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Test your basic knowledge |
Business Strategy
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Market development
Controlling
Vertical diversification
Parts of Business Case
2. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Strategic capability
Descriptive Statistic
HR functions that can be outsourced
3. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Market fit
Management Functions
mentality of a MNC manager
STEEP
4. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
external benchmarking
Corporate strategy
Economic Factors
Strategy Formulation
5. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Takeover
functional benchmarking
Corporate strategy
Directing
6. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Strategic Planning
Extended Organization
Strategic capability
Controlling
7. It is a system of moral principles and values that establish appropriate conduct.
Business strategy
Ethics
Junk bond
Strategy Evaluation
8. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Business strategy
Corporate governance
Focus
Corporate strategy
9. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Outsourcing
Junk bond
Code of Ethics
Resources leverage
10. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.
Strategy Implementation
Business Case
Marketing Mix
Market Penetrati
11. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
value creating operations in the value chain of operation
key to success in strategic planning
common practices when analyzing your competition
Economic Factors
12. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Resources leverage
Unrelated diversification
Mid term Objectives
External Benchmarks
13. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Extended Organization
Critical success factors
Secondary Research
Generational Difference
14. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.
Demographic Factors
Value network
Blue ocean Strategy
Value Statement
15. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Vision Statement
Emergent Strategy
Controlling
Strategic Planning Phase
16. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
internal benchmarking
International Factors
Vertical diversification
Environmental Scanning
17. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Long term Objectives
Quantitative Analysis
functional benchmarking
Internal Benchmarks
18. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Management Functions
Resources leverage
Financial Measures
Scope
19. A value creating strategy that creates more perceived value by primarily reducing costs
External Benchmarks
Parts of Business Case
low-cost strategy
Dominant business
20. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Growth
key to success in strategic planning
Marketing Mix
The law making Process
21. 1. multinational 2. global 3. transnational
Five Forces
types of competitive strategies for international businesses
Demographic Factors
Business model
22. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Core competences
to increase profitability
type of responsibilities of a business
Inferential Statistic
23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Operational fit
Demographic Factors
Market development
mentality of a MNC manager
24. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Market fit
Demographic Factors
Operational fit
25. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Scenarios
low-cost strategy
Strategic business unit (SBU)
Marketing Mix
26. It uses data already gathered by others and reported in various sources.
Secondary Research
Due Diligence
to increase profitability
Blue ocean Strategy
27. Economic - legal resp. - ethical - and discretionary
Takeover
Ethics
type of responsibilities of a business
types of competitive strategies for international businesses
28. Quality of information and interpretation of it
key to success in strategic planning
Resources leverage
bottom-up
Long term Objectives
29. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Scope
HR functions that can be outsourced
to maximize profits
30. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
differentiation
support activities of a business
Factors that affect external environment
skills businesses need to create competitive advantage
31. A strategy by which an organisation offers existing products to new markets.
Market development
Environmental scanning
Action Plan
Management Functions
32. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Strategic business management
CLO
To achieve competitive advantage and superior profitability
33. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Planning
Holding company
Junk bond
mentality of MNC
34. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Downscoping
Decline
Economizing
Vision Statement
35. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
STEEP
PESTEL
Scenarios
Junk bond
36. A strategy by which an organization takes increased share of its existing markets with its existing product range.
SMART Goals
Market Penetrati
Action Plan
type of responsibilities of a business
37. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation
Ethics
Cultural web
Descriptive Statistic
type of responsibilities of a business
38. primary activities and support activities
Related diversification
Primary Research
Conglomerate
value creating operations in the value chain of operation
39. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Strategic capability
benefits of competitor intelligence
Descriptive Statistic
40. Specific - Measurable - Attainable - Realistic - Timely
Strategy Development
Strategy Evaluation
SMART Goals
to maximize profits
41. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.
Emergent Strategy
differentiation
Methodologies Of Operations
Purpose of benchmarks
42. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Holding company
functional benchmarking
Corporate governance
Descriptive Statistic
43. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
Focus
Scope
Environmental Scanning
Ethical Behavior
44. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.
efficiency frontier
Diversification
mentality of MNC
Unrelated diversification
45. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Purpose of benchmarks
Technological Factors
Long term Objectives
Inferential Statistic
46. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Management fit
Outsourcing
Economic Factors
47. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
Five Forces
Internal Benchmarks
Environmental scanning
Strategies at three levels
48. Ability to broaden a product line or a customer base achieved through an acquisition.
to increase profitability
primary activities of a business
Scope
Employment Factors
49. 1 Balance Scorecard
Corporate governance
Management fit
Performance Measures
Value chain
50. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Strategic business unit
SWOT Analysis
Environmental scanning
Mid term Objectives