Exam (elaborations)

Test Bank for Business: Strategy, Development, Application, 4th Edition by Gary Bissonette

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Course
Business Strategy

Institution
Business Strategy

Test Bank for Business: Strategy, Development, Application 4ce 4th Canadian Edition by Gary Bissonette. Full Chapters test bank are included with answers (Chapter 1 to 14) Part 1 UNDERSTANDING TODAY'S Macro Business Environment Chapter 1 Understanding and Managing Today's Business Enterprise C...

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Test Bank Business: Strategy, Development, Application 4th Edition Bissonette

Answers Included ✅
Chap 01 4ce Bissonette
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

2) Employee interaction, as one of the three fundamental characteristics of a business, refers to
the value-creating skills that employees bring and how such skills are leveraged.
⊚ true
⊚ false

3) Organizational culture and formalized decision-making structure refers to the value-creating
skills an organization's employees bring to the marketplace.
⊚ true
⊚ false

4) Employee interaction refers to the value-creating skills an organization's employees bring to
the marketplace.
⊚ true
⊚ false

5) The three fundamental characteristics of a business can be used to provide a micro-level
understanding of a business, what it is in business to do, and how it does so.
⊚ true
⊚ false

6) The three fundamental characteristics of a business can be used to provide a macro-level
understanding of a business, what it is in business to do, and how it does so.
⊚ true
⊚ false

1

,7) The definition of business is likely to be personalized by each person associated with the
business.
⊚ true
⊚ false

8) A key component of the definition of business provided in your text is that business
comprises a set of mission-focused activities.
⊚ true
⊚ false

9) Businesses attempt to address or provide a solution to the needs of a particular market, or
markets.
⊚ true
⊚ false

10) The primary mission of a business cannot include satisfying a society-based need.
⊚ true
⊚ false

11) Businesses seek to earn a profit by providing goods and services to others.
⊚ true
⊚ false

12) To satisfy the needs of a market, a business may either acquire or develop products and
services it can deliver at a profit.
⊚ true
⊚ false

13) The business model can best be visualized as the underlying operational platform an
organization uses to position its approach to a given market.
⊚ true
⊚ false

2

,14) Business models have two primary parts, a company-centric part and a market-centric part.
⊚ true
⊚ false

15) The company-centric side of the business model can also be understood as the business
system.
⊚ true
⊚ false

16) The market-centric side of the business model refers to how a business connects to the
marketplace in a way that is meaningful and adds value to the markets it is choosing to serve.
⊚ true
⊚ false

17) Value proposition development is part of the market-centric side of the business model.
⊚ true
⊚ false

18) Positioning is the ability to develop a unique, credible, sustainable, and valued place in the
mind of a customer.
⊚ true
⊚ false

19) On the company-centric (business system) side of the business model, the key activities cell
refers to how the company combines assets, labour, capital and managerial acumen.
⊚ true
⊚ false

20) An organization's cost structure includes expenses associated with developing and delivering
products or services to the marketplace.
⊚ true
⊚ false

3

, 21) If you are focused on the manufacturing of goods, then a retailer who makes your goods
available for sale would be an example of a partner organization.
⊚ true
⊚ false

22) Effective deployment of the business model is equally as important as efficient deployment
of the business model.
⊚ true
⊚ false

23) Once strategic direction is determined, management can hand off responsibility for
development and execution the business model.
⊚ true
⊚ false

24) The role of the general manager includes development of a well-directed and well-positioned
strategy and efficient and effective business model execution.
⊚ true
⊚ false

25) A key element of business success is a business plan.
⊚ true
⊚ false

26) The business planning A business plan is developed via a process called the business
planning cycle.
⊚ true
⊚ false

27) The business planning cycle outlines the focus and methodology for setting the business
model in motion.
⊚ true
⊚ false

4

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Exam (elaborations)

Test Bank for Business: Strategy, Development, Application, 4th Edition by Gary Bissonette

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