MBA 706 Test 1 Questions and Answers Already Passed
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MBA 706
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MBA 706
MBA 706 Test 1 Questions and Answers
Already Passed
Question: What is the purpose of a SWOT analysis in strategic planning?
Answer: A SWOT analysis is used to identify an organization's Strengths, Weaknesses,
Opportunities, and Threats. It helps businesses understand their internal capabil...
MBA 706 Test 1 Questions and Answers
Already Passed
Question: What is the purpose of a SWOT analysis in strategic planning?
Answer: ✔✔ A SWOT analysis is used to identify an organization's Strengths, Weaknesses,
Opportunities, and Threats. It helps businesses understand their internal capabilities and external
environment, guiding strategic decisions.
Question: How does Porter's Five Forces model help businesses understand their competitive
environment?
Answer: ✔✔ Porter's Five Forces model analyzes the intensity of competition in an industry by
examining the power of suppliers, the power of buyers, the threat of new entrants, the threat of
substitutes, and the degree of rivalry among existing competitors. This helps businesses develop
strategies to enhance their competitive position.
Question: What is the difference between cost leadership and differentiation as competitive
strategies?
Answer: ✔✔ Cost leadership focuses on becoming the lowest-cost producer in an industry, while
differentiation involves offering unique products or services that justify a premium price. Both
strategies aim to achieve a competitive advantage but through different means.
1
,Question: How do businesses use the Balanced Scorecard approach in performance
management?
Answer: ✔✔ The Balanced Scorecard approach measures organizational performance across
four perspectives: financial, customer, internal processes, and learning and growth. It ensures
that businesses achieve a balanced view of performance beyond just financial metrics, aligning
strategic objectives with operational activities.
Question: What role does operations management play in achieving business efficiency?
Answer: ✔✔ Operations management focuses on optimizing the production process, managing
resources, reducing waste, and ensuring that products or services are delivered efficiently and
effectively. It is crucial for maintaining competitiveness and profitability.
Question: How can financial ratio analysis be used to assess a company's financial health?
Answer: ✔✔ Financial ratio analysis involves calculating and interpreting ratios from financial
statements to evaluate a company’s profitability, liquidity, efficiency, and solvency. This helps
stakeholders make informed decisions about the company’s financial stability and performance.
Question: What is the importance of supply chain management in business operations?
2
, Answer: ✔✔ Supply chain management involves coordinating and optimizing all stages of
production and distribution, from raw materials to finished products. Effective supply chain
management reduces costs, improves product quality, enhances customer satisfaction, and
increases overall business efficiency.
Question: How does the concept of value chain analysis help businesses improve their
competitive advantage?
Answer: ✔✔ Value chain analysis breaks down the activities involved in delivering a product or
service to identify areas where value is added and costs can be minimized. By optimizing these
activities, businesses can create more value for customers and gain a competitive edge.
Question: What is the role of corporate governance in ensuring business accountability?
Answer: ✔✔ Corporate governance refers to the system of rules, practices, and processes by
which a company is directed and controlled. It ensures that the interests of shareholders and other
stakeholders are protected, promoting transparency, accountability, and ethical decision-making
within the organization.
Question: How do businesses use scenario planning in strategic decision-making?
Answer: ✔✔ Scenario planning involves creating and analyzing multiple possible future
scenarios to anticipate potential challenges and opportunities. It helps businesses develop flexible
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