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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. 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
STEEP
Resources leverage
Ethical Behavior
International Factors
2. Ensure that organization's strategy and operations are consistent with each other
Management fit
To achieve competitive advantage and superior profitability
Strategy Formulation
Secondary Research
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.
Scenarios
Off shoring
Scope
Strategic Planning Phase
4. 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)
Porters Competitive Strategies
Secondary Research
mentality of a MNC manager
Organizing
5. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
Strategic business unit
Internal Benchmarks
Focus
6. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
Planning
Focus
The law making Process
7. A value creating strategy that primary increases perceived value by increasing attractiveness of product
to maximize profits
Core competences
Ethical Behavior
differentiation
8. 1 Cost Leadership 2 Differentiation 3 Focus
Conglomerate
SWOT Analysis
Porters Competitive Strategies
Environmental scanning
9. Comparing 1 operation in the firm with another
Business Case
Five Forces
Management Functions
internal benchmarking
10. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Inferential Statistic
Core Values
Internal Benchmarks
Vertical diversification
11. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Business model
Dominant business
Strategy Development
Economic Factors
12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Business Case
Market Penetrati
Private equity firm
13. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Corporate social responsibility
Extended Organization
Related diversification
Unrelated diversification
14. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Purpose of benchmarks
to obtain profit growth
Business strategy
15. primary activities and support activities
Management fit
Core competences
value creating operations in the value chain of operation
Diversification
16. 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
Private equity firm
Business Case
Core competences
Strategic Groups
17. The resources and competences of an organization needed for it to survive and prosper.
Strategic capability
Unsystematic risk
Scope
low-cost strategy
18. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Merger and Acquisition Process
Strategic business unit (SBU)
to increase profitability
Critical success factors
19. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
Junk bond
to obtain profit growth
external benchmarking
type of responsibilities of a business
20. 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
Inferential Statistic
CLO
Spin-off
Leveraged buyout (LBO)
21. 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)
Long term Objectives
To achieve competitive advantage and superior profitability
efficiency frontier
Strategic Planning
22. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
mentality of a MNC manager
Environmental scanning
Conglomerate
Business strategy
23. Risk associated with macro-economic forces.
Scope
International Factors
Systematic risk
Demographic Factors
24. Is the means by which a strategy can be pursued.
Strategic method
low-cost strategy
STEEP
Vertical diversification
25. It involves data that is gathered firsthand for the specific evaluation being conduced.
Junk bond
Strategy Formulation
Primary Research
common practices when analyzing your competition
26. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Strategic business management
Ethical Behavior
Parts of Business Case
Business Case
27. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Leveraged buyout (LBO)
differentiation
Critical success factors
Takeover
28. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Unsystematic risk
SPAC
Planning
SWOT Analysis
29. 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
Five Forces
Management fit
Strategic Planning Phase
Growth
30. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Stakeholder mapping
Management fit
Factors that affect external environment
Related diversification
31. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Balanced scorecards
Porters Competitive Strategies
Strategies at three levels
32. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategic Planning
Core Values
Operations
Demographic Factors
33. Cut costs - add value - or increase prices
international strategy
to increase profitability
common practices when analyzing your competition
Inferential Statistic
34. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Short term Objectives
Business model
Introduction
35. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation
Corporate strategy
Demographic Factors
Value Statement
Cultural web
36. When a corporation is able to combine similar primary value chain activities.
functional benchmarking
Operational fit
Value chain
Demographic Factors
37. 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.
Corporate governance
Stakeholders
skills businesses need to create competitive advantage
Outsourcing
38. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategies at three levels
Vertical diversification
Value Statement
benefits of competitor intelligence
39. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Conglomerate
Secondary Research
Merger and Acquisition Process
Strategic capability
40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Scenarios
support activities of a business
Inferential Statistic
41. 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.
mentality of a MNC manager
benefits of competitor intelligence
Blue ocean Strategy
Ethics
42. Describes the structure of product - service - and information flows and the role of participating parties.
to obtain profit growth
mentality of MNC
Business model
Off shoring
43. 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
Environmental Scanning
Takeover
Cost Leadership
Operations
44. Comparing a the firms operations with a direct competitor
Focus
mentality of a MNC manager
Secondary Research
external benchmarking
45. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
Methodologies Of Operations
Leveraged buyout (LBO)
type of responsibilities of a business
46. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Organization Structure
mentality of a MNC manager
Mid term Objectives
Strategic business unit (SBU)
47. 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.
Resources
Cost Leadership
Generational Difference
Core competences
48. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Performance Measures
Factors that affect external environment
HR functions that can be outsourced
differentiation
49. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Descriptive Statistic
Technological Factors
PESTEL
Strategic Groups
50. Acquisition of a company in a different industry - but which employs a similar value chain.
Management fit
Cross-sector diversification
Unsystematic risk
Market Penetrati