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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. 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.
Strategic Information Systems
Strategic Planning
external benchmarking
Blue ocean Strategy
2. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Corporate social responsibility
Takeover
Environmental Scanning
Market fit
3. 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.
Unrelated diversification
Strategic business unit (SBU)
Strategic method
Value network
4. Sell more in existing markets - or enter new markets
Environmental Scanning
to maximize profits
to obtain profit growth
Strategic method
5. Risk associated with a particular business.
Operations
Blue ocean Strategy
Unsystematic risk
Generational Difference
6. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Resources leverage
SWOT Analysis
Primary Research
types of competitive strategies for international businesses
7. 1. information systems 2. logistics 3. HR
support activities of a business
Merger and Acquisition Process
Strategic Groups
mentality of MNC
8. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
to increase profitability
Vertical diversification
support activities of a business
Inferential Statistic
9. 1 Vision and mission 2 Value Statement
Corporate strategy
Strategy Formulation
Cross-sector diversification
Strategy Development
10. Is the set of internationalization links and relationships that are necessary to create a product or service.
Strategic Groups
Related diversification
Value network
Mission Statement
11. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Five Forces
Extended Organization
Strategy Evaluation
mentality of a MNC manager
12. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
support activities of a business
Value network
Business Case
13. 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
Scope
Five Forces
Factors that affect external environment
efficiency frontier
14. Acquisition of a company that operates in the same industry using the same value chain.
Employment Factors
Maturity
CLO
Horizontal diversification
15. primary activities and support activities
to increase profitability
Market fit
Business Life Cycle Phases
value creating operations in the value chain of operation
16. The underlying principles that guide an organization's strategy
Internal Benchmarks
to increase profitability
Core Values
Environmental scanning
17. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Growth
Maturity
Critical success factors
Resources leverage
18. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Employment Factors
Strategic Planning
Technological Factors
19. Cost savings accomplished by operating combined companies more efficiently.
Strategic Information Systems
Holding company
SWOT Analysis
Economizing
20. 1 Introduction 2 Growth 3 Maturity 4 Decline
Mission Statement
Corporate strategy
Business Life Cycle Phases
Strategic Planning Phase
21. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
to increase profitability
Downscoping
Mid term Objectives
SMART Goals
22. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Methodologies Of Operations
Value network
Resources leverage
Descriptive Statistic
23. A strategy by which an organization peruses new product offerings and new markets.
Critical success factors
Diversification
Strategy Formulation
Value chain
24. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Resources
Vertical diversification
Extended Organization
Agency
25. 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?
benefits of competitor intelligence
Strategic Planning
bottom-up
Strategic Planning Phase
26. 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.
Short term Objectives
Planning
efficiency frontier
Differentiation
27. Specific - Measurable - Attainable - Realistic - Timely
Resources leverage
common practices when analyzing your competition
Strategic Groups
SMART Goals
28. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Off shoring
Stakeholders
Inferential Statistic
Value Statement
29. 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.
Takeover
Stakeholder mapping
Core competences
generic benchmarking
30. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Diversification
mentality of MNC
Corporate strategy
Strategic business unit
31. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
to obtain profit growth
Operations
Core Values
skills businesses need to create competitive advantage
32. 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
Unsystematic risk
Business Case
Operational fit
Strategy Implementation
33. Cut costs - add value - or increase prices
Porters Competitive Strategies
to increase profitability
Performance Measures
Market development
34. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Merger and Acquisition Process
Environmental scanning
international strategy
35. 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
Strategic business unit (SBU)
Generational Difference
Core Values
Growth
36. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Methodologies Of Operations
Value Statement
Introduction
benefits of competitor intelligence
37. 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
Corporate governance
Business strategy
Off shoring
38. 1. multinational 2. global 3. transnational
Scenarios
Economic Factors
types of competitive strategies for international businesses
Related diversification
39. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Economic Factors
Directing
Methodologies Of Operations
Long term Objectives
40. 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.
Off shoring
benefits of competitor intelligence
Growth
CLO
41. The categories of activities within and around an organization which together create a product or service.
Five Forces
The law making Process
Value chain
Operations
42. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Management Functions
Holding company
Value network
Market Penetrati
43. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
international strategy
Financial Measures
Short term Objectives
Takeover
44. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
generic benchmarking
common practices when analyzing your competition
Extended Organization
Corporate governance
45. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
Ethics
Related diversification
Vertical diversification
46. Risk associated with macro-economic forces.
Systematic risk
Outsourcing
PESTEL
Technological Factors
47. 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
The law making Process
Generational Difference
international strategy
Off shoring
48. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
Leveraged buyout (LBO)
Outsourcing
skills businesses need to create competitive advantage
49. 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
Secondary Research
mentality of MNC
Core competences
50. 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
Maturity
Cultural web
Vertical diversification
Corporate governance