Level 1 – Page 18

BMIS – L1 – SA – Q6.1 – Competitive Forces and Markets

Defines the marketing mix as a set of variables to achieve desired market response.

Question

Which of the following best describes the ‘marketing mix’?
A A set of marketing variables that an organisation mixes to get the desired response from the target market

B A budget setting out the volumes to be sold of the firm’s various products in its target markets

C A set of different features that are present in a range of products

D The types of advertising used by a firm to reach and influence its target markets

Answer

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Tags: Business Strategy, Competitive forces, Market Response, Marketing mix, Target Market
Level: Level 1

Topic: Competitive forces and markets

BMIS – L1 – SA – Q5.5 – Introduction to business strategy

Strategy for a rapidly changing environment.

Question

In a rapidly changing business environment, which one of the following strategy combinations is the most appropriate for achieving corporate objectives?

A deliberate and emergent strategies

B incremental and deliberate strategies

C emergent and incremental strategies

D deliberate strategies only

Answer

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Tags: Deliberate Strategy, Emergent Strategy, strategy formulation
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – SA – Q5.4 – Introduction to business strategy

Characteristics defining a strategic decision.

Question

Which THREE of the following characteristics would define a decision as being strategic in nature?

A The decision will have implications for operational decisions

B The decision concerns the allocation of resources

C The decision concerns competitive tactics

D The decision concerns the implementation of a business’s plans

E The decision concerns the scope of a business’s activities

Answer

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Tags: business scope, Resource Allocation, strategic decision
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – SA – Q5.3 – Introduction to business strategy

Criteria for reviewing a strategy.

Question

When assessing a strategy, management should particularly review its:

A suitability, acceptability and feasibility

B long term financial returns

C core growth prospects

D impact on product development and potential market share impact

Answer

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Tags: acceptability, feasibility, strategy assessment, suitability
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – SA – Q5.2 – Introduction to business strategy

Identifies where a company expresses its purpose.

Question

A company might express the essential purpose of its existence in:

A its strategic plan

B a mission statement

C its corporate objectives

D a position audit

Answer

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Tags: business purpose, Corporate objectives, Mission Statement
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – SA – Q5.1 – Introduction to business strategy

business strategy, strategic management, objectives, long-term planning Question Short Summary: Identifies the importance of strategic management.

Question

Which one of the following best describes the reason why strategic management is important?

A It allows managers to create proper budgets

B It establishes long term objectives and a framework

C It focuses on tactical actions

D It allows the development of policies

Answer

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Tags: Business Strategy, long-term planning, Objectives, Strategic management
Level: Level 1

Topic: Introduction to business strategy

BMIS – L1 – SA – Q4.5 – The external environment

Evaluates cause of ageing population trend.

Question

The ageing population trend in many countries is caused by a decreasing birth rate and a decreasing mortality rate. True or false?

A True

B False

Answer

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Tags: Ageing Population, Birth rate, Demographic trends, Mortality rate
Level: Level 1

Topic: The external environment

BMIS – L1 – SA – Q4.4 – The external environment

Defines role of a lobby group in representing company interests

Question

A lobby group is a group of individuals or a specialist firm that:

A represents the interests of the country with companies, politicians, government bodies and government officials

B represents the interests of a charity with politicians, government bodies and government officials

C actively represents the interests of a company with politicians, government bodies and government officials

Answer

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Tags: Advocacy, external stakeholders, Lobby group, Political influence
Level: Level 1

Topic: The external environment

BMIS – L1 – SA – Q4.3 – The external environment

Determines scope of data protection laws for personal data.

Question

Data protection laws apply to:

A any person holding data about individuals

B any person or business organisation holding personal data about individuals including personal data about customers and employees

C any person or business organisation holding data about individuals but not including data about customers and employees

D any person or business organisation holding personal data about individuals but not including personal data about customers and employees

Answer

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Tags: Data protection, Personal data, Privacy laws, Regulatory environment
Level: Level 1

Topic: The external environment

BMIS – L1 – SA – Q4.2 – The external environment

Identifies employment law protecting employees from unjust dismissal.

Question

Which of the following types of employment law is intended to give employees a legal right to remain in their job unless the employer has a justifiable reason for getting rid of them?

A Redundancy law

B Anti-discrimination law

C Minimum wage law

D Unfair dismissal law

Answer

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Tags: Employee Rights, Employment Law, Legal Environment, Unfair Dismissal
Level: Level 1

Topic: The external environment

Level (SQ): Level 1

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BMIS – L1 – SA – Q6.1 – Competitive Forces and Markets

Defines the marketing mix as a set of variables to achieve desired market response.

BMIS – L1 – SA – Q5.5 – Introduction to business strategy

Strategy for a rapidly changing environment.

BMIS – L1 – SA – Q5.4 – Introduction to business strategy

Characteristics defining a strategic decision.

BMIS – L1 – SA – Q5.3 – Introduction to business strategy

Criteria for reviewing a strategy.

BMIS – L1 – SA – Q5.2 – Introduction to business strategy

Identifies where a company expresses its purpose.

BMIS – L1 – SA – Q5.1 – Introduction to business strategy

business strategy, strategic management, objectives, long-term planning Question Short Summary: Identifies the importance of strategic management.

BMIS – L1 – SA – Q4.5 – The external environment

Evaluates cause of ageing population trend.

BMIS – L1 – SA – Q4.4 – The external environment

Defines role of a lobby group in representing company interests

BMIS – L1 – SA – Q4.3 – The external environment

Determines scope of data protection laws for personal data.

BMIS – L1 – SA – Q4.2 – The external environment

Identifies employment law protecting employees from unjust dismissal.

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