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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. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Strategic business management
Strategic business unit
internal benchmarking
2. 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
Generational Difference
Performance Measures
mentality of MNC
Corporate governance
3. Cut costs - add value - or increase prices
to increase profitability
Strategic Planning Phase
Descriptive Statistic
Horizontal diversification
4. Is the set of internationalization links and relationships that are necessary to create a product or service.
Scenarios
international strategy
Organization Structure
Value network
5. 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?
Stakeholder mapping
Short term Objectives
Descriptive Statistic
Strategic Planning
6. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Private equity firm
SPAC
Ethics
Employment Factors
7. Specific - Measurable - Attainable - Realistic - Timely
Related diversification
SMART Goals
low-cost strategy
Scope
8. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Dominant business
Systematic risk
Strategic business unit
Value chain
9. 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.
benefits of competitor intelligence
Business Case
SPAC
Introduction
10. 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.
Balanced scorecards
Blue ocean Strategy
Conglomerate
Differentiation
11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Strategic business unit
Strategic business unit (SBU)
Code of Ethics
Merger and Acquisition Process
12. 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.
Strategy Evaluation
Ethics
Off shoring
Environmental scanning
13. It can be defined as principles of conduct within an organization that guide decision making and behavior.
external benchmarking
Outsourcing
Code of Ethics
Quantitative Analysis
14. 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"
Operations
Dominant business
Emergent Strategy
CLO
15. Comparing operations in totally unrelated industries
Descriptive Statistic
generic benchmarking
Off shoring
Financial Measures
16. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
CLO
Organization Structure
Value chain
17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
to maximize profits
Employment Factors
Scenarios
Descriptive Statistic
18. 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
Methodologies Of Operations
efficiency frontier
Code of Ethics
19. 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.
Directing
Factors that affect external environment
Related diversification
Marketing Mix
20. 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.
Environmental Scanning
Demographic Factors
Operations
Due Diligence
21. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Market development
Systematic risk
The law making Process
To achieve competitive advantage and superior profitability
22. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
International Factors
Directing
generic benchmarking
Market fit
23. The categories of activities within and around an organization which together create a product or service.
Value chain
Business Case
Private equity firm
Market fit
24. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Factors that affect external environment
Core competences
to maximize profits
25. 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
Demographic Factors
Corporate social responsibility
Secondary Research
26. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Factors that affect external environment
Strategies at three levels
Strategic business management
Directing
27. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Planning
top-down
value creating operations in the value chain of operation
Business Case
28. 1 Vision and mission 2 Value Statement
Balanced scorecards
Mid term Objectives
Quantitative Analysis
Strategy Formulation
29. Quality of information and interpretation of it
Technological Factors
Strategy Formulation
key to success in strategic planning
types of competitive strategies for international businesses
30. 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
PESTEL
Technological Factors
Strategic method
Cost Leadership
31. 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
Strategic business unit (SBU)
Strategies at three levels
Generational Difference
32. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
CLO
The law making Process
Methodologies Of Operations
Operational fit
33. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Stakeholders
Mid term Objectives
Value chain
to increase profitability
34. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
Factors that affect external environment
PESTEL
Leveraged buyout (LBO)
35. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Code of Ethics
Agency
differentiation
SWOT Analysis
36. Comparing 1 operation in the firm with another
Economic Factors
internal benchmarking
international strategy
low-cost strategy
37. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Diversification
Critical success factors
Purpose of benchmarks
Porters Competitive Strategies
38. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Economic Factors
Mission Statement
Focus
39. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Resources
Parts of Business Case
Management Functions
Organizing
40. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Generational Difference
Maturity
Technological Factors
Strategy Implementation
41. 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.
Holding company
primary activities of a business
Porters Competitive Strategies
Focus
42. 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
Short term Objectives
Strategic Information Systems
to maximize profits
Extended Organization
43. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
functional benchmarking
to maximize profits
differentiation
44. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
primary activities of a business
Emergent Strategy
Private equity firm
Factors that affect external environment
45. 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
Scenarios
Corporate strategy
Organization Structure
internal benchmarking
46. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
benefits of competitor intelligence
STEEP
Organization Structure
47. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Balanced scorecards
Operations
Vertical diversification
48. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
Operational fit
Off shoring
Stakeholder mapping
49. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
key to success in strategic planning
Strategic method
Core competences
International Factors
50. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Operations
Critical success factors
Vertical diversification
Financial Measures