K193-ind-au - Strategy And Planning Applications

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| By Damian Mills
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Damian Mills
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Quizzes Created: 24 | Total Attempts: 4,270
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K193-ind-au - Strategy And Planning Applications - Quiz

Please complete the following self-assessment quiz - Test your own knowledge but if necessary please refer back to the training materials, manuals and/or other relevant resources to complete the questions


Questions and Answers
  • 1. 

    Which of the following statements is least true regarding the key responsibilities of a Strategy Manager of an organization 

    • A.

      A Strategy manager is a person responsible for the formulation and implementation of business goals, determining actions to achieve the goals and mobilizing resources to execute the actions

    • B.

      A Strategy manager is responsible for the organisation's process of obtaining goods and services for the best possible price and/or the most reliable supply.

    • C.

      The Strategy Manager of an organization is generally tasked with determining the strategy goals of the organisation and how these goals will be achieved

    • D.

      The Strategy Manager may conduct one or more of the following analysis types SWOT, PEST and/or STEER analysis

    Correct Answer
    B. A Strategy manager is responsible for the organisation's process of obtaining goods and services for the best possible price and/or the most reliable supply.
  • 2. 

    Please complete the following statement: "SWOT Analysis stands Strengths, Weaknesses, Opportunities and ______________ of an Industry 

    Correct Answer
    Threats
    Explanation
    SWOT Analysis is a strategic planning tool used to assess the internal and external factors that can affect the success of an industry or organization. It evaluates the Strengths and Weaknesses, which are internal factors, and the Opportunities and Threats, which are external factors. Threats refer to the potential challenges or risks that an industry may face, such as competition, changes in regulations, economic downturns, or technological advancements. By identifying and analyzing these threats, businesses can develop strategies to mitigate or overcome them, ensuring their long-term success.

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  • 3. 

    Strategists need credible information to understand 1) their organization's business environment and ​2) their industry's best practice to be successful? 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Strategists need credible information about their organization's business environment and their industry's best practices in order to be successful. This information helps them make informed decisions and develop effective strategies that align with the current market trends and competition. Without credible information, strategists may make decisions based on assumptions or outdated practices, which can lead to inefficiencies and missed opportunities. Therefore, it is important for strategists to have access to reliable and up-to-date information to stay competitive and achieve success.

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  • 4. 

    Strategists need the insight to measure their company's performance metrics against known industry averages relating to their industry peers. Which of the following would be least likely considered as an "industry performance metric" that can be used for this comparison? 

    • A.

      Average Wages

    • B.

      Revenue Growth

    • C.

      Profit Growth

    • D.

      Industry Concentration Levels

    Correct Answer
    D. Industry Concentration Levels
    Explanation
    Industry concentration levels would be least likely considered as an "industry performance metric" for comparing a company's performance against known industry averages. Industry concentration levels refer to the degree of competition within an industry, indicating the number and size of companies operating in the market. While it is an important factor for understanding the competitive landscape, it does not directly measure a company's performance or its ability to generate revenue or profit growth. Average wages, revenue growth, and profit growth, on the other hand, are commonly used performance metrics that provide insights into a company's financial health and success.

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  • 5. 

    Which aspect of application for a Strategy Manager is best described by the following statement "The Information on the competitive landscape and substitute industries allow firms to better benchmark within their industry of involvement?" 

    • A.

      Understanding the Customer

    • B.

      Industry Operational Metrics

    • C.

      Understanding the Competition

    • D.

      None of the Above

    Correct Answer
    C. Understanding the Competition
    Explanation
    The given statement highlights the importance of understanding the competition for a Strategy Manager. By having information on the competitive landscape and substitute industries, firms can compare and assess their performance and strategies within their own industry. This understanding allows them to benchmark their position and make informed decisions to stay competitive and improve their performance.

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  • 6. 

    Which of the following report types can be used by Strategy to help them do their job? 

    • A.

      Industry Reports

    • B.

      Risk Rating Reports

    • C.

      IExpert Summary Reports

    • D.

      Industry Wizard

    • E.

      All of the above

    Correct Answer
    E. All of the above
    Explanation
    All of the report types mentioned can be used by Strategy to help them do their job. Industry Reports provide valuable insights and analysis on specific industries, Risk Rating Reports help assess the potential risks associated with different strategies, iExpert Summary Reports provide a concise summary of key information, and Industry Wizard is a tool that assists in analyzing industry data. Therefore, all of these report types can be useful for Strategy in their job.

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  • 7. 

    A Corporate Strategy Manager would typically report to either the Board or CEO of an organization? 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    A Corporate Strategy Manager is a senior-level position responsible for developing and implementing strategic plans and initiatives to drive the overall success of an organization. Given the importance of corporate strategy in guiding the direction of the company, it is logical for the Corporate Strategy Manager to report directly to the highest level of leadership in the organization, which is typically the Board or CEO. This ensures that the strategic decisions and recommendations made by the Corporate Strategy Manager align with the overall goals and objectives of the organization.

