Business Trivia

Structure & Strategy

100

What two key aspects make up any business?

Structure and culture

200

What four areas make up the culture of a business?

Employee interaction, risk allowance, rules & protocols, and competitive emphasis

300

What are the six aspects of the business environment?

Political, legal, economic, socio-cultural, technological, environmental,

400

What are the four areas of competitive advantage?

Innovation, quality, efficiency, customer service

500

Explain the difference between the four types of market structures

pure competition = tons of competitors, monopolistic competition = many competitors, oligopoly = a few competitors, monopoly = one business

Operations Management

100

What are the four main areas of operations management?

Process management, product management, info tech management, supply chain management

200

What does DICE stand for in process management?

Define, Identify, Create, Execute

300

What's the key difference between a GANTT chart and a PERT chart?

GANTT chart is product focused, PERT chart is process focused

400

What are three key areas of product management?

Existing products, new products, long-reach opportunities

500

Name six potential partners/steps in a supply chain

supplier, manufacturer, distributor, transport, retailer, customer, logistics

Sales & Negotiations

100

What are the four levels of sales relationships?

Collaboration, partnership, solutions, transactional

200

What are the five levels in a sales funnel?

Suspect, lead, prospect, opportunity, customer

300

What does it mean to "anchor" in a negotiation?

To set the initial offer.

400

What is BATNA and why is it important in a negotiation?

Best alternative to a negotiated agreement. The better your BATNA, the greater your negotiation power

500

Identify and describe the difference between the three levels of customer pain.

Latent pain = buyer not aware of pain, admitted pain = buyer admits problem but doesn't know how to solve, vision of a solution = buyer admits problem and visualizes a solution

Organizational Behaviour

100

What is groupthink?

A phenomenon where the desire for consensus in a group leads to less-than-ideal decisions.

200

What is goal-setting theory?

Goal setting theory states that employees are motivated to attain goals when the goals are specific and challenging.

300

What is a heuristic?

A mental shortcut that allows people to solve problems and make judgements quickly and efficiently. "Rule of thumb" strategies.

400

What is the availability heuristic?

People make decisions based on what is easily accessible in their minds.

500

Name three ways to prevent groupthink

• Assign someone to take the role of "devil's advocate"; Bring in outsiders to the group; Avoid being too directive; Search for information; Generate alternatives;Examine the pros and cons of the alternatives; Examine the costs, benefits, and risks of the preferred choice; Monitor the results and adjust decision/strategy as needed

Economics & Finance

100

Economics is the study of ____ and ____?

Scarcity and choice.

200

What is opportunity cost?

The opportunity cost of choosing any one alternative is the value of the next best alternative that is given up.

300

Name three of the four key financial statements.

Balance sheet, income statement, statement of cash flows, statement of changes in equity.

400

What's the difference between equity and debt financing?

Equity financing is selling shares of your business. Debt financing is borrowing money to be repaid.

500

What's the difference between an asset and a liability? Give at least one example of each.

Asset is something that is owned, liability is something that is owed. Assets: equipment, inventory, cash, land, patents. Liabilities: wages payable, accounts payable, mortgage, credit card debt, taxes payable.