BME 302 Quiz 1 & 2

Which school focuses on strategy where the leader's vision, intuition, experience and judgement are the central to this approach?

• Power School

• Entrepreneurial School

• Cultural School

• Design School

A corporation is a legal entity which separates owners from shareholders

• True

• False

What are the three stages of the strategic management process?

• Strategy Formulation, analysis, and implementation

• Strategy Formulation, strategy implementation, strategy evaluation

• Strategy Formulation, planning, evaluation

• Strategy Formulation, implementation, and control

What are the intangible assets?

• Non-physical assets with future economic benefit

• Physical assets used in operations like land and equipment

• Revenues generated over a period of time

• None of the above

Odd man out: select the one that does not belong to the group.

tangible asset:

• Furniture

• Linen

• Food

• Trade Secret

         The scope of competencies refers to the proportion of activities managed internally by the company or outsourced outside and is embedded in the company’s strategic system and the configuration of a company’s activities that add value to its customers. 

• True

• False

What is the advantage of geographic markets sharing homogeneous characteristics?

• It limits a company’s ability to expand into new locations
  

   

• It encourages the growth of a company’s geographic scope by allowing the same business models and approaches to be used in multiple local markets
  

• It forces businesses to create entirely new strategies for each market
  

• It decreases the efficiency of business operations across different locations

In the hospitality Industry, A business unit might serve a whole market or maybe concentrate on a single segment.

• True

• False

What is the role of SWOT analysis in strategic management?

 

• To analyze a company's internal and external environment to identify strengths, weaknesses, opportunities, and threats

•  To measure the financial performance of a company

• To create detailed operational plans for daily business activities

• To ensure compliance with legal regulations and industry standards

How did the formulator/inventor of Gatorade earn from intangible assets?

• It sold its building facilities to other business entities.

• They manufactured and release the product worldwide

• They earned from substantial royalties from patent, trademark and licensing agreements.

• All of the above