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Strategy
text: What does the "M" in SMART goals stand for?, correct: Measurable, incorrect: Metric,Manageable,Magic, fun fact: An old business proverb says that you can't manage what you can't measure. No business strategy can succeed unless it has ways of quantifying if you've reached your goal.,text: Which of the following is NOT one of the "Five P's" of business strategy?, correct: Play, incorrect: Plan,Pattern,Perspective, fun fact: Strategies require a Plan, a Pattern, a Position, a Ploy, and/or a Perspective. Any combination of these factors can make for a great long-term vision.,text: Which business strategy saves money by focusing less on obtaining new customers?, correct: Customer retention, incorrect: Innovation,Product differentiation,Sustainability, fun fact: Customer retention focuses on keeping existing customers in the fold through improved customer service, referrals, and convenience.,text: What is a cross-selling strategy?, correct: Selling extra products to the same customer, incorrect: Selling crosses to churches,Selling to different companies,Nothing, it's a made-up term, fun fact: Cross-selling can increase overall profitability by avoiding the difficulty of investing additional cost and effort into obtaining new customers.,text: Is there any difference between "strategy" and "tactics"?, correct: Yes, incorrect: No,Sometimes,Most of the time, fun fact: Tactics are individual actions or plans that fall under the large umbrella of a strategy. Tactics are the many mini-actions that must be completed to accomplish an important goal.,text: Which of the following is NOT one of the aspects of "SWOT" in SWOT analysis?, correct: Treatments, incorrect: Strengths,Weaknesses,Opportunities, fun fact: A SWOT analysis reminds a business what its unique Strengths are, which it can leverage to make up for its Weaknesses, take advantage of Opportunities, and overcome Threats.,text: What part of a business strategy guides how executives and individual employees behave in the company?, correct: Core values, incorrect: Tactics,Resource allocation,Measurement, fun fact: A business's core values usually include integrity, transparency, and fairness.,text: What is a common name for a business's overall purpose or goal?, correct: Vision, incorrect: Dream,Apparition,One-year plan, fun fact: A business's vision is its defined end goal or "ultimate purpose," which the owner wants to reach no matter how long it takes.,text: Target is an example of which of the three basic types of business strategy?, correct: Focus or niche strategy, incorrect: Cost strategy,Differentiated product or service strategy,None of the above, fun fact: Target focuses on middle-class customers who predominantly live in the suburbs, providing products for that specific demographic at a relatively quality price.,text: Which of the following is NOT one of the three most basic types of business strategy?, correct: Innovation strategy, incorrect: Cost strategy,Differentiated product or service strategy,Focus or niche strategy, fun fact: A cost strategy focuses on providing lower prices to customers, a differentiated approach focuses on providing a unique or high-quality product or service, and a niche strategy focuses on managing costs while targeting a specific market.
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Strategy
What does the "M" in SMART goals stand for?
Measurable
Magic
Manageable
Metric
