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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. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
Value Statement
Holding company
to maximize profits
primary activities of a business
2. 1 Financial 2 Human 3 Physical 4 Technological
External Benchmarks
Resources
Business Case
Marketing Mix
3. 1 Vision and mission 2 Value Statement
Strategy Formulation
Stakeholders
Planning
Factors that affect external environment
4. It involves data that is gathered firsthand for the specific evaluation being conduced.
Quantitative Analysis
Environmental Scanning
Junk bond
Primary Research
5. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Employment Factors
Resources leverage
Technological Factors
6. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Strategic Groups
Technological Factors
Unrelated diversification
internal benchmarking
7. 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.
Strategic business unit (SBU)
The law making Process
Strategic capability
Unrelated diversification
8. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Internal Benchmarks
Strategic business unit (SBU)
Market fit
Unrelated diversification
9. Is the set of internationalization links and relationships that are necessary to create a product or service.
functional benchmarking
Value network
Generational Difference
Internal Benchmarks
10. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit
Five Forces
Systematic risk
Blue ocean Strategy
value creating operations in the value chain of operation
11. 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
Generational Difference
benefits of competitor intelligence
Introduction
Cost Leadership
12. 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.
functional benchmarking
Differentiation
Ethics
Resources
13. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Internal Benchmarks
generic benchmarking
Agency
Scenarios
14. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Vertical diversification
To achieve competitive advantage and superior profitability
Quantitative Analysis
15. 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.
Ethical Behavior
Economic Factors
Organizing
Core competences
16. Quality of information and interpretation of it
CLO
key to success in strategic planning
Directing
Short term Objectives
17. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
benefits of competitor intelligence
Ethical Behavior
primary activities of a business
Outsourcing
18. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Off shoring
benefits of competitor intelligence
Cross-sector diversification
Management fit
19. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Environmental Scanning
Agency
Strategic Planning
International Factors
20. Risk associated with a particular business.
Spin-off
Unsystematic risk
support activities of a business
Stakeholder mapping
21. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
External Benchmarks
low-cost strategy
mentality of a MNC manager
Dominant business
22. The types of decisions made and direction created for a single business
CLO
Introduction
Business strategy
Purpose of benchmarks
23. 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
Spin-off
Environmental scanning
Technological Factors
Secondary Research
24. It uses data already gathered by others and reported in various sources.
Spin-off
To achieve competitive advantage and superior profitability
Secondary Research
Short term Objectives
25. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Core Values
Short term Objectives
value creating operations in the value chain of operation
Quantitative Analysis
26. A strategy by which an organisation offers existing products to new markets.
Quantitative Analysis
Performance Measures
Primary Research
Market development
27. 1. R&D 2. production 3. marketing and sales 4. customer service
Short term Objectives
primary activities of a business
Business strategy
external benchmarking
28. 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
Strategic method
internal benchmarking
bottom-up
value creating operations in the value chain of operation
29. The underlying principles that guide an organization's strategy
Market fit
Holding company
Core Values
Technological Factors
30. They are used to condense and summarize large quantities of data for quick understanding.
Mid term Objectives
types of competitive strategies for international businesses
international strategy
Descriptive Statistic
31. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
STEEP
Directing
HR functions that can be outsourced
Marketing Mix
32. 1 Introduction 2 Growth 3 Maturity 4 Decline
Merger and Acquisition Process
Unsystematic risk
Business Life Cycle Phases
Agency
33. 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?
Business Case
Strategic Planning
Market Penetrati
Inferential Statistic
34. 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
Related diversification
International Factors
efficiency frontier
Cultural web
35. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Operations
Strategic Information Systems
Strategic Groups
36. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Strategic business management
Resources leverage
Scenarios
Economic Factors
37. Ensure that organization's strategy and operations are consistent with each other
Extended Organization
Economizing
Emergent Strategy
To achieve competitive advantage and superior profitability
38. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Strategic capability
Management fit
Market Penetrati
Economic Factors
39. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
Organizing
internal benchmarking
Conglomerate
Management fit
40. 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.
types of competitive strategies for international businesses
Outsourcing
skills businesses need to create competitive advantage
Strategic capability
41. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
low-cost strategy
bottom-up
mentality of a MNC manager
Directing
42. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Methodologies Of Operations
Strategies at three levels
Cost Leadership
mentality of MNC
43. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Outsourcing
Spin-off
The law making Process
benefits of competitor intelligence
44. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
to increase profitability
Junk bond
Strategic business management
45. Comparing a the firms operations with a direct competitor
Off shoring
Strategy Implementation
external benchmarking
Ethics
46. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Strategic capability
Cultural web
Horizontal diversification
47. 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
Maturity
Corporate strategy
Environmental Scanning
Value Statement
48. primary activities and support activities
Code of Ethics
mentality of a MNC manager
Resources leverage
value creating operations in the value chain of operation
49. 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.
Operations
Critical success factors
Environmental scanning
Strategic business unit
50. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"
Value chain
CLO
SWOT Analysis
Due Diligence