ACHE BOG EXAM PREPARATION 2023 LATEST EDITION
SCORED A+ (GUARANTEED PASS)
Segmentation - ANSWER: The division of a market into subsets of consumers with
similar needs and wants; enables marketers to focus their marketing efforts on
consumers most likely to buy a product or use a service.
Gap analysis - ANSWER: A method of identifying the distance between an
organization's current position and its desired position with regard to its mission,
vision, and values.
Vertical integration - ANSWER: Assimilation of the vertical components of an
organization through greater internal control and coordination.
Strategic positioning - ANSWER: The set of decisions about mission, ownership,
scope of activity, location, and partners that defines an organization and relates it to
stakeholder needs.
Malfeasance - ANSWER: Wrongdoing or improper and dishonest conduct, especially
by a person who holds public office or a position of trust.
Healthcare disparities - ANSWER: Differences in access to or availability of healthcare
facilities and services; related but different, health disparities refer to variation in the
rates of disease occurrence and disabilities among socioeconomic, geographic,
social, cultural, and sexual- or gender identity-defined population groups.
Disruptive innovation - ANSWER: Innovation that creates a new market by
discovering new categories of customers, eventually displacing the existing market;
occurs when new technologies are harnessed or when new business models exploit
old technologies.
Strategic opportunities - ANSWER: Opportunities that, when narrowed for use in
business plans, involve quantum shifts in service capabilities or market share, usually
by interaction with competitors, large-scale capital investments, and revisions to
several line activities.
Generic strategies - ANSWER: Commonly used strategies that combine a target
market (e.g., a small segment of a population) and a type of differentiation (e.g., low
cost).
Five Forces model - ANSWER: A framework devised by Harvard economist Michael
Porter for analyzing the degree of competition in a market and the ability of
established organizations to influence prices.
Barriers to entry - ANSWER: Obstacles that impede an organization as it seeks to
enter a market.
,Gantt chart - ANSWER: A bar chart that lays out the schedules, steps, and time
frames of a project or projects.
Collective bargaining - ANSWER: An activity whereby union and management
officials attempt to resolve conflicting interests in a manner that will sustain and
possibly enrich their continuing relationships.
Four basic types of market structure - ANSWER: (1) Perfect competition, (2)
monopolistic competition, (3) oligopoly, and (4) monopoly; each type reflects the
number of organizations in a market and their degree of market influence.
Strategic management - ANSWER: Overseeing and directing daily activities in an
organization to ensure they support achievement of the organization's mission and
vision; responsibilities may include designing organizational structures, policies, and
procedures; evaluating budgets and progress toward goals; and coordinating staff
training.
Market share - ANSWER: The percentage of total sales volume in a market captured
by a brand, product, service, or company.
Four Ps - ANSWER: Four attributes that have traditionally been used to establish an
organization's market position: (1) product, (2) price, (3) promotion, and (4) place.
Project charter - ANSWER: A tool commonly used in project management to clarify
the key components of a project (e.g., scope, desired outcomes, participants,
resources, time frames, responsible parties) and to ensure that the project's
definition and desired outcomes coincide with an organization's strategic priorities
and goals.
Scenario analysis - ANSWER: A technique of proposing alternative futures that could
come to pass if a specified environmental change occurs; used by leaders to better
understand and plan for future contingencies.
Internal environmental analysis - ANSWER: Evaluation of an organization's products,
assets, operations, and other factors to determine whether the organization is
carrying out its mission effectively and efficiently.
Switching costs - ANSWER: The costs associated with changing a product, brand,
marketplace, or supplier.
Business model - ANSWER: The underlying structure of an organization; the means
through which an organization creates and delivers value to its customers and earns
revenues.
Value chain - ANSWER: The key internal processes or activities an organization
performs to create value for its stakeholders; a framework for analyzing an
, organization's strengths and weaknesses across the flow of product or service
development and delivery.
Branding - ANSWER: A community-wide communication effort to convey the mission
and the competitive advantage of an organization.
Business plan - ANSWER: A model of a specific strategy or function that guides
design, operations, and goal setting.
Contract - ANSWER: A voluntary, deliberate, and legally binding agreement between
two or more competent parties; usually written but sometimes spoken or implied.
Herfindahl-Hirschman Index - ANSWER: A measure of market concentration
calculated by squaring the market share percentage of each organization in a market
and then summing the numbers.
Crisis communications plan - ANSWER: A process for disseminating information to all
organizational stakeholders in the event of an emergency.
Strategic alliance - ANSWER: A long-term, formal, and mutually beneficial
relationship between two or more parties to pursue a set of agreed-upon goals or to
meet a critical business need while remaining independent organizations.
Market structure - ANSWER: The organizational characteristics of a market that exert
a strategic influence on the intensity and form of competition.
Core competencies - ANSWER: The internal activities and functions central to
fulfilling an organization's mission; strategically valuable, they are the essence of
what makes the organization unique in providing value to its customers.
Bargaining unit - ANSWER: A group of employees recognized by the National Labor
Relations Board as an appropriate body for collective bargaining under the National
Labor Relations Act.
Product (or service) life cycle - ANSWER: Four distinct but not wholly predictable
stages every product or service goes through: (1) introduction to the market; (2)
growth in utilization and revenue; (3) maturity, when utilization and revenue
stabilize; and (4) decline, when utilization and revenue start to fall and eventually
become too little for the product or service to remain viable.
Strategic action cycle (four stages) - ANSWER: (1) Strategic planning, (2) budgeting,
(3) implementing strategy, and (4) controlling problems and monitoring progress.
SWOT analysis - ANSWER: A tool for understanding an organization's strategic
situation; examines both an organization's internal environment (its strengths and
weaknesses) and its external environment its opportunities and threats).
