Strategic Decision-Making in Business

Strategic Decision-Making in Business

Assessment

Interactive Video

Business

10th - 12th Grade

Hard

Created by

Jackson Turner

FREE Resource

The video discusses the concept of strategy, originally a military term, now crucial in business. Successful strategies share four elements: simple, consistent goals; deep competitive analysis; effective resource use; and strong decision-makers. Michael Porter emphasizes strategic choices. Zara exemplifies strategic success by quickly adapting to fashion trends, while Kodak's failure to embrace digital photography led to its decline. The video underscores the importance of strategic decisions in achieving business success.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a strategy in business?

To increase employee satisfaction

To achieve company goals effectively

To reduce production costs

To expand into new markets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT one of the four elements of successful strategies?

Strong decision-making capabilities

Simple and consistent goals

Deep analysis of the competitive environment

High levels of advertising

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Michael Porter, what is a key aspect of strategy?

Following industry trends

Reducing operational costs

Deliberately choosing to be different

Maximizing profits

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What strategic approach helped Zara succeed in the fashion industry?

Investing heavily in advertising

Quickly reacting to new fashion trends

Focusing on long-term fashion trends

Producing clothing in Asia

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does Zara manage to reduce its risk in the fashion industry?

By frequently updating its offerings

By maintaining high levels of stock

By producing only in Asia

By investing in digital marketing

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was Kodak's major strategic mistake?

Investing in digital photography

Focusing on mobile phone technology

Reducing production costs

Expanding into new markets

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which company quickly embraced digital photography, unlike Kodak?

Fujifilm

Canon

Nikon

Sony

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