Business Strategy Review

Q 3: Domino’s Pizza, KFC, Subway, Burger king, McDonald’s restaurants is example of:

• Franchising

• Merger

• Licensing

• Diversification

What does the goal setting acronym SMART stand for?

• Specific, measurable, achievable, rewarded and time bound

• Specific, measurable, achievable, realistic and time bound

• Standardized, measurable, achievable, rewarded, time bound

• Suitable, measurable, actionable, rewarded and time bound

If a company outperforms its rivals using a specific characteristic this is called its called ___________.

• vertical integration

• competitive advantage

• incrementalism

• strategic intent

What is a mission statement?

• the statement that space cadets use
• the statement that lists your goals
• the statement that sounds big
• the statement about why your business exists

The process of designing, launching and running a new business, which is often initially a small business.

• Entrepreneurship

• Entrepreneur

• Adventure

• Business plan

An independent agency of the Federal Government that helps Americans start, build and grow businesses.

• SCORE

• SBDC

• SBA

• GOED

The main advantage of the corporate form of business

• ease of raising funds

• ease of start up

• ease of management

• freedom from taxes

Th owner is fully responsible for all losses and debts

• limited liability

• limited partnership

• unlimited liability

• corporation

In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?

• corporation
• partnership
• proprietorship
• S corporation

What describes how you intend to make money with your business concept?

• business model

• business concept

• business example