Month: November 2024

Alex, a consultant, has told the board of Lucy plc that the strategic planning process should result in a strategic plan, a business plan and an operational plan.

Alex gave the board two definitions.

Definition 1 – A business plan sets out the markets the business intends to serve, how it will serve each market and what finance is required

Definition 2 – A strategic plan sets out how overall objectives are to be achieved, by specifying what is expected from specific functions, stores and departments

Are these definitions accurate or inaccurate?

Select ONE answer:

1. Definition 1 – Accurate / Definition 2 – Not accurate
2. Definition 1 – Accurate / Definition 2 – Accurate
3. Definition 1 – Not accurate / Definition 2 – Not accurate
4. Definition 1 – Not accurate / Definition 2 – Accurate

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct == > A strategic plan sets out the business’s overall objectives and how to achieve them, but it is the operational plan which specifies what is expected of each function in a business. A business plan sets out the market(s) to be served, how they will be served and the finance required.
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Lucy Ltd operates a large chain of hairdressing salons.

Alex, a management consultant, has been asked to undertake a review of the company’s activities in providing its services to customers.

In terms of Porter’s Value Chain, Alex has been asked to focus on the primary activities of the company.

Alex will, therefore, be analysing which ONE of the following?

Select ONE answer:

1. Procurement
2. Marketing and Sales
3. Salon Infrastructure Services
4. Accounting

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Notcorrect
2. Correct == > 1, 3 and 4 are all support activities in the value chain model.
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Lucy Ltd operates a large chain of hairdressing salons.

Alex, a management consultant, has been asked to undertake a review of the company’s activities in providing its services to customers.

In terms of Porter’s Value Chain, Alex has been asked to focus on the primary activities of the company.

Alex will, therefore, be analysing which ONE of the following?

Select ONE answer:

1. Inbound Logistics
2. Procurement
3. Salon Infrastructure Services
4. Accounting

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct == > 2, 3 and 4 are all support activities in the value chain model.
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.

Lucy Ltd is a company that sells adventure holidays from a chain of retail outlets in upscale shopping centres.

Alex Ltd sells new and used canal boats from a chain of boat dealerships located on canals.

Lucy Ltd and Alex Ltd are therefore?

Select ONE answer:

1. Brand competitors
2. Industry competitors
3. Generic competitors
4. Form competitors

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct == > The companies offer distinctly different products that satisfy different needs but which are highly likely to be competing for the same disposable income. They are, therefore, generic competitors.
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.