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Business Strategy
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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 Introduction 2 Growth 3 Maturity 4 Decline
Vertical diversification
Corporate strategy
Business Life Cycle Phases
Planning
2. A strategy by which an organisation offers existing products to new markets.
Critical success factors
Controlling
Market development
Parts of Business Case
3. Comparing operations in totally unrelated industries
generic benchmarking
Action Plan
Long term Objectives
value creating operations in the value chain of operation
4. The resources and competences of an organization needed for it to survive and prosper.
Value network
Strategic capability
SPAC
common practices when analyzing your competition
5. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Scenarios
top-down
Parts of Business Case
6. 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
Decline
Critical success factors
Primary Research
Secondary Research
7. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
to increase profitability
Stakeholders
Holding company
Long term Objectives
8. 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)
HR functions that can be outsourced
Secondary Research
Value Statement
9. 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?
Planning
Resources
Strategic Planning
Cross-sector diversification
10. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Agency
Strategy Evaluation
Code of Ethics
Strategic business unit
11. Cost savings accomplished by operating combined companies more efficiently.
Demographic Factors
Economizing
Decline
skills businesses need to create competitive advantage
12. 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
efficiency frontier
Quantitative Analysis
Technological Factors
13. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Organization Structure
Mission Statement
PESTEL
Merger and Acquisition Process
14. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Scope
Vision Statement
Directing
Parts of Business Case
15. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Leveraged buyout (LBO)
Strategic Information Systems
The law making Process
Value Statement
16. It is a system of moral principles and values that establish appropriate conduct.
Ethics
mentality of a MNC manager
efficiency frontier
Strategy Implementation
17. 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)
Corporate strategy
Secondary Research
Strategic Planning Phase
Technological Factors
18. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Strategic Groups
Market Penetrati
Corporate governance
Mission Statement
19. 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.
Corporate governance
Strategic business unit (SBU)
Organizing
generic benchmarking
20. Comparing similar functional firms in your industry
Junk bond
Factors that affect external environment
functional benchmarking
Secondary Research
21. 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.
Generational Difference
international strategy
Stakeholder mapping
Purpose of benchmarks
22. 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.
value creating operations in the value chain of operation
Cross-sector diversification
Differentiation
Corporate strategy
23. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Management fit
Directing
Off shoring
Resources leverage
24. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
key to success in strategic planning
Action Plan
Strategic business management
Core Values
25. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Blue ocean Strategy
top-down
Ethical Behavior
Primary Research
26. 1 Cost Leadership 2 Differentiation 3 Focus
Strategy Implementation
Stakeholder mapping
Diversification
Porters Competitive Strategies
27. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
External Benchmarks
Strategic capability
Agency
Horizontal diversification
28. Describes the structure of product - service - and information flows and the role of participating parties.
types of competitive strategies for international businesses
Business model
Strategy Implementation
efficiency frontier
29. They are often based on industry best practice.
External Benchmarks
Ethics
Environmental scanning
Core competences
30. 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
Growth
types of competitive strategies for international businesses
Environmental Scanning
CLO
31. 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.
Primary Research
Blue ocean Strategy
SMART Goals
Parts of Business Case
32. Comparing a the firms operations with a direct competitor
differentiation
efficiency frontier
external benchmarking
type of responsibilities of a business
33. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Descriptive Statistic
Strategy Evaluation
Business model
international strategy
34. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
type of responsibilities of a business
Technological Factors
Market Penetrati
Corporate strategy
35. 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)
Strategy Formulation
support activities of a business
efficiency frontier
Organizing
36. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Cost Leadership
Internal Benchmarks
Maturity
PESTEL
37. Cut costs - add value - or increase prices
Resources
Primary Research
to increase profitability
efficiency frontier
38. 1. R&D 2. production 3. marketing and sales 4. customer service
Strategy Implementation
primary activities of a business
Business Case
Controlling
39. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
CLO
Strategic business management
Strategic Groups
Market development
40. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Cross-sector diversification
Critical success factors
SWOT Analysis
Porters Competitive Strategies
41. 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
Descriptive Statistic
Extended Organization
Strategic Planning
42. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Internal Benchmarks
Focus
Directing
43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Stakeholder mapping
Primary Research
Scenarios
Vision Statement
44. The types of decisions made and direction created for a single business
Organizing
Introduction
Agency
Business strategy
45. The underlying principles that guide an organization's strategy
Market Penetrati
Related diversification
Core Values
Strategy Implementation
46. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Strategic Information Systems
Economic Factors
Internal Benchmarks
Organization Structure
47. 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
Downscoping
Environmental Scanning
Horizontal diversification
48. 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
Economic Factors
Strategic business unit (SBU)
Maturity
Conglomerate
49. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Porters Competitive Strategies
SPAC
Strategic Planning Phase
Parts of Business Case
50. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Code of Ethics
Decline
Vertical diversification
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