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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. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Resources
primary activities of a business
Strategic Groups
value creating operations in the value chain of operation
2. The resources and competences of an organization needed for it to survive and prosper.
Market fit
Financial Measures
Strategic method
Strategic capability
3. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Strategy Development
Primary Research
Holding company
Strategy Evaluation
4. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Business model
benefits of competitor intelligence
SMART Goals
Methodologies Of Operations
5. Sell more in existing markets - or enter new markets
skills businesses need to create competitive advantage
PESTEL
Outsourcing
to obtain profit growth
6. Comparing operations in totally unrelated industries
Differentiation
Growth
bottom-up
generic benchmarking
7. 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
Cost Leadership
to maximize profits
Strategic business unit (SBU)
Maturity
8. 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
Spin-off
Strategic business unit (SBU)
Decline
Technological Factors
9. The underlying principles that guide an organization's strategy
internal benchmarking
Core Values
Related diversification
Off shoring
10. 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
Economizing
STEEP
Factors that affect external environment
Market Penetrati
11. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Junk bond
Vertical diversification
Demographic Factors
Outsourcing
12. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Operational fit
Business model
Code of Ethics
internal benchmarking
13. Acquisition of a company that operates in the same industry using the same value chain.
Leveraged buyout (LBO)
Horizontal diversification
Outsourcing
Action Plan
14. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Outsourcing
Spin-off
to increase profitability
Business Case
15. 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
Strategic capability
Unrelated diversification
Mission Statement
HR functions that can be outsourced
16. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Demographic Factors
benefits of competitor intelligence
Strategic capability
HR functions that can be outsourced
17. They are often based on industry best practice.
HR functions that can be outsourced
Inferential Statistic
External Benchmarks
type of responsibilities of a business
18. 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.
Marketing Mix
Management fit
Unrelated diversification
Strategic Planning Phase
19. When a corporation is able to combine similar primary value chain activities.
Growth
key to success in strategic planning
Operational fit
to obtain profit growth
20. Comparing similar functional firms in your industry
mentality of MNC
Value network
functional benchmarking
benefits of competitor intelligence
21. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Quantitative Analysis
Core Values
Strategy Development
22. A strategy by which an organisation offers existing products to new markets.
Market development
Off shoring
Action Plan
common practices when analyzing your competition
23. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Value network
Leveraged buyout (LBO)
Maturity
Agency
24. A strategy by which an organization peruses new product offerings and new markets.
Growth
Business strategy
Management fit
Diversification
25. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Methodologies Of Operations
Due Diligence
Vision Statement
Performance Measures
26. 1. R&D 2. production 3. marketing and sales 4. customer service
international strategy
Operations
primary activities of a business
Descriptive Statistic
27. Identifies stakeholder expectations and power and helps in understanding political priorities.
low-cost strategy
Unsystematic risk
Stakeholder mapping
Growth
28. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Blue ocean Strategy
SPAC
Merger and Acquisition Process
Junk bond
29. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Scenarios
Short term Objectives
SPAC
Critical success factors
30. 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.
Strategy Implementation
Stakeholder mapping
Organizing
Economic Factors
31. 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?
Strategic Planning
Methodologies Of Operations
Mission Statement
Primary Research
32. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Economizing
Resources leverage
Growth
Introduction
33. Cut costs - add value - or increase prices
Strategy Evaluation
Downscoping
to increase profitability
Operational fit
34. 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
Scope
support activities of a business
Private equity firm
35. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Demographic Factors
Business Case
HR functions that can be outsourced
Corporate strategy
36. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
To achieve competitive advantage and superior profitability
skills businesses need to create competitive advantage
value creating operations in the value chain of operation
37. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Strategy Formulation
Internal Benchmarks
Balanced scorecards
Controlling
38. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
functional benchmarking
Directing
Horizontal diversification
Descriptive Statistic
39. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Marketing Mix
International Factors
Ethics
40. 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.
Market fit
Differentiation
Cross-sector diversification
Systematic risk
41. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
to obtain profit growth
To achieve competitive advantage and superior profitability
The law making Process
Strategic Planning Phase
42. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
efficiency frontier
Market Penetrati
Financial Measures
43. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
CLO
Corporate strategy
Stakeholder mapping
44. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.
Outsourcing
Emergent Strategy
Off shoring
Spin-off
45. 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.
Related diversification
Conglomerate
Introduction
Corporate social responsibility
46. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Environmental scanning
Leveraged buyout (LBO)
Descriptive Statistic
Employment Factors
47. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Decline
Methodologies Of Operations
Strategy Implementation
Organizing
48. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
Value network
Strategic Planning Phase
Focus
Cost Leadership
49. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Market Penetrati
Introduction
Critical success factors
Strategies at three levels
50. 1 Planning 2 Organizing 3 Directing 4 Controlling
Diversification
Management Functions
Strategy Evaluation
to maximize profits
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