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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. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
low-cost strategy
Mid term Objectives
to obtain profit growth
2. 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
STEEP
Financial Measures
mentality of MNC
Code of Ethics
3. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Financial Measures
Introduction
Mid term Objectives
top-down
4. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Organizing
STEEP
key to success in strategic planning
5. Acquisition of a company in a different industry - but which employs a similar value chain.
Long term Objectives
STEEP
Focus
Cross-sector diversification
6. Quality of information and interpretation of it
Short term Objectives
Secondary Research
Quantitative Analysis
key to success in strategic planning
7. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
support activities of a business
Strategy Implementation
Market development
Employment Factors
8. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Related diversification
Strategy Development
Market development
Economic Factors
9. 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
types of competitive strategies for international businesses
Scope
Strategic Groups
Emergent Strategy
10. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Value Statement
Short term Objectives
Action Plan
Porters Competitive Strategies
11. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Technological Factors
Inferential Statistic
Balanced scorecards
Value chain
12. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Scope
Long term Objectives
Strategic method
international strategy
13. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Operational fit
Focus
Private equity firm
External Benchmarks
14. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Strategy Development
Off shoring
Related diversification
15. 1 Cost Leadership 2 Differentiation 3 Focus
Generational Difference
Porters Competitive Strategies
Unsystematic risk
efficiency frontier
16. Economic - legal resp. - ethical - and discretionary
Strategy Development
type of responsibilities of a business
key to success in strategic planning
primary activities of a business
17. Comparing operations in totally unrelated industries
Scope
Takeover
Off shoring
generic benchmarking
18. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Off shoring
Generational Difference
Vision Statement
Decline
19. 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
Value network
Strategic Planning
Introduction
Demographic Factors
20. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
support activities of a business
Unsystematic risk
Primary Research
21. 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.
Market development
Off shoring
Technological Factors
Unrelated diversification
22. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Differentiation
Factors that affect external environment
skills businesses need to create competitive advantage
23. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Mid term Objectives
STEEP
Extended Organization
Descriptive Statistic
24. The types of decisions made and direction created for a single business
Strategy Development
Economic Factors
Five Forces
Business strategy
25. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Factors that affect external environment
Vertical diversification
Unsystematic risk
HR functions that can be outsourced
26. 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
Maturity
efficiency frontier
Generational Difference
27. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
to obtain profit growth
SWOT Analysis
Strategy Development
Internal Benchmarks
28. 1. R&D 2. production 3. marketing and sales 4. customer service
Core competences
Methodologies Of Operations
Strategies at three levels
primary activities of a business
29. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Corporate strategy
Market Penetrati
Business Life Cycle Phases
Vertical diversification
30. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Porters Competitive Strategies
The law making Process
PESTEL
Marketing Mix
31. 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)
international strategy
Scope
internal benchmarking
efficiency frontier
32. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Decline
International Factors
Controlling
33. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
to increase profitability
Strategic method
Management fit
Corporate strategy
34. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce
Cultural web
Demographic Factors
Decline
generic benchmarking
35. 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
international strategy
Purpose of benchmarks
Conglomerate
Business model
36. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
differentiation
Core Values
Vertical diversification
Directing
37. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
Marketing Mix
Organization Structure
Internal Benchmarks
Related diversification
38. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Unsystematic risk
Employment Factors
Cultural web
Quantitative Analysis
39. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
Secondary Research
Critical success factors
Systematic risk
40. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Systematic risk
Extended Organization
Off shoring
Strategic Planning Phase
41. 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"
CLO
Mission Statement
Controlling
Strategies at three levels
42. 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
skills businesses need to create competitive advantage
Mission Statement
Cross-sector diversification
Marketing Mix
43. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
PESTEL
Strategies at three levels
Planning
Conglomerate
44. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Spin-off
Strategy Evaluation
SPAC
efficiency frontier
45. Cost savings accomplished by operating combined companies more efficiently.
Economizing
Market fit
international strategy
skills businesses need to create competitive advantage
46. Is the set of internationalization links and relationships that are necessary to create a product or service.
Extended Organization
Economizing
Diversification
Value network
47. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.
Value chain
Related diversification
benefits of competitor intelligence
Value Statement
48. 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
Organization Structure
The law making Process
Resources leverage
49. Risk associated with a particular business.
Unsystematic risk
Strategic Planning Phase
Parts of Business Case
Primary Research
50. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Vertical diversification
Methodologies Of Operations
Corporate social responsibility
Environmental Scanning