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BUAD 453 EXAM 1 PRACTICE EXAM QUESTIONS AND CORRECT ANSWERS
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BUAD 453 EXAM 1 PRACTICE EXAM QUESTIONS ANDCORRECT ANSWERS
What are the three Ds of strategic planning?
a) Decide, Deliver, Design
b) Diagnose, Decide, Deliver
c) Discover, Develop, Deploy
d) Determine, Direct, Deliver - ANSWER b) Diagnose, Decide, Deliver
Which of the following is an example of a corporate core competency?
a) Unique strengths embedded within a firm
b) Cost leadership
c) Employee training
d) Marketing skills - ANSWER a) Unique strengths embedded within a firm
At what level of strategy does a company operate at the highest organizational tier?
a) Managerial level
b) Business level
c) Corporate level
d) Operational level - ANSWER c) Corporate level
Which of the following is NOT a condition for organizational success?
a) Limited resources
b) Clear goals and values
c) Understanding the competitive environment
d) Organizational structure and systems - ANSWER a) Limited resources
, What does strategic positioning basically seek to achieve?
a) Creating unique competitive advantages
b) Reducing operational costs
c) Widening market exposure
d) New product lines - ANSWER a) Creating unique competitive advantages
What are the characteristics of a cost leader?
a) Unique features and high quality
b) Low prices and efficient operations
c) High prices and low distribution
d) Niche market focus - ANSWER b) Low prices and efficient operations
How would differentiation be observed in a firm?
a) High volume of production
b) Unique features and brand reputation
c) Low operating costs
d) Inexpensive marketing - ANSWER b) Unique features and brand identity
What does the acronym STEEP stand for?
a) Social, Technological, Economic, Environmental, Political
b) Strategic, Technological, Economic, Environmental, Personnel
c) Social, Trade, Economic, Environment, Planning
d) Social, Technological, Economic, Ethics, Political - ANSWER a) Social, Technological,
Economic, Environmental, Political
What is the social trend in the luxury chocolate market?
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