Decision Making and Business Strategy The Decision Making and Business Strategy Quiz 1. Strategic management is an ongoing process that evaluates and controls the business in which the company is involved. True False 2. A PEST analysis can be quantified to facilitate selection between several alternatives. This can be done by scoring and weighting the items in each of the sections and adding the score for each box. True Answer 3. A PEST analysis deals with external factors so usually analyses market potential, considering factors such as growth or decline, strategy, market attractiveness, business potential, business and strategic planning, marketing planning, business and product development True False 4. PEST analysis, an acronym for Political Economic Social Technological True False 5. Probably the most important role of the executive today is to ensure the business strategy considers new technological developments and positions the company to use or exploit the new technology. True False 6. Brainstorming;- Select all that apply Does not take advantage of team members' different experiences Produces a rich seam of ideas that can be explored Means that better solutions to the problems may be developed Helps team members bond, and solve problems in a positive, rewarding environment. 7. SWOT analysis deals with some internal factors so usually analyses a business unit, a proposition or idea. It is often used in competitor analysis. True False 8. SWOT is an acronym for Strengths Weaknesses Offers Treats True False 9. Brainstorming is often credited with producing creative, radical ideas. It provides an open environment with no preconceptions so can build on unconventional ideas. True False 10. Brainstorming;- Select all that apply Provides an open environment with no preconceptions. Everyone is encouraged to contribute, to say whatever comes into their mind without any evaluation or consideration. Unconventional ideas are judged, commented on or criticised. The intention is to unlock unconscious ideas Be sure to click Submit Quiz to see your results! Name Email Time's up ← Workplace Stress ManagementSupervisor and Performance Management →
