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Business Strategy
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Cut costs - add value - or increase prices
to increase profitability
CLO
Value chain
Strategic business unit
2. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Downscoping
Scope
Controlling
type of responsibilities of a business
3. 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
Technological Factors
Five Forces
Long term Objectives
4. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Strategic business unit (SBU)
Primary Research
Critical success factors
Outsourcing
5. 1 Population 2 Sample 3 Normal Distribution
Junk bond
Resources
Inferential Statistic
Purpose of benchmarks
6. Risk associated with a particular business.
Secondary Research
The law making Process
Unsystematic risk
Agency
7. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
value creating operations in the value chain of operation
efficiency frontier
Corporate social responsibility
8. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Strategic method
Management fit
Organization Structure
Value Statement
9. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
CLO
mentality of MNC
Descriptive Statistic
Due Diligence
10. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Due Diligence
Junk bond
STEEP
11. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.
Ethical Behavior
Corporate strategy
Strategic method
Business Case
12. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
common practices when analyzing your competition
Market Penetrati
Strategy Evaluation
Decline
13. 1 Planning 2 Organizing 3 Directing 4 Controlling
Primary Research
Management Functions
HR functions that can be outsourced
Operations
14. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur
top-down
Strategy Development
Strategic business unit
Value chain
15. Specific - Measurable - Attainable - Realistic - Timely
Operations
Downscoping
Parts of Business Case
SMART Goals
16. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Introduction
Market development
Unrelated diversification
17. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Related diversification
Resources
Dominant business
Primary Research
18. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Generational Difference
Holding company
Technological Factors
19. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Value chain
Dominant business
Performance Measures
SWOT Analysis
20. 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.
CLO
Focus
Growth
Descriptive Statistic
21. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Business Life Cycle Phases
Internal Benchmarks
Mid term Objectives
Cultural web
22. 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)
generic benchmarking
Vision Statement
efficiency frontier
Dominant business
23. Cost savings accomplished by operating combined companies more efficiently.
Unsystematic risk
Introduction
Leveraged buyout (LBO)
Economizing
24. 1. information systems 2. logistics 3. HR
support activities of a business
Management Functions
Resources
Planning
25. 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.
Market development
Blue ocean Strategy
Marketing Mix
Performance Measures
26. 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
Financial Measures
Strategic Groups
Market development
Scenarios
27. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Holding company
Scenarios
Balanced scorecards
Performance Measures
28. Comparing a the firms operations with a direct competitor
CLO
external benchmarking
Introduction
Cross-sector diversification
29. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Marketing Mix
Organization Structure
mentality of MNC
Conglomerate
30. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Resources
Strategic business unit (SBU)
Unrelated diversification
Factors that affect external environment
31. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Management fit
Conglomerate
Parts of Business Case
Strategic Planning Phase
32. 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.
Resources
skills businesses need to create competitive advantage
Due Diligence
Takeover
33. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
Focus
Private equity firm
Strategic Planning
34. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Strategic Groups
Merger and Acquisition Process
primary activities of a business
Internal Benchmarks
35. 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)
PESTEL
CLO
Secondary Research
Marketing Mix
36. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Environmental scanning
Short term Objectives
Vertical diversification
Long term Objectives
37. 1. R&D 2. production 3. marketing and sales 4. customer service
Private equity firm
Controlling
primary activities of a business
Technological Factors
38. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
SWOT Analysis
Five Forces
Corporate strategy
Strategies at three levels
39. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
primary activities of a business
international strategy
Ethics
40. 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
external benchmarking
Primary Research
Business Case
efficiency frontier
41. 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
Off shoring
Mission Statement
Stakeholders
Growth
42. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
External Benchmarks
SPAC
Core Values
Strategic Planning
43. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Strategic method
common practices when analyzing your competition
skills businesses need to create competitive advantage
To achieve competitive advantage and superior profitability
44. When a corporation is able to combine similar primary value chain activities.
Operational fit
Operations
Strategic business unit (SBU)
Long term Objectives
45. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Strategic Planning
benefits of competitor intelligence
Primary Research
46. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Cost Leadership
Business strategy
Strategic business unit (SBU)
Market fit
47. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Business Case
Strategy Development
Vision Statement
CLO
48. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Stakeholders
Porters Competitive Strategies
Descriptive Statistic
Value Statement
49. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Planning
Resources leverage
Differentiation
Dominant business
50. A strategy by which an organization peruses new product offerings and new markets.
Market development
Value Statement
Business strategy
Diversification
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