SCORED A+ (GUARANTEED PASS)
Segmentation - ANSWER: The division of a market into subsets of consumers with
similar needs and wants; enables marketers to focus their marketing efforts on
consumers most likely to buy a product or use a service.
Gap analysis - ANSWER: A method of identifying the distance between an
organization's current position and its desired position with regard to its mission,
vision, and values.
Vertical integration - ANSWER: Assimilation of the vertical components of an
organization through greater internal control and coordination.
Strategic positioning - ANSWER: The set of decisions about mission, ownership,
scope of activity, location, and partners that defines an organization and relates it to
stakeholder needs.
Malfeasance - ANSWER: Wrongdoing or improper and dishonest conduct, especially
by a person who holds public office or a position of trust.
Healthcare disparities - ANSWER: Differences in access to or availability of healthcare
facilities and services; related but different, health disparities refer to variation in the
rates of disease occurrence and disabilities among socioeconomic, geographic,
social, cultural, and sexual- or gender identity-defined population groups.
Disruptive innovation - ANSWER: Innovation that creates a new market by
discovering new categories of customers, eventually displacing the existing market;
occurs when new technologies are harnessed or when new business models exploit
old technologies.
Strategic opportunities - ANSWER: Opportunities that, when narrowed for use in
business plans, involve quantum shifts in service capabilities or market share, usually
by interaction with competitors, large-scale capital investments, and revisions to
several line activities.
Generic strategies - ANSWER: Commonly used strategies that combine a target
market (e.g., a small segment of a population) and a type of differentiation (e.g., low
cost).
Five Forces model - ANSWER: A framework devised by Harvard economist Michael
Porter for analyzing the degree of competition in a market and the ability of
established organizations to influence prices.
Barriers to entry - ANSWER: Obstacles that impede an organization as it seeks to
enter a market.
,Gantt chart - ANSWER: A bar chart that lays out the schedules, steps, and time
frames of a project or projects.
Collective bargaining - ANSWER: An activity whereby union and management
officials attempt to resolve conflicting interests in a manner that will sustain and
possibly enrich their continuing relationships.
Four basic types of market structure - ANSWER: (1) Perfect competition, (2)
monopolistic competition, (3) oligopoly, and (4) monopoly; each type reflects the
number of organizations in a market and their degree of market influence.
Strategic management - ANSWER: Overseeing and directing daily activities in an
organization to ensure they support achievement of the organization's mission and
vision; responsibilities may include designing organizational structures, policies, and
procedures; evaluating budgets and progress toward goals; and coordinating staff
training.
Market share - ANSWER: The percentage of total sales volume in a market captured
by a brand, product, service, or company.
Four Ps - ANSWER: Four attributes that have traditionally been used to establish an
organization's market position: (1) product, (2) price, (3) promotion, and (4) place.
Project charter - ANSWER: A tool commonly used in project management to clarify
the key components of a project (e.g., scope, desired outcomes, participants,
resources, time frames, responsible parties) and to ensure that the project's
definition and desired outcomes coincide with an organization's strategic priorities
and goals.
Scenario analysis - ANSWER: A technique of proposing alternative futures that could
come to pass if a specified environmental change occurs; used by leaders to better
understand and plan for future contingencies.
Internal environmental analysis - ANSWER: Evaluation of an organization's products,
assets, operations, and other factors to determine whether the organization is
carrying out its mission effectively and efficiently.
Switching costs - ANSWER: The costs associated with changing a product, brand,
marketplace, or supplier.
Business model - ANSWER: The underlying structure of an organization; the means
through which an organization creates and delivers value to its customers and earns
revenues.
Value chain - ANSWER: The key internal processes or activities an organization
performs to create value for its stakeholders; a framework for analyzing an
, organization's strengths and weaknesses across the flow of product or service
development and delivery.
Branding - ANSWER: A community-wide communication effort to convey the mission
and the competitive advantage of an organization.
Business plan - ANSWER: A model of a specific strategy or function that guides
design, operations, and goal setting.
Contract - ANSWER: A voluntary, deliberate, and legally binding agreement between
two or more competent parties; usually written but sometimes spoken or implied.
Herfindahl-Hirschman Index - ANSWER: A measure of market concentration
calculated by squaring the market share percentage of each organization in a market
and then summing the numbers.
Crisis communications plan - ANSWER: A process for disseminating information to all
organizational stakeholders in the event of an emergency.
Strategic alliance - ANSWER: A long-term, formal, and mutually beneficial
relationship between two or more parties to pursue a set of agreed-upon goals or to
meet a critical business need while remaining independent organizations.
Market structure - ANSWER: The organizational characteristics of a market that exert
a strategic influence on the intensity and form of competition.
Core competencies - ANSWER: The internal activities and functions central to
fulfilling an organization's mission; strategically valuable, they are the essence of
what makes the organization unique in providing value to its customers.
Bargaining unit - ANSWER: A group of employees recognized by the National Labor
Relations Board as an appropriate body for collective bargaining under the National
Labor Relations Act.
Product (or service) life cycle - ANSWER: Four distinct but not wholly predictable
stages every product or service goes through: (1) introduction to the market; (2)
growth in utilization and revenue; (3) maturity, when utilization and revenue
stabilize; and (4) decline, when utilization and revenue start to fall and eventually
become too little for the product or service to remain viable.
Strategic action cycle (four stages) - ANSWER: (1) Strategic planning, (2) budgeting,
(3) implementing strategy, and (4) controlling problems and monitoring progress.
SWOT analysis - ANSWER: A tool for understanding an organization's strategic
situation; examines both an organization's internal environment (its strengths and
weaknesses) and its external environment its opportunities and threats).
