A. Vision B. Mission C. Strategy D. Strategic Management 2. According to Abell's Framework, a business can be best defined by examining all of the following EXCEPT: A. Customer needs B. Customer groups C. Technology D. External Factors 3. speaks to anything that a firm

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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1. A plan of action or policy designed to achieve a major or
overall aim is BEST identified as a:
A. Vision
B. Mission
C. Strategy
D. Strategic Management
2. According to Abell's Framework, a business can be best
defined by examining all of the following EXCEPT:
A. Customer needs
B. Customer groups
C. Technology
D. External Factors
3.
speaks to anything that a firm
does especially well compared to rival firms.
A. Competitive advantage
B. Absolute advantage
C. Comparative advantage
D. Internal resources
4. Which of the following is an aspirational description of
what an organization would like to achieve or accomplish
in the mid-term or long-term future?
A. Mission Statement
B. Vision Statement
C. Goal
D. Objectives
5. Which of the following is a written declaration of an
organization's core purpose and focus that normally
remains unchanged over time?
A. Mission Statement
B. Vision Statement
C. Goal
D. Objectives
6. Which approach to competitive advantage advocates that
external factors are more important than internal factors in
a firm achieving competitive advantage?
A. SWOT approach
B. SLEPT approach
C. Resource Based View
D. Industrial Organizational
Transcribed Image Text:1. A plan of action or policy designed to achieve a major or overall aim is BEST identified as a: A. Vision B. Mission C. Strategy D. Strategic Management 2. According to Abell's Framework, a business can be best defined by examining all of the following EXCEPT: A. Customer needs B. Customer groups C. Technology D. External Factors 3. speaks to anything that a firm does especially well compared to rival firms. A. Competitive advantage B. Absolute advantage C. Comparative advantage D. Internal resources 4. Which of the following is an aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future? A. Mission Statement B. Vision Statement C. Goal D. Objectives 5. Which of the following is a written declaration of an organization's core purpose and focus that normally remains unchanged over time? A. Mission Statement B. Vision Statement C. Goal D. Objectives 6. Which approach to competitive advantage advocates that external factors are more important than internal factors in a firm achieving competitive advantage? A. SWOT approach B. SLEPT approach C. Resource Based View D. Industrial Organizational
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