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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. information systems 2. logistics 3. HR
Value chain
support activities of a business
Off shoring
Organizing
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.
Five Forces
Outsourcing
External Benchmarks
Differentiation
3. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Internal Benchmarks
Downscoping
Decline
4. 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
Operational fit
Business Life Cycle Phases
Purpose of benchmarks
5. 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.
Merger and Acquisition Process
Strategy Evaluation
Factors that affect external environment
Business Case
6. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Leveraged buyout (LBO)
The law making Process
Vertical diversification
Stakeholders
7. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Business Case
Demographic Factors
differentiation
Cross-sector diversification
8. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Extended Organization
Generational Difference
key to success in strategic planning
types of competitive strategies for international businesses
9. Ensure that organization's strategy and operations are consistent with each other
Blue ocean Strategy
To achieve competitive advantage and superior profitability
primary activities of a business
Off shoring
10. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Market fit
Conglomerate
internal benchmarking
11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
Ethics
to maximize profits
Organization Structure
12. Cost savings accomplished by operating combined companies more efficiently.
Core Values
Stakeholders
Economizing
Descriptive Statistic
13. 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
Horizontal diversification
bottom-up
Core Values
skills businesses need to create competitive advantage
14. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Value Statement
Leveraged buyout (LBO)
Strategic business unit (SBU)
15. Risk associated with macro-economic forces.
Spin-off
CLO
Value network
Systematic risk
16. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Management fit
Strategy Development
Inferential Statistic
Merger and Acquisition Process
17. 1 Financial 2 Human 3 Physical 4 Technological
Unsystematic risk
Business Case
Holding company
Resources
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
International Factors
Value network
Market Penetrati
19. 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.
Generational Difference
Related diversification
SPAC
External Benchmarks
20. When a corporation is able to combine similar primary value chain activities.
mentality of a MNC manager
Operational fit
Strategic Planning
Conglomerate
21. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
value creating operations in the value chain of operation
Management fit
Descriptive Statistic
Business Case
22. 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
Extended Organization
Strategy Formulation
Strategic Information Systems
23. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Conglomerate
Scenarios
Dominant business
24. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Action Plan
Extended Organization
Code of Ethics
External Benchmarks
25. 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. )
Merger and Acquisition Process
Strategic method
Corporate social responsibility
Environmental Scanning
26. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Maturity
Performance Measures
Organization Structure
Directing
27. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Technological Factors
Growth
Strategy Evaluation
HR functions that can be outsourced
28. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
Due Diligence
differentiation
Market Penetrati
29. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.
Emergent Strategy
Value Statement
Downscoping
Merger and Acquisition Process
30. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Decline
Porters Competitive Strategies
Resources
differentiation
31. Comparing similar functional firms in your industry
Primary Research
common practices when analyzing your competition
functional benchmarking
Methodologies Of Operations
32. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Secondary Research
External Benchmarks
Internal Benchmarks
international strategy
33. 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
External Benchmarks
Economic Factors
Vision Statement
34. 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
Introduction
Strategy Evaluation
Dominant business
Secondary Research
35. 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
The law making Process
Strategic Information Systems
Parts of Business Case
Spin-off
36. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political
STEEP
Private equity firm
Business model
External Benchmarks
37. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Technological Factors
mentality of MNC
Scenarios
PESTEL
38. primary activities and support activities
Strategy Formulation
Core competences
Secondary Research
value creating operations in the value chain of operation
39. 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
Extended Organization
Inferential Statistic
Mission Statement
Marketing Mix
40. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Off shoring
Organizing
Performance Measures
Extended Organization
41. 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
Agency
Maturity
Stakeholders
Junk bond
42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Core Values
Planning
benefits of competitor intelligence
43. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Introduction
To achieve competitive advantage and superior profitability
SWOT Analysis
Employment Factors
44. 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)
SMART Goals
efficiency frontier
Market fit
Management Functions
45. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Stakeholders
Blue ocean Strategy
functional benchmarking
Strategy Implementation
46. Economic - legal resp. - ethical - and discretionary
Descriptive Statistic
type of responsibilities of a business
Mission Statement
external benchmarking
47. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Descriptive Statistic
top-down
Core Values
Management fit
48. 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
Economic Factors
Emergent Strategy
Systematic risk
49. The types of decisions made and direction created for a single business
Related diversification
Business strategy
Value chain
Business Case
50. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Organizing
Organization Structure
Technological Factors
Code of Ethics