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CST617 Business Strategy And Consumer Behavior
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CST617 Business Strategy And Consumer Behavior
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Course Code: CST617
University: Greenwich School Of Management
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Question:
Part A – MCQ questions:
1. Growth strategies:
Growth strategies Seek an increase in size and the expansion of current operations
Growth strategies Seek an increase in employees and sales
Growth strategies Seek an increase in equity and sales
Growth strategies Seek an increase in size and equity
Growth strategies Seek an increase in size of current operations
2. Types of Growth strategies:
There are two types of growth strategies: Concentration and Integration
There are two types of growth strategies: Concentration and Diversification
There are two types of growth strategies: Integration and Diversification
There are two types of growth strategies: Differentiation and Globalization
There are two types of growth strategies: Globalization and Regionalization
3. What types of strategies are used by organizations?
Three types of Strategies: Globalization, Regionalization and Nationalization
Three types of Strategies: Globalization, Regionalization and Transnational
Three types of Strategies: Globalization, Multidomestic and Transnational
Three types of Strategies: Globalization, Multidomestic and Local
Two types of Strategies: Globalization, Multidomestic
4. What are current issues in strategy implementation?
Market share and consumer behavior
Implementation and control
Failure of planning and failure of training
Lack of transparency and lack of long term visibility
Failures of substance and failures of process
5. What types of plans do managers use?
Short, Mid and long-term planning
Tactical and strategic planning
Business and Operational planning
Short range and Long-range planning
Strategic and functional and cultural planning
6. What is a Policy?
Broad guidelines for making decisions and taking action in specific circumstances
Plans that describe exactly what actions are to be taken in specific situations
Single-use plans that commit resources to activities, projects, or programs
used once to meet the needs and objectives of a well-defined situation in a timely manner
Specific guidelines for making decisions and initiate action in broad circumstances
7. What is Forecasting?
Making assumptions about what happened in the present
Making assumptions about what will happen in the future
Making planning about what will happen in the future
Making planning based on what happened in the past
Making budget based on what happened in the past
8. What is Contingency planning?
Planning the future course of business based on current circumstances
Identifying the courses of action that were taken to meet the needs of changing circumstances
Identifying alternative courses of action to meet the needs of current circumstances
Planning the current course of business based on historical performance
Identifying alternative courses of action that can be implemented to meet the needs of changing circumstances
9. Why the internal control?
Allows motivated individuals and groups to exercise self-discipline in fulfilling job expectations
Allows the control of the results for better performance
Is a control executed by the systems and procedures to eliminate errors?
Allows increase of efficiency
Allows the elimination of deviation from policies and procedures
10. What is Leverage?
The ability to generate cash to pay bills
The ability to earn more in returns than the cost of debt
The ability to use resources efficiently and operate at minimum cost
The ability to earn revenues greater than costs
The ability to pay instantly all debts
11. Why we use Break Even Analysis?
Determination of the point at which sales revenues are sufficient to cover budget
Determination of the point at which sales revenues are sufficient to cover debts
Determination of the point at which sales revenues are sufficient to cover salaries
Determination of the point at which sales revenues are sufficient to cover costs
Determination of the point at which sales revenues are sufficient to cover sales expenses
12. How the Break-Even Point is calculated?
Break-Even Point = Variable Costs / (Price – Variable Costs)
Break-Even Point = Fixed Costs / (Price – Variable Costs)
Break-Even Point = Fixed Costs / (Fixed Costs – Variable Costs)
Break-Even Point = Fixed Costs / (Price – Fixed Costs)
Break-Even Point = Fixed Costs / (Variable Cost – Fixed Costs)
13. What is Consumer Information Processing?
The cognitive processes by which consumer interpret and integrate information from the environment
The cognitive processes by which company interpret and integrate information from the environment
The level of importance or interest generated by a product or a decision
Characterized by high levels of importance thorough information processing
Characterized by low levels of importance thorough information processing
14. What is a consumer attitude?
Learned predispositions to respond negatively to a product or brand
Learned predispositions to respond positively to a product or brand
The respond to a product or brand by searching information
The feedback of the consumer towards a product or a brand
Learned predispositions to respond favorably or unfavorably to a product or brand and where the response is the behavior
15. What is the role of the family influence?
Family influences play important roles in the socialization of people and affecting individual purchase decisions
Family influences play important roles in the socialization of people but doesn’t affect individual purchase decisions
Family influences doesn’t play a real important role in and has no impact
Family influences play very minor roles in the attitude of people
Family influences play important roles by affecting individual culture
Part B – Please choose Any 3 of the following essay questions to answer. Be sure to provide complete answers to the questions.
