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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. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Strategy Implementation
Factors that affect external environment
key to success in strategic planning
2. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.
Marketing Mix
Differentiation
Core Values
Organizing
3. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl
functional benchmarking
type of responsibilities of a business
bottom-up
Market Penetrati
4. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Corporate social responsibility
Short term Objectives
Strategic Planning
5. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategic Planning
benefits of competitor intelligence
Value Statement
Organizing
6. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Balanced scorecards
Methodologies Of Operations
Secondary Research
STEEP
7. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Related diversification
SMART Goals
Off shoring
Merger and Acquisition Process
8. Is the means by which a strategy can be pursued.
Strategic method
Market Penetrati
Due Diligence
Value network
9. Comparing similar functional firms in your industry
Organizing
Operations
value creating operations in the value chain of operation
functional benchmarking
10. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Porters Competitive Strategies
Scope
mentality of MNC
11. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Business model
benefits of competitor intelligence
Strategy Evaluation
Employment Factors
12. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Business Case
Operational fit
Cost Leadership
Descriptive Statistic
13. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
External Benchmarks
Value network
Technological Factors
CLO
14. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
top-down
Market development
Corporate social responsibility
Economic Factors
15. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Descriptive Statistic
CLO
Value chain
Long term Objectives
16. Quality of information and interpretation of it
key to success in strategic planning
Strategic capability
Mid term Objectives
Market development
17. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
skills businesses need to create competitive advantage
To achieve competitive advantage and superior profitability
Five Forces
Holding company
18. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
Stakeholders
PESTEL
Stakeholder mapping
19. 1. R&D 2. production 3. marketing and sales 4. customer service
Descriptive Statistic
Secondary Research
primary activities of a business
common practices when analyzing your competition
20. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
generic benchmarking
HR functions that can be outsourced
Demographic Factors
Economizing
21. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
mentality of a MNC manager
types of competitive strategies for international businesses
Strategic business unit
Agency
22. Comparing a the firms operations with a direct competitor
Secondary Research
Short term Objectives
Operations
external benchmarking
23. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
Business strategy
top-down
Operations
Systematic risk
24. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Secondary Research
Primary Research
SWOT Analysis
External Benchmarks
25. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Management fit
The law making Process
Cross-sector diversification
Strategy Evaluation
26. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
Controlling
Descriptive Statistic
Organization Structure
27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Cultural web
Spin-off
Short term Objectives
Organization Structure
28. Identifies stakeholder expectations and power and helps in understanding political priorities.
Merger and Acquisition Process
benefits of competitor intelligence
Stakeholder mapping
bottom-up
29. Cost savings accomplished by operating combined companies more efficiently.
Descriptive Statistic
Economizing
benefits of competitor intelligence
Market development
30. 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
Introduction
Value network
International Factors
Cultural web
31. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Action Plan
Financial Measures
international strategy
Core competences
32. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Dominant business
common practices when analyzing your competition
primary activities of a business
33. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Holding company
Outsourcing
Off shoring
34. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
mentality of MNC
Outsourcing
Junk bond
Employment Factors
35. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Strategic business unit (SBU)
Primary Research
top-down
Market fit
36. Processes and activities used to formulate HR objectives - practices - and policies.
Cross-sector diversification
Management Functions
Business Life Cycle Phases
Strategic business management
37. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Agency
Strategic method
Extended Organization
differentiation
38. Acquisition of a company in a different industry - but which employs a similar value chain.
Strategy Formulation
mentality of a MNC manager
Performance Measures
Cross-sector diversification
39. 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.
Core competences
Conglomerate
Primary Research
Purpose of benchmarks
40. Specific - Measurable - Attainable - Realistic - Timely
Demographic Factors
Ethics
SMART Goals
Descriptive Statistic
41. They are often based on industry best practice.
external benchmarking
External Benchmarks
mentality of a MNC manager
CLO
42. 1. multinational 2. global 3. transnational
Code of Ethics
International Factors
efficiency frontier
types of competitive strategies for international businesses
43. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Downscoping
Due Diligence
Maturity
Mid term Objectives
44. A company in which 70-95% of revenue comes from a single business
Dominant business
Business model
Vertical diversification
Spin-off
45. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company
Mission Statement
Ethical Behavior
PESTEL
mentality of a MNC manager
46. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
efficiency frontier
The law making Process
Growth
Performance Measures
47. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Diversification
Business Case
Five Forces
Directing
48. When a corporation is able to combine similar primary value chain activities.
Operational fit
Business strategy
Secondary Research
Corporate governance
49. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Business model
Horizontal diversification
SPAC
50. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Strategy Implementation
Action Plan
Outsourcing
Porters Competitive Strategies