Business Essentials Final Review

One benefit of a competitive analysis is to better understand:

• your strengths and weaknesses

• your suppliers’ intellectual property (I.P.)

• your competitors’ strengths and weaknesses

• government regulations

Consumers have the most buying power with this type of market model.

• pure competition

• price competition

• oligopoly

• monopolistic competition

The U.S. economy is built on the economic system called ___________.

• privately-owned

• innovation

• direct competition

• capitalism

Business is about ___________ managing business functions.

• information

• technology

• people

• markets

A company’s purpose, reason for being, and problem it is solving is its:

• strategy

• target market

• profit margin

• mission

Inspiring, motivating, influencing and maximizing the efforts of people towards a common purpose is:

• membership

• repetitive

• leadership

• procedural

The shared beliefs, values, goals, attitudes, and behaviors of a company’s employees is the:

• company culture

• company values

• leadership style

• management style

A route or plan of action designed to achieve certain goals and objectives is known as which of the following?

• strategy

• function

• department

• mission

Mission is a company’s purpose, and strategy is the _____.

• who

• what

• why

• how

A specific procedure or action used to support strategy in order to achieve goals and objectives is known as which of the following?

• tactic

• KPI

• goal

• operation