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  • 8. 

    How would you suggest to a client what would be the best method to integrate the data from the Industry Wizard into the client's own systems? 

    • A.

      By linking total revenue

    • B.

      By linking industry code

    • C.

      By linking major companies

    • D.

      By linking business locations

    Correct Answer
    B. By linking industry code
    Explanation
    The best method to integrate the data from the Industry Wizard into the client's own systems would be by linking industry code. This would involve using a standardized industry code system, such as the North American Industry Classification System (NAICS), to categorize and organize the data. By linking the data based on industry codes, the client can easily identify and analyze information specific to their industry, making it more relevant and useful for their own systems and decision-making processes.

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  • 9. 

    Which aspect of Application for a Strategy Manager is best described by the following statement "The Information on the competitive landscape and substitute industries allow firms to better benchmark against their industry of operation?" 

    • A.

      Understanding the customer

    • B.

      Industry operational metrics

    • C.

      Understanding the competition

    • D.

      None of the above

    Correct Answer
    C. Understanding the competition
    Explanation
    The statement "The Information on the competitive landscape and substitute industries allow firms to better benchmark against their industry of operation" suggests that the aspect of Understanding the competition is best described by this statement. This aspect involves gathering information about competitors and substitute industries to analyze and benchmark against their own industry of operation.

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  • 10. 

     When attempting to cold call a strategy prospect which of the following would you least likely attempt a cold call? 

    • A.

      CEO

    • B.

      General Manager

    • C.

      IT Manager

    • D.

      Head of Strategy

    Correct Answer
    C. IT Manager
    Explanation
    When attempting to cold call a strategy prospect, the least likely person to attempt a cold call would be the IT Manager. This is because the IT Manager is typically responsible for managing the organization's technology infrastructure and may not have decision-making authority or be directly involved in strategic planning. The CEO, General Manager, and Head of Strategy are more likely to have the authority and involvement in strategic decision-making, making them more suitable targets for a cold call.

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  • 11. 

    Which of the following section of an IBISWorld report is least likely to help a Strategist determine why a customer buys a product or uses a service?

    • A.

      Market segmentation

    • B.

      Industry growth rates

    • C.

      Key external drivers

    • D.

      Demand determinants

    Correct Answer
    B. Industry growth rates
    Explanation
    The section of an IBISWorld report that is least likely to help a Strategist determine why a customer buys a product or uses a service is "Industry growth rates." While industry growth rates provide valuable information about the overall performance and trends in a particular industry, they do not directly address the specific reasons why customers make purchasing decisions or use certain services. Market segmentation, key external drivers, and demand determinants, on the other hand, are more likely to provide insights into customer behavior and the factors that influence their buying decisions.

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  • 12. 

    Industry changes provide opportunities for new business. Strategy department can push Business Development and Marketing teams towards industries that require their products or services by using our report information. New target markets could be those growing quickly, facing company consolidation or experiencing changing regulations 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The explanation for the given correct answer is that industry changes can indeed present opportunities for new business. The strategy department can leverage the information provided in the report to guide the Business Development and Marketing teams towards industries that are in need of their products or services. This can include target markets that are growing rapidly, undergoing company consolidation, or facing changing regulations. Therefore, the statement "Industry changes provide opportunities for new business" is true.

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  • 13. 

    Porter's five forces model was developed by Michael E Porter in 1979. Part of his findings was that he found that ____% of a company's profitability is determined by the industry in which it operates

    Correct Answer
    19
    Explanation
    Porter's five forces model, developed by Michael E Porter in 1979, analyzes the competitive forces within an industry to determine its attractiveness and profitability. One of Porter's findings was that 19% of a company's profitability is determined by the industry in which it operates. This suggests that factors such as industry competition, supplier power, buyer power, threat of substitutes, and barriers to entry significantly impact a company's profitability. By understanding and effectively managing these forces, companies can position themselves for success in their respective industries.

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  • 14. 

    Complete the following statement in relation to Porters 5 forces; By determining the competitive intensity of a market the potential  ________________ of an industry is revealed

    • A.

      Competitiveness

    • B.

      Growth

    • C.

      Revenue

    • D.

      Profitability

    Correct Answer
    D. Profitability
    Explanation
    By determining the competitive intensity of a market, the potential profitability of an industry is revealed. This is because the level of competition in a market directly impacts the profitability of the companies operating within it. If the market is highly competitive, companies may struggle to maintain high profit margins as they are forced to lower prices or increase spending on marketing and innovation to stay ahead. On the other hand, if the market is less competitive, companies may have more pricing power and higher profit margins. Therefore, understanding the competitive intensity of a market is crucial in assessing the potential profitability of an industry.

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