Question11

Which statement is false?

Select one:

a. The mission statement identifies the present goals and values of your company, while the vision statement articulates your future aspirations for the business.

b. You should finish an idea assessment before writing the business plan for your proposed company.

c. Business plans should include an organizational chart indicating every employee's position in the proposed company.

d. None of the above is false.

Question 13

We establish controls in the strategic management process so that:

Select one:

a. We can monitor efficiency of the workers

b. We can include the results of the controls in the company's annual report

c. We can keep our strategic plan on track

d. All of the above

Question 14

A "competitive advantage" indicates you have a larger share of the market than your competitors.

Select one:

a. True

b. False

Question 15

When we refer to "price" in the marketing mix, we are talking about

Select one:

a. The retail price of the product

b. Discounts for the product

c. Payment plans for the product

d. All of the above

Question 16

Research shows that small businesses make up this proportion of all U.S. businesses.

Select one:

a. Less than 50 percent

b. Approximately half

c. Nearly two-thirds

d. Over 90 percent

Question 17

A __________ articulates a new business's future objectives and also sets forth the strategies for launching the business.

Select one:

a. Business model

b. Strategic plan

c. Business plan

d. Vision statement

Question 18

When reviewing a business plan for possible funding, bankers and other lenders consider ______ in order to assess the credit-worthiness of the potential business.

Select one:

a. Whether there is a stable capital base.

b. The anticipated cash flow.

c. Collateral, or assets, the business owner can pledge to a lender as security.

d. A and B only.

e. All of the above

Question 19

Organizations embarking on change efforts should realize that:

Select one:

a. They are generally more successful when overseen by a consultant

b. They are only successful when top leadership 'buys in'

c. The change efforts fail over 60% of the time

d. They usually run over budget and do not deliver what is expected

Question 20

This is a useful tool for analyzing or assessing the current competitive environment in which you are looking to start a business.

Select one:

a. A feasibility analysis

b. A SWOT analysis

c. A Porter's Five Forces analysis

d. A business model diagram.