Exam 13: An Introduction to Business Strategy

Monitoring the performance of different parts of the firm is called strategic implementation.

According to Porter, the threat of substitutes is

If a business had strategy based on cost leadership, this would be termed a____strategy.

Business ethics

When technological transfer occurs through copying methods, it is called the

According to Porter, marketing is

Outsourcing will increase transaction costs.

To minimise costs, a firm may seek to standardise its product and its operations throughout the world. However, to meet foreign buyers' needs and respond to local market conditions, a firm may be required to differentiate both its product and its operations, such as marketing.

Where product differentiation is high, and attributes such as quality or some other non- price factor predominates within the competitive process, local responsiveness will tend to shape business thinking.

The following diagram shows Porter's five forces model. Which forces are represented by cells A, B, C and D?

What is the order of primary activities within Porter's value chain?

What is corporate governance?

A core competence refers to the main activity of a business.

A core competence is best defined as

What is Porter's five forces model of competition?

According to Porter, the extent of competitive rivalry is

If a strategy is a 'perspective', what would you expect it to be based upon?

Strategic management is best defined as

The introduction of a new strategy may initially lower profits as members of a organisation are often resistant to change.

Strategic management comprises of strategic analysis, strategic choice and strategic implementation which deal with long- term activities of the business.