm
in order to achieve long-term growth and profitability
→
because it is too difficult to do business in Canada
Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #126
Topic: 01-06 Thinking Across Multiple Horizons
127.Which of the following is NOT typically included on the market-centric side of the business model:
key resources
→
positioning
value proposition

opportunity assessment
revenue model
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Multiple Choice Question
Topic: 01-02 What Is Business?
question #127
Topic: 01-03 The Full Business Model
128.Which of the following is NOT one of the key areas of the company-centric side of the business model:
activities
resources
value proposition development
→
partners
products and services

Full file at />

Page 23 of 26

Multiple Choice Question
question #128

Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic

Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
successful development and execution determines business performance
Topic: 01-02 What Is Business?
129.The role of the top-level management team is to anticipate, recognize, and act upon opportunities that then drive the
creation of products and/or delivery of services believe to offer solutions to problems in a unique, important, and _____
way.
interesting
varied
valued
→
insightful
efficient
Accessibility: Keyboard Navigation
Difficulty: Difficult
Gradable: automatic
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Multiple Choice Question
Learning Objective: 01-04 An understanding of how businesses plan
question #129
Topic: 01-04 The Role of the Business Owner or C-Suite Manager
130.A value proposition which has a positive price/quality relationship is considered superior to those of your competitors, if
it:
is more unique
Test Bank for Business Strategy Development Application 2nd Edition by Bissonette
is more important
your
more value-driven
Fullproduct

file atis />provides greater opportunity to communicate to the potential purchaser
all of the choices are correct
→
Accessibility: Keyboard Navigation
Difficulty: Easy
Gradable: automatic
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Multiple Choice Question
successful development and execution determines business performance
question #130
Topic: 01-02 What Is Business?
131.What is a business?

Explanation:

A business can most easily be thought of as mission-focused activities aimed at identifying the needs of a particular
market, or markets, and the development of a solution to such needs through the acquisition and/or transformation of
goods and services that can be delivered to the marketplace at a profit.
Difficulty: Moderate
Gradable: manual
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Short Answer Question
successful development and execution determines business performance
question #131
Topic: 01-02 What Is Business?
132.What are the three fundamental characteristics against which an organization can be assessed?

Explanation:

An efficient and effective operating platform will also possess three fundamental characteristics against which it can be
assessed. These three characteristics are its commercial endeavours, its employee interaction model, and its organizational
efficiency and structure.
Difficulty: Moderate
Gradable: manual
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Short Answer Question
successful development and execution determines business performance
question #132
Topic: 01-02 What Is Business?
133.What is visionary leadership?

Explanation:

Visionary leadership refers to the ability of managers to establish a direction for the organization based on the needs

Full file at />

Page 24 of 26

identified in the marketplace and the mission (reason for being) of the organization. This is then translated into a strategic
plan designed to guide the organization to fulfilling such needs while meeting its mission.

Short Answer Question
question #133
134.What is a business model or system?

Difficulty: Easy

Gradable: manual
Learning Objective: 01-05 Exposure to the concept of Visionary Leadership
Topic: 01-07 Corporate Social Responsibility

Explanation:

Combined, the application of assets, labour, capital, and managerial acumen, in support of the transformation and sale of
goods and services, determines a company's cost base and overall operating platform, or what is called its business model
or system.
Difficulty: Easy
Gradable: manual
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Short Answer Question
successful development and execution determines business performance
question #134
Topic: 01-03 The Full Business Model
135.What is the "second" business objective (after making profit)?

Test Bank for Business Strategy Development Application 2nd Edition by Bissonette
Explanation:

Full fileisatto />This second objective
set in motion the ability of the organization to achieve long-term growth and profitability.
Businesses recognize that the demand for the products and services which they currently offer will change, and could, in
fact, disappear over time. Given this, businesses are constantly searching for new markets and new opportunities to further
grow the scope and focus of their organizations. Although immediate-term operating performance is based on the products
and services which a business offers today, new products and services will need to be developed in order to ensure that the
organization remains healthy and continues to grow.

Short Answer Question
question #135
136.What are stakeholders?

