Business Strategy Quiz: Goals, Competencies, Operations, and Productivity. Learn key concepts in business strategy.

Question 1

What is the main goal of a business strategy?

Accepted Answer

To achieve the company's mission

Question 2

What is environmental scanning in business strategy?

Accepted Answer

Understanding the market

Question 3

What does core competencies refer to in a company?

Accepted Answer

Strengths

Question 4

What is competitiveness in business?

Accepted Answer

How well a company meets customer needs compared to others

Question 5

What is the focus of operations strategy?

Accepted Answer

Design and management of operations functions

Question 6

When does a company use a price or cost strategy?

Accepted Answer

When products are similar to competitors

Question 7

What are order qualifiers in operations strategy?

Accepted Answer

Minimum standards of acceptability for customers

Question 8

What is productivity in business?

Accepted Answer

The ratio between outputs and inputs

Question 9

What is productivity growth?

Accepted Answer

Current Period Productivity - Previous Period Productivity

Question 10

What are some types of production strategies?

Accepted Answer

Flexible response, eco-friendly products, delivery