CBC Business Strategy & Goal Setting

Question 1

What is the primary purpose of business strategy?

Accepted Answer

To create a structured plan for achieving business success

Answer

To react to market changes without planning

Answer

To eliminate competition

Answer

To increase short-term profits only

Question 2

Which framework is commonly used to analyze competitive forces in an industry?

Accepted Answer

Porter’s Five Forces

Answer

SWOT analysis

Answer

Balanced Scorecard

Answer

BCG Matrix

Question 3

Which approach is most effective for setting business goals?

Accepted Answer

Using the SMART criteria for goal setting

Answer

Setting vague and unrealistic targets

Answer

Ignoring performance measurement

Answer

Relying on intuition instead of planning

Question 4

What is the main purpose of a mission statement?

Accepted Answer

To outline the company’s purpose and values

Answer

To describe operational tasks

Answer

To list financial projections

Answer

To define specific employee roles

Question 5

Which factor is critical when evaluating strategic success?

Accepted Answer

Using Key Performance Indicators (KPIs)

Answer

Ignoring market trends

Answer

Focusing only on short-term profits

Answer

Avoiding competition analysis

Question 6

Why is adaptability important in business strategy?

Accepted Answer

To adjust to changes and maintain competitiveness

Answer

To avoid changes in market conditions

Answer

To ignore new business opportunities

Answer

To prioritize rigid planning over flexibility