Question 1
What are the foundations of strategic competitiveness related to Environments and competitive advantage, please explain each one in brief?
hat are the Three levels of strategy in organizations, please elaborate by drawing the related chart
What are the five steps for Planning?
In the Control process, what are the two types of controls? Explain briefly each
Question 2:
What is SWOT analysis, please explain its four components and elaborate by drawing the chart and relevant important questions.
Please explain in detail with a chart the BCG matrix approach to corporate strategy formulation
Question 3:
What is SWOT analysis, please explain its four components and elaborate by drawing the chart and relevant important questions.
What are the Important financial aspects of organizational performance? Please elaborate and explain
What are the 10 Most Important Website Attributes
Question 4:
What are the five steps for Planning?
What are the Important financial aspects of organizational performance? Please elaborate and explain
What are the Six Generic Consumer Behavior Choices?
Answer:
Part A- MCQ questions
1. (A) Growth strategies Seek an increase in size and the expansion of current operations
2. (B) There are two types of growth strategies: Concentration and Diversification
3. (C) Three types of Strategies: Globalization, Multidomestic and Transnational
4. (B) Implementation and control
5. (B) Tactical and strategic planning
6. (A) Broad guidelines for making decisions and taking action in specific circumstances
7. (B) Making assumptions about what will happen in the future
8. (E) Identifying alternative courses of action that can be implemented to meet the needs of changing circumstances
9. (D) Allows increase of efficiency
10. (B) The ability to earn more in returns than the cost of debt
11. (D) Determination of the point at which sales revenues are sufficient to cover costs
12. (B) Break-Even Point = Fixed Costs / (Price – Variable Costs)
13. (A) The cognitive processes by which consumer interpret and integrate information from the environment
14. (E) Learned predispositions to respond favorably or unfavorably to a product or brand and where the response is the behavior
15. (A) Family influences play important roles in the socialization of people and affecting individual purchase decisions
Part B
2 a) SWOT Analysis
It is defined as an outline which is used to determine the competitive position of any organization through measuring its strengths, threats, opportunities, and weakness. There are main four components of SWOT analysis such as strengths, weakness, opportunities, and threats (Utari, 2017).
Figure: SWOT analysis
(Source: Y graph, 2007)
Strengths
Such as
Typical Question
Resources
What makes you different?
Knowledge
How are you better rather than the other?
Data
What makes you flexible?
Attributes
What low-cost resources can you draw?
Skills
What do individuals to improve strengths?
Weakness
Lack of
Questions
Resources
What could you increase?
Data
Are the timetables practicable?
Knowledge
What should you escape?
Attributes
What is stuff that customers might see as a fault?
Skills
Which type of resources can you not deliver?
Opportunities
Such as
Questions
Changes in policies, and strategies
Do individuals have required?
Local actions
Is there any new technology?
Develop new technologies
Can customers prefer anything else?
Modern services
Is there any development in policies, and strategies?
Social structures
Which types of tools can you utilize to achieve your goal?
Threats
Negative effect of
Questions
Development of technologies
Which types of tools can you utilize to achieve your goal?
Local actions
Is there any new technology?
Modern services
Is there any development in policies, and strategies?
Use of advancement
Social Constructions
B). BCG Matrix
It is defined as a corporate tool that is utilized to portray firm portfolio along with the horizontal and vertical axis. There are four types of approaches used in the business matrix to determine corporate strategies such as Dogs, Cash Cows, Stars, and question marks (Jurevicius, 2013).
Figure: BCG Matrix
(Source: John Wiley, 2013)
Stars
Stars generate a large number of profits by penetration of increasing markets. The strategy or policies for stars are progressing, and resource investment (Cha, and Jang, 2014). Strategic choices: horizontal and vertical integration, market improvement, business penetration, and product development.
Dogs
Dogs are processed which provides a platform to compare market share to competitors and it is operating in a low improvement market. Globally, dogs are low investing because it produces low cash return.
Strategic choices: liquidation, retrenchment, and divestiture.
Cash cows
Cash cows are the most common profitable groups and it should be milked that provide much cash. Strategic choices: retrenchment, product improvement, and divestiture.
Question marks
Question marks defined as the brands which involve much nearer reflection. Question marks hold low market share in developing markets by consuming a large amount of money.
Question.3
A). SWOT Analysis
It is defined as an outline which is used to determine the competitive position of any organization through measuring its strengths, threats, opportunities and weakness (Niederwieser, et al., 2016). There are main four components of SWOT analysis such as strengths, weakness, opportunities, and threats.
