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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 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
CLO
Extended Organization
bottom-up
Economic Factors
2. Comparing similar functional firms in your industry
mentality of MNC
Technological Factors
Parts of Business Case
functional benchmarking
3. 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.
Marketing Mix
Focus
Purpose of benchmarks
Operational fit
4. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Resources
The law making Process
Differentiation
Strategic business unit
5. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Business Case
Planning
Vertical diversification
SPAC
6. They are often based on industry best practice.
Cross-sector diversification
Blue ocean Strategy
External Benchmarks
functional benchmarking
7. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
Parts of Business Case
Junk bond
HR functions that can be outsourced
international strategy
8. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Business strategy
key to success in strategic planning
Unrelated diversification
9. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
type of responsibilities of a business
mentality of a MNC manager
Cost Leadership
Operations
10. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Business Case
International Factors
Quantitative Analysis
Dominant business
11. The categories of activities within and around an organization which together create a product or service.
Value Statement
Spin-off
Strategy Evaluation
Value chain
12. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Core competences
support activities of a business
Market Penetrati
generic benchmarking
13. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Technological Factors
HR functions that can be outsourced
Methodologies Of Operations
generic benchmarking
14. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
international strategy
Corporate governance
External Benchmarks
15. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Internal Benchmarks
SWOT Analysis
Strategy Development
16. A value creating strategy that primary increases perceived value by increasing attractiveness of product
to obtain profit growth
differentiation
Cultural web
Market fit
17. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Directing
Corporate strategy
types of competitive strategies for international businesses
Stakeholder mapping
18. Identifies stakeholder expectations and power and helps in understanding political priorities.
Off shoring
Stakeholder mapping
Resources leverage
Vertical diversification
19. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
key to success in strategic planning
Related diversification
Technological Factors
Private equity firm
20. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Core competences
Vertical diversification
Outsourcing
Value Statement
21. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Corporate governance
Off shoring
Merger and Acquisition Process
Unrelated diversification
22. 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.
external benchmarking
Purpose of benchmarks
Organization Structure
Corporate strategy
23. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Strategic method
Purpose of benchmarks
Mid term Objectives
Junk bond
24. 1. R&D 2. production 3. marketing and sales 4. customer service
Related diversification
Performance Measures
Generational Difference
primary activities of a business
25. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Descriptive Statistic
Vision Statement
Business model
Quantitative Analysis
26. It is a system of moral principles and values that establish appropriate conduct.
Takeover
Quantitative Analysis
Systematic risk
Ethics
27. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
support activities of a business
Porters Competitive Strategies
benefits of competitor intelligence
Stakeholder mapping
28. 1 Financial 2 Human 3 Physical 4 Technological
Resources
External Benchmarks
generic benchmarking
Downscoping
29. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Parts of Business Case
Strategic Groups
Junk bond
30. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Value chain
types of competitive strategies for international businesses
Strategies at three levels
31. 1 Balance Scorecard
Generational Difference
benefits of competitor intelligence
Performance Measures
types of competitive strategies for international businesses
32. Processes and activities used to formulate HR objectives - practices - and policies.
Operations
Strategic business management
Market fit
Performance Measures
33. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha
Emergent Strategy
Operational fit
generic benchmarking
key to success in strategic planning
34. The underlying principles that guide an organization's strategy
Economic Factors
Core Values
Market Penetrati
Stakeholder mapping
35. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs
mentality of MNC
Spin-off
external benchmarking
Internal Benchmarks
36. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Performance Measures
to maximize profits
Outsourcing
Internal Benchmarks
37. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Operational fit
Economic Factors
Action Plan
Descriptive Statistic
38. 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.
Blue ocean Strategy
Strategic Groups
Resources leverage
Management fit
39. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
To achieve competitive advantage and superior profitability
Technological Factors
functional benchmarking
40. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
to increase profitability
Blue ocean Strategy
Environmental scanning
Strategic Groups
41. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
To achieve competitive advantage and superior profitability
Downscoping
Dominant business
42. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur
value creating operations in the value chain of operation
Market fit
top-down
to increase profitability
43. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
Secondary Research
Off shoring
Agency
44. Cut costs - add value - or increase prices
Environmental Scanning
to increase profitability
Secondary Research
Spin-off
45. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.
Outsourcing
Growth
to increase profitability
Vertical diversification
46. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
mentality of MNC
Factors that affect external environment
Focus
to maximize profits
47. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Mid term Objectives
Stakeholder mapping
Employment Factors
Operational fit
48. 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.
Operational fit
SMART Goals
Core competences
SPAC
49. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Mission Statement
common practices when analyzing your competition
Internal Benchmarks
Generational Difference
50. 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
Scenarios
Due Diligence
Technological Factors
Strategy Formulation