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1.3 Organizational objectives - Question bank
Unit 1.3 Organizational objectives - Question bank
Test your understanding of this topic in the IB Business Management syllabus by answering these questions. This is a "dynamic quiz", so feel free to revisit this page regularly as the questions are updated each time you take this quiz.
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- CSR refers to an organization’s decisions and actions that impact society in a positive way.
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existing brandproduct development growth risk SWOT Internal influence favourablenew Ansoff development weaknesses StrengthsDiversification penetration
A analysis is a decision-making tool, which can be used to determine current and future internal and external factors which can impact on a product, , or business. factors are those which a business has and control over. are internal factors which are , whilst are internal factors which are unfavourable to the business. The Matrix is an analytical tool that helps managers to devise their and market strategies. Market is a growth strategy that involves selling existing products in markets. Market involves a business selling products in existing markets. Product involves a business selling new products in existing markets. involves a business selling new products in new markets, so such unknowns mean that it is the highest strategy in Ansoff’s Matrix.
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- This growth strategy in the Ansoff matrix that involves introducing new products to existing customers by developing or replacing current products.
Which of the following would not be an example of an ethical objective set by a business?
An ethical objective is a goal that is based on a business providing a social or environmental benefit.
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- An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future.
Which strategy involves a business selling new products in new markets?
Diversification involves a business selling new products in new markets.
Which document sets out the purpose and values of a business?
A mission statement briefly defines the reason for the business’ existence.
Which of the following is not a reason for a business setting ethical objectives?
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measurableachievableDrucker specificrelevanttime-specific
Peter suggested that organizational objectives should be SMART. Objectives set by a business should be clearly defined ( ) and be quantifiable to see if they can be achieved for not ( ), set within reasonable reach ( ), be of use to the purpose of the organization ( ), and have a timeframe set ( ).
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- A succinct and motivating declaration of an organization’s purpose of existence, who they are and what they do.
What is the term used to describe the medium- to long-term objectives set by senior managers to guide the business to achieve its aims?
Strategic objectives are the medium- to long-term objectives set by senior managers in order to guide the business to achieve its organizational aims.
Which of the following involves analysing positive and negative factors, internal and external to a business and its operations?
Which of Ansoff’s four strategies represents the highest risk approach for a business?
Diversification involves a business selling new products in new markets, so these unknowns mean that it is the highest risk strategy in Ansoff’s Matrix.
According to Ansoff’s Matrix, which strategy involves selling existing products to existing customers?
Market development is a growth strategy that involves selling existing products in new markets.
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These are factors in the external business environment that create prospects or openings for a firm’s growth and development.
Which of the following statements is not true about a vision statement?
Although a vision statement outlines where a business sees itself going in the future, it does not provide measurable targets or a timeframe.
What are the day-to-day objectives set by floor managers of a business known as?
Operational objectives are the day-to-day objectives set by floor managers.
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These are the external factors that create challenges for an organization wishing to expand in overseas markets.
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- Organizational goals based on moral guidelines that determine decision-making.
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- These are moral guidelines or codes of practice which govern good organizational behaviour.
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