Business Strategy

BMIS – L1 – SA – Q8.5 – Finance, R&D and Marketing Strategies

Identifies which activity is not a promotional activity.

Question

Promotional activities include all of the following except:

A face-to-face selling by sales representatives

B sponsoring a sporting event

C selling the product in a place that rival companies do not use

D sending brochures and leaflets by direct mail

Answer

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Tags: Advertising, Business Strategy, Consumer Engagement, Direct Mail, Market Penetration, Marketing mix, Place Strategy, Promotional Activities, Sales Strategy, Sponsorship
Level: Level 1

Topic: Finance

BMIS – L1 – SA – Q8.4 – Finance, R&D and Marketing Strategies

Evaluates if a hard sell combined with advertising is the best business approach.

Question

The best way to do business is a combination of the ‘hard sell’ by sales representatives supported by advertising and sales promotion activities.

A True

B False

Answer

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Tags: Advertising, Business Strategy, Competitive Business, Consumer Focus, Hard Sell, Market Approach, Marketing Concept, Sales Promotion, Sales Tactics, Selling Concept
Level: Level 1

Topic: Finance

BMIS – L1 – SA – Q8.3 – Finance, R&D and Marketing Strategies

Identifies which element is not part of the marketing mix.

Question

Which ONE of the following is NOT a main element in the marketing mix?

A Price

B Packaging

C Place

D Promotion

Answer

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Tags: 4 Ps, Business Strategy, Consumer Behavior, Market Planning, Marketing mix, Marketing strategy, Packaging, Place, Price, Product, Promotion
Level: Level 1

Topic: Finance

BMIS – L1 – SA – Q8.2 – Finance, R&D and Marketing Strategies

Identifies the business strategy favored by competitive businesses.

Question

Which approach to business strategy and business thinking is favoured by most competitive businesses?

A The marketing concept

B The selling concept

C The manufacturing concept

D The production concept

Answer

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Tags: Business Philosophy, Business Strategy, Business Thinking, Competitive Business, Consumer Focus, Customer-Centric, Market Orientation, Marketing Concept, Selling Concept, Strategic Approach
Level: Level 1

Topic: Finance

BMIS – L1 – SA – Q8.1 – Finance, R&D and Marketing Strategies

Determines if a core competence involves performing all non-core activities internally.

Question

A core competence is when an organisation performs all non-core activities itself.

A True

B False

Answer

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Tags: Business Operations, Business Strategy, Competitive advantage, Core Competence, Finance, Management, Marketing, Organizational Skills, R&D, Strategic Thinking
Level: Level 1

Topic: Finance

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 – Q5.1 – 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 – QE1 – Marketing strategies

Describe six objectives of sponsoring high-profile events for brand promotion.

Question

Star Enterprises, which pursue market-driven business strategies, consider that sponsorship of high-profile and attractive events are communication techniques to create awareness and affiliation of their companies and brands with the target market. These companies enter into agreements and provide financial and nonfinancial support for social, cultural, literary, and sports events to a group, organisation, or an individual celebrity in anticipation of creation of a lasting awareness of the company’s name or its brand among the audience.

Sponsorship by leading companies, as a promotional alternative, has gained worldwide prominence in recent years.

Required

Briefly describe six main objectives which are envisaged to be achieved through sponsorship of such high-profile and attractive events?

Answer

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Tags: Advertising, Brand Awareness, Business Strategy, Consumer Engagement, Cost Effectiveness, Events, Market Positioning, Marketing, Promotion, Sponsorship
Level: Level 1

Topic: Finance

BMIS – L1 – QD14: Mission Statement – Reasons for Success

Explain five reasons a mission statement contributes to a firm's success.

Question

(a). One of the common threads many successful firms share is that they have a workable mission statement. Explain FIVE reasons a mission statement may contribute to a firm’s success.

(b). You have recently been appointed to manage a project which is failing because the previous manager did not outline any clear objectives for the project. Identify FIVE characteristics of project objectives.

Answer

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Tags: Business Strategy, Mission Statement, Objectives, Project Management, SMART Objectives
Level: Level 1

Topic: Introduction to business strategy

Title: BMIS – L1 – QC8 – BCG matrix

Describe the Boston Consulting Group (BCG) matrix.

Question

(a) Describe the Boston Consulting Group (BCG) matrix.

(b) Explain the product-market strategy that might be chosen for products in each quadrant of the matrix.

Answer

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Tags: BCG Matrix, Business Strategy, Portfolio Analysis, Product-Market Strategy, Strategic planning
Level: Level 1

Topic: Introduction to business strategy

Tag (SQ): Business Strategy

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BMIS – L1 – SA – Q8.5 – Finance, R&D and Marketing Strategies

Identifies which activity is not a promotional activity.

BMIS – L1 – SA – Q8.4 – Finance, R&D and Marketing Strategies

Evaluates if a hard sell combined with advertising is the best business approach.

BMIS – L1 – SA – Q8.3 – Finance, R&D and Marketing Strategies

Identifies which element is not part of the marketing mix.

BMIS – L1 – SA – Q8.2 – Finance, R&D and Marketing Strategies

Identifies the business strategy favored by competitive businesses.

BMIS – L1 – SA – Q8.1 – Finance, R&D and Marketing Strategies

Determines if a core competence involves performing all non-core activities internally.

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 – Q5.1 – Introduction to business strategy

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

BMIS – L1 – QE1 – Marketing strategies

Describe six objectives of sponsoring high-profile events for brand promotion.

BMIS – L1 – QD14: Mission Statement – Reasons for Success

Explain five reasons a mission statement contributes to a firm's success.

Title: BMIS – L1 – QC8 – BCG matrix

Describe the Boston Consulting Group (BCG) matrix.

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Tag (SQ): Business Strategy

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BMIS – L1 – SA – Q8.5 – Finance, R&D and Marketing Strategies

Identifies which activity is not a promotional activity.

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BMIS – L1 – SA – Q8.4 – Finance, R&D and Marketing Strategies

Evaluates if a hard sell combined with advertising is the best business approach.

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BMIS – L1 – SA – Q8.3 – Finance, R&D and Marketing Strategies

Identifies which element is not part of the marketing mix.

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BMIS – L1 – SA – Q8.2 – Finance, R&D and Marketing Strategies

Identifies the business strategy favored by competitive businesses.

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BMIS – L1 – SA – Q8.1 – Finance, R&D and Marketing Strategies

Determines if a core competence involves performing all non-core activities internally.

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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.

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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.

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BMIS – L1 – QE1 – Marketing strategies

Describe six objectives of sponsoring high-profile events for brand promotion.

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BMIS – L1 – QD14: Mission Statement – Reasons for Success

Explain five reasons a mission statement contributes to a firm's success.

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Title: BMIS – L1 – QC8 – BCG matrix

Describe the Boston Consulting Group (BCG) matrix.

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