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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 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Takeover
Code of Ethics
Cross-sector diversification
2. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Management Functions
The law making Process
bottom-up
Demographic Factors
3. 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
Business model
Outsourcing
Spin-off
Market fit
4. 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
Junk bond
international strategy
CLO
Demographic Factors
5. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Corporate governance
Strategy Development
low-cost strategy
6. 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.
Strategic business management
internal benchmarking
Takeover
Code of Ethics
7. 1. information systems 2. logistics 3. HR
Secondary Research
International Factors
support activities of a business
Decline
8. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
PESTEL
Stakeholder mapping
international strategy
HR functions that can be outsourced
9. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Stakeholders
to increase profitability
Strategic method
Resources leverage
10. They are used to condense and summarize large quantities of data for quick understanding.
Marketing Mix
Performance Measures
Descriptive Statistic
Management Functions
11. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Ethics
Planning
Porters Competitive Strategies
mentality of a MNC manager
12. A value creating strategy that creates more perceived value by primarily reducing costs
Scope
Management Functions
low-cost strategy
SPAC
13. Processes and activities used to formulate HR objectives - practices - and policies.
Porters Competitive Strategies
Strategic business management
Holding company
generic benchmarking
14. Risk associated with a particular business.
Introduction
Unsystematic risk
Maturity
Mission Statement
15. 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
international strategy
Growth
Factors that affect external environment
Market fit
16. 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
Decline
Strategy Formulation
Strategic business unit (SBU)
17. 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
Merger and Acquisition Process
Conglomerate
Holding company
Cost Leadership
18. Describes the structure of product - service - and information flows and the role of participating parties.
Long term Objectives
Resources
Business model
to maximize profits
19. Risk associated with macro-economic forces.
Unrelated diversification
Systematic risk
Business model
Strategic Planning Phase
20. 1. R&D 2. production 3. marketing and sales 4. customer service
Vertical diversification
support activities of a business
common practices when analyzing your competition
primary activities of a business
21. A strategy by which an organisation offers existing products to new markets.
Market development
Strategies at three levels
Unsystematic risk
Diversification
22. 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
Internal Benchmarks
Mid term Objectives
Resources leverage
23. 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.
Management fit
Core competences
Descriptive Statistic
Corporate social responsibility
24. Value - Exploit - Rare - Imitate - Substitute
Introduction
low-cost strategy
skills businesses need to create competitive advantage
mentality of MNC
25. 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.
Descriptive Statistic
Off shoring
Balanced scorecards
Operations
26. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Descriptive Statistic
Ethical Behavior
to maximize profits
27. 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
Marketing Mix
Junk bond
STEEP
Five Forces
28. 1 Planning 2 Organizing 3 Directing 4 Controlling
Stakeholder mapping
Strategies at three levels
Market Penetrati
Management Functions
29. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
generic benchmarking
Decline
Strategy Development
30. Cut costs - add value - or increase prices
Unsystematic risk
Market Penetrati
Due Diligence
to increase profitability
31. Is the set of internationalization links and relationships that are necessary to create a product or service.
differentiation
Value network
Planning
Factors that affect external environment
32. Economic - legal resp. - ethical - and discretionary
Performance Measures
type of responsibilities of a business
Blue ocean Strategy
differentiation
33. Is the means by which a strategy can be pursued.
support activities of a business
Strategic Information Systems
Strategic method
Strategy Evaluation
34. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Mission Statement
Strategic business unit
Factors that affect external environment
Strategies at three levels
35. 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
Maturity
Core competences
Off shoring
36. Quality of information and interpretation of it
external benchmarking
to maximize profits
differentiation
key to success in strategic planning
37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Stakeholder mapping
Strategy Development
Financial Measures
Strategic Planning
38. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Blue ocean Strategy
Cross-sector diversification
Technological Factors
Strategic Planning
39. 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
Strategy Development
Financial Measures
Business strategy
Scenarios
40. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Ethical Behavior
To achieve competitive advantage and superior profitability
Strategic business unit (SBU)
41. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
benefits of competitor intelligence
to increase profitability
Off shoring
42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Porters Competitive Strategies
Action Plan
Parts of Business Case
International Factors
43. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Introduction
Long term Objectives
Market development
value creating operations in the value chain of operation
44. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Controlling
Core competences
primary activities of a business
Short term Objectives
45. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Off shoring
Mid term Objectives
Quantitative Analysis
Environmental Scanning
46. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Corporate social responsibility
Technological Factors
Conglomerate
SPAC
47. 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)
Resources
Secondary Research
Ethics
Vertical diversification
48. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Economic Factors
Management Functions
Business strategy
49. 1. multinational 2. global 3. transnational
Ethical Behavior
types of competitive strategies for international businesses
Business strategy
Focus
50. Sell more in existing markets - or enter new markets
to obtain profit growth
Inferential Statistic
Off shoring
Business Case