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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 Planning 2 Organizing 3 Directing 4 Controlling
STEEP
Management Functions
Cost Leadership
Scenarios
2. 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.
Core competences
Parts of Business Case
Strategic business unit (SBU)
Business model
3. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Market fit
low-cost strategy
Strategic business unit (SBU)
Management Functions
4. Acquisition of a company that operates in the same industry using the same value chain.
Cultural web
Horizontal diversification
Unrelated diversification
Strategies at three levels
5. 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"
Corporate social responsibility
Operational fit
CLO
Long term Objectives
6. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Unrelated diversification
primary activities of a business
Holding company
Strategic Groups
7. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Demographic Factors
International Factors
Corporate governance
Value chain
8. Cost savings accomplished by operating combined companies more efficiently.
Diversification
type of responsibilities of a business
Management fit
Economizing
9. 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.
Market development
Growth
Downscoping
Organization Structure
10. 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
bottom-up
Management Functions
CLO
Organizing
11. 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
Systematic risk
Agency
Business Case
mentality of MNC
12. A company in which 70-95% of revenue comes from a single business
Dominant business
STEEP
Cost Leadership
SMART Goals
13. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Management fit
Stakeholder mapping
Business model
Scenarios
14. 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.
Secondary Research
Core Values
Related diversification
Differentiation
15. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
International Factors
Unsystematic risk
Critical success factors
Scope
16. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Unrelated diversification
Action Plan
Related diversification
17. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Business strategy
Leveraged buyout (LBO)
Economic Factors
18. 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
Private equity firm
Business Case
to maximize profits
Merger and Acquisition Process
19. It uses data already gathered by others and reported in various sources.
Operational fit
Secondary Research
Five Forces
Factors that affect external environment
20. 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
differentiation
Employment Factors
Decline
Core Values
21. 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
Demographic Factors
Scenarios
international strategy
key to success in strategic planning
22. Comparing operations in totally unrelated industries
Core Values
Outsourcing
generic benchmarking
SMART Goals
23. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Stakeholder mapping
Holding company
Operational fit
24. 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
Vertical diversification
Business Case
Introduction
Short term Objectives
25. 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
Strategic business management
Methodologies Of Operations
Business Life Cycle Phases
Five Forces
26. 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.
Management Functions
Related diversification
Holding company
International Factors
27. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
SMART Goals
Strategy Implementation
CLO
Economic Factors
28. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Strategic Information Systems
Methodologies Of Operations
Code of Ethics
Primary Research
29. Risk associated with a particular business.
Spin-off
differentiation
benefits of competitor intelligence
Unsystematic risk
30. Comparing similar functional firms in your industry
Resources leverage
Inferential Statistic
functional benchmarking
Strategic business unit
31. A strategy by which an organization peruses new product offerings and new markets.
bottom-up
Strategy Implementation
Strategy Formulation
Diversification
32. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Spin-off
Differentiation
Demographic Factors
PESTEL
33. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Related diversification
Employment Factors
Strategic Information Systems
Spin-off
34. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Performance Measures
Junk bond
Market fit
Private equity firm
35. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Strategic business unit (SBU)
efficiency frontier
Vertical diversification
36. It involves data that is gathered firsthand for the specific evaluation being conduced.
Long term Objectives
Primary Research
Economizing
CLO
37. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Quantitative Analysis
Descriptive Statistic
Operational fit
38. Specific - Measurable - Attainable - Realistic - Timely
Strategies at three levels
Resources leverage
Spin-off
SMART Goals
39. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Unsystematic risk
Performance Measures
STEEP
40. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Five Forces
Vision Statement
SMART Goals
Organizing
41. Comparing a the firms operations with a direct competitor
Economizing
external benchmarking
Employment Factors
Stakeholder mapping
42. Quality of information and interpretation of it
Downscoping
Core Values
key to success in strategic planning
Systematic risk
43. 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
Stakeholders
Horizontal diversification
STEEP
key to success in strategic planning
44. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Organization Structure
Scope
Related diversification
Controlling
45. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
bottom-up
Purpose of benchmarks
Descriptive Statistic
46. 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. )
international strategy
Off shoring
Management fit
Environmental Scanning
47. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
Strategies at three levels
skills businesses need to create competitive advantage
Junk bond
48. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Takeover
Technological Factors
Operational fit
49. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Business Case
Organizing
HR functions that can be outsourced
50. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Methodologies Of Operations
Unsystematic risk
Focus
Off shoring