Figure: SWOT analysis
(Source: Y graph, 2007)
Strengths
Such as
Typical Question
Resources
What makes you different?
Knowledge
How are you better rather than the other?
Data
What makes you flexible?
Attributes
What low-cost resources can you draw?
Skills
What do individuals to improve strengths?
Weakness
Lack of
Questions
Resources
What could you increase?
Data
Are the timetables practicable?
Knowledge
What should you escape?
Attributes
What is stuff that customers might see as a fault?
Skills
Which type of resources can you not deliver?
Opportunities
Such as
Questions
Changes in policies, and strategies
Do individuals have required?
Local actions
Is there any new technology?
Develop new technologies
Can customers prefer anything else?
Modern services
Is there any development in policies, and strategies?
Social structures
Which types of tools can you utilize to achieve your goal?
Threats
Negative effect of
Questions
Development of technologies
Is there any development in policies, and strategies?
Local actions
Is there any new technology?
Modern services
Use of advancement
B). There are many financial aspects of organizational performance such as balance sheet, income statement, cash flow statement, and return on investment. The income statement provides a brief summary of actions and it starts with revenue and stops with complete income. The balance sheet provides an idea of how an organization is managing and liabilities. Cash flow is a combination of the balance sheet and income statement. Return on investment is the main aspect of any organization and it also provides a brief idea about investment income and profit.
C). Websites Attributes
There are the following websites attributes used in an organization such as
Quality of image
Zoom feature
Consumer reviews
Live Chat
Alternate views
Product comparisons
Product demos
Email
Share buttons
Indicate products on individual models
Question.4
A). Steps for planning
Forecasting
Organizing
Commanding
Controlling
Coordinating
B). There are many financial aspects of organizational performance such as balance sheet, income statement, cash flow statement, and return on investment (Gatzert, 2015). The income statement provides a brief summary of actions and it starts with revenue and stops with complete income (Saeidi, et al., 2016). The balance sheet provides an idea of how an organization is managing and liabilities (Hamlin, McNeill, and Moore, 2015). Cash flow is a combination of the balance sheet and income statement. Return on investment is the main aspect of any organization and it also provides a brief idea about investment income and profit.
C). Consumer Behaviour Choices
There are following consumer’s behaviour choices are used in any business such as
Product
Brand
Store type
Shopping area
Store
Non-store source (Stephen, 2016).
References
Cha, N.H. and Jang, H.J., (2014) Transcriptomic analysis of the effects of triclosan on Mycobacterium bovis BCG. BioChip Journal, 8(3), pp.163-170.
Gatzert, N., (2015) the impact of corporate reputation and reputation-damaging events on financial performance: Empirical evidence from the literature. European Management Journal, 33(6), pp.485-499.
Hamlin, R.P., McNeill, L.S., and Moore, V., (2015) the impact of front-of-pack nutrition labels on consumer product evaluation and choice: an experimental study. Public health nutrition, 18(12), pp.2126-2134.
John Wiley (2013) Strategy formulation [online] Available from: https://www.johnwiley.net.au/highered/management/istudy/menu/strategic_management/strategy_formulation_and_the_BCG_matrix_model/ [Accessed 27/07/18].
Jurevicius, O. (2013) BCG growth-share matrix [online] Available from: https://www.strategicmanagementinsight.com/tools/bcg-matrix-growth-share.html [Accessed 27/07/18].
Niederwieser, D., Baldomero, H., Szer, J., Gratwohl, M., Aljurf, M., Atsuta, Y., Bouzas, L.F., Confer, D., Greinix, H., Horowitz, M. and Iida, M., (2016) Hematopoietic stem cell transplantation activity worldwide in 2012 and a SWOT analysis of the Worldwide Network for Blood and Marrow Transplantation Group including the global survey. Bone marrow transplantation, 51(6), p.778.
Saeidi, S.P., Sofian, S., Saeidi, P., Saeidi, S.P. and Saaeidi, S.A. (2015) How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of business research, 68(2), pp.341-350.
Stephen, A.T., (2016) the role of digital and social media marketing in consumer behavior. Current Opinion in Psychology, 10, pp.17-21.
Utari, I.A.P.A., (2017) Stability and Persistence Analysis of Mathematical Model of BCG Immunotherapy in Superficial Bladder Cancer. Applied Mathematical Sciences, 11(46), pp.2291-2304.
Y graph (2007) SWOT analysis sample [online] Available from: https://ygraph.com/chart/2911 [Accessed 27/07/18].
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