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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 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Corporate governance
Primary Research
Demographic Factors
To achieve competitive advantage and superior profitability
2. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Blue ocean Strategy
Private equity firm
Strategy Implementation
3. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
Five Forces
mentality of a MNC manager
Mid term Objectives
4. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Business Life Cycle Phases
benefits of competitor intelligence
low-cost strategy
support activities of a business
5. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
value creating operations in the value chain of operation
Corporate governance
Balanced scorecards
support activities of a business
6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Resources leverage
CLO
Merger and Acquisition Process
Off shoring
7. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
skills businesses need to create competitive advantage
PESTEL
primary activities of a business
Holding company
8. A strategy by which an organisation offers existing products to new markets.
Management fit
Market development
Factors that affect external environment
Organization Structure
9. Ensure that organization's strategy and operations are consistent with each other
Strategic business unit (SBU)
To achieve competitive advantage and superior profitability
Balanced scorecards
Market development
10. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Junk bond
The law making Process
Strategic business management
Economic Factors
11. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra
Cost Leadership
Strategy Implementation
international strategy
Marketing Mix
12. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Environmental scanning
Horizontal diversification
Strategy Evaluation
13. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Strategic Planning Phase
Resources leverage
Employment Factors
To achieve competitive advantage and superior profitability
14. 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.
Methodologies Of Operations
International Factors
Five Forces
Purpose of benchmarks
15. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
key to success in strategic planning
Methodologies Of Operations
Strategic Planning
Unrelated diversification
16. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
HR functions that can be outsourced
Resources leverage
Management Functions
skills businesses need to create competitive advantage
17. It involves data that is gathered firsthand for the specific evaluation being conduced.
Planning
Primary Research
low-cost strategy
Organizing
18. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Secondary Research
Cultural web
Resources leverage
Organizing
19. 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
Junk bond
Generational Difference
key to success in strategic planning
Takeover
20. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
common practices when analyzing your competition
Cost Leadership
STEEP
21. Risk associated with macro-economic forces.
Strategic Information Systems
Systematic risk
Environmental scanning
Junk bond
22. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Leveraged buyout (LBO)
Strategic Groups
external benchmarking
Market Penetrati
23. Comparing operations in totally unrelated industries
Descriptive Statistic
Organizing
generic benchmarking
Vision Statement
24. Comparing a the firms operations with a direct competitor
Controlling
external benchmarking
Core competences
Performance Measures
25. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Outsourcing
Extended Organization
Maturity
26. They are used to condense and summarize large quantities of data for quick understanding.
Extended Organization
Generational Difference
Management fit
Descriptive Statistic
27. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit
Environmental scanning
Strategic business unit (SBU)
Cross-sector diversification
Introduction
28. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Economic Factors
generic benchmarking
internal benchmarking
29. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Strategic Groups
Differentiation
Stakeholder mapping
30. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
value creating operations in the value chain of operation
Conglomerate
Systematic risk
benefits of competitor intelligence
31. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
Spin-off
PESTEL
value creating operations in the value chain of operation
Internal Benchmarks
32. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi
internal benchmarking
Methodologies Of Operations
Extended Organization
Maturity
33. 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.
Descriptive Statistic
Horizontal diversification
Agency
Operations
34. 1. information systems 2. logistics 3. HR
Private equity firm
Growth
support activities of a business
bottom-up
35. 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
Mid term Objectives
Employment Factors
to increase profitability
36. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Scope
Mid term Objectives
Corporate social responsibility
types of competitive strategies for international businesses
37. The categories of activities within and around an organization which together create a product or service.
Value Statement
Value chain
Marketing Mix
Strategic Planning
38. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Descriptive Statistic
Strategies at three levels
Internal Benchmarks
Strategic business unit (SBU)
39. Sell more in existing markets - or enter new markets
to obtain profit growth
Directing
Strategy Implementation
Factors that affect external environment
40. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Descriptive Statistic
Organization Structure
Employment Factors
Private equity firm
41. 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.
Business Case
External Benchmarks
Agency
mentality of a MNC manager
42. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market
Strategic business management
generic benchmarking
Strategic Planning Phase
international strategy
43. 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
Emergent Strategy
internal benchmarking
Focus
Environmental scanning
44. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Generational Difference
SPAC
Resources
45. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Business Life Cycle Phases
Environmental scanning
Corporate strategy
46. 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
CLO
Value chain
to maximize profits
47. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Leveraged buyout (LBO)
internal benchmarking
to maximize profits
primary activities of a business
48. Comparing 1 operation in the firm with another
internal benchmarking
Cross-sector diversification
Vertical diversification
Factors that affect external environment
49. 1 Financial 2 Human 3 Physical 4 Technological
Merger and Acquisition Process
Core competences
Resources
CLO
50. The underlying principles that guide an organization's strategy
Focus
Strategies at three levels
Core Values
Environmental scanning