Difficulty: Easy
Gradable: manual
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
profitability
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape

Explanation:

Stakeholders are individuals, groups, or organizations which have a direct or indirect relationship with an organization,
and which can be impacted by its policies, actions and decisions. Stakeholders could include customers, suppliers,
government, employees, etc.
Difficulty: Easy
Gradable: manual
Learning Objective: 01-03 An awareness of the overarching role of the business owner or C-Suite
management team
Short Answer Question
Learning Objective: 01-04 An understanding of how businesses plan
question #136
Topic: 01-06 Thinking Across Multiple Horizons
137.Do you agree with the idea that when consumers calculate the value of a product, then look at the benefits and then
subtract the costs? Why/why not?

Explanation:

Answers will vary.
Difficulty: Easy

Gradable: manual
Learning Objective: 01-01 A macro-level understanding of what business is
Learning Objective: 01-02 An overview of the major components of a business model and how their
Short Answer Question
successful development and execution determines business performance
question #137
Topic: 01-03 The Full Business Model
138.What is the difference between asset-based and operating expenditures, give an example of each?

Explanation:

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Page 25 of 26

Asset-based expenditures are those expenditures which you incur in commencing a business operation or expanding its
capacity. Examples of such expenses could be the purchase of equipment or building(s). Operating expenditures are
expenses incurred as a result of the normal business operations. The salaries/wages of employees, the purchase of raw
materials for the fabrication of products, the costs of shipping products from point A to point B, or the costs of advertising
campaigns, are examples of such expenses.

Short Answer Question
question #138
139.What is strategy?

Difficulty: Moderate
Gradable: manual
Learning Objective: 01-07 Via an appendix, an introduction to the difference between profit and
profitability
Topic: 01-09 Management Reflection - The Business Decision-Making Landscape

Explanation:

Strategy is the development of plans and decisions which will guide the direction of the firm and determine its long-term
performance. Strategy focuses on the vision of the firm and the opportunity which it believes exists in the marketplace.
Difficulty: Easy
Gradable: manual
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
Short Answer Question
executing both in order for a business to achieve its identified objectives
question #139
Topic: 01-08 The Concept of Visionary Leadership
Bank between
for Business
Strategy
Development
Application
2nd Edition by Bissonette
140.Explain theTest
differences
strategic,
tactical, operational,
and contingency
planning.

Full file at />Explanation:

Strategic planning is long-range planning that determines major goals of the organization and the policies and strategies
for obtaining and using resources to achieve those goals. Strategic planning deals with such fundamental questions as

which customers to serve, what products and services to sell, and the geographic areas in which the firm will compete.
Students may note that top managers are very involved in strategic planning.
Tactical planning is short-range planning that involves the process of developing detailed, short-term decisions about what
is to be done, who is to do it, and how it is to be done. Tactical planning involves setting annual budgets and deciding on
other details which contribute to reaching strategic objectives. Students may point out that lower level managers are more
heavily involved in tactical planning.
Operational planning involves setting the work standards and schedules needed in the short run to achieve tactical
objectives. Operational planning tends to focus on specific department managers, supervisors, and employees.
Contingency planning is the preparation of alternative courses of action that may be used if the primary plans do not
achieve the objectives of the organization. Due to rapid changes that can occur in economic and competitive
environments, it is wise to have alternative plans ready to be implemented.
Difficulty: Difficult
Gradable: manual
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship
between business strategy and business model development, and the importance of successfully
executing both in order for a business to achieve its identified objectives
Short Answer Question
Topic: 01-08 The Concept of Visionary Leadership
question #140
141.When does a business have a competitive advantage?

Explanation:

A company has a competitive advantage when it can offer customers a product/service that has more value to them than
similar products offered by other companies. If the business plan is competitive and executed properly, and customers are
attracted to the company's product/service offering(s), the company generates money, or revenue, from the sale of the
product.
Difficulty: Moderate
Gradable: manual
Learning Objective: 01-06 Via a Management Reflection, a cursory overview of the relationship

between business strategy and business model development, and the importance of successfully
Short Answer Question
executing both in order for a business to achieve its identified objectives
question #141
Topic: 01-08 The Concept of Visionary Leadership
142.What is a value proposition?

Explanation:

Full file at />

Test bank for business strategy development application 2nd edition by bissonette

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