The Second Step of the Small Business Strategy Planning Process

question 52

Multiple Choice

The second step of the small business strategy planning process is considering with _____

• A)customers;benefits.
• B)competitive advantage;value chain analysis.
• C)prestrategy;VRIO analysis.
• D)benefits;industry analysis.

Understand the concept of consideration in contract law and its role as a requirement for legally enforceable contracts.

Recognize the application and requirements of promissory estoppel within contract law.

Identify the factors influencing the sufficiency of consideration in contracts.

Distinguish between illusory and actual promises and their significance in contract formation.

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Definitions:

Balance Theory

A theory concerning the determinants of consistency in three-element cognitive systems.

Childhood Friends

Long-term friendships that begin in childhood, often characterized by high levels of trust and shared experiences.

Work Friends

Refers to friendships that develop in the workplace between colleagues, which can affect job satisfaction and productivity.

Observational Learning

The acquisition of behavior based on the observation of another person’s behavior and of its consequences for that person. Also known as modeling.