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Business Strategy
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. The categories of activities within and around an organization which together create a product or service.
Agency
Strategic Groups
Management fit
Value chain
2. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
Generational Difference
Management fit
Growth
Marketing Mix
3. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
Mission Statement
top-down
Value chain
Organizing
4. 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
Introduction
internal benchmarking
Strategic Planning
Scenarios
5. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
SWOT Analysis
Planning
Holding company
Management fit
6. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Purpose of benchmarks
Stakeholder mapping
Core competences
Code of Ethics
7. 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.
PESTEL
bottom-up
Takeover
Performance Measures
8. A strategy by which an organization peruses new product offerings and new markets.
Diversification
low-cost strategy
Value Statement
Mid term Objectives
9. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
internal benchmarking
Strategic Groups
Strategy Formulation
10. 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
Strategic business management
Business strategy
Action Plan
11. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Action Plan
mentality of a MNC manager
Short term Objectives
Off shoring
12. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Descriptive Statistic
Marketing Mix
skills businesses need to create competitive advantage
Generational Difference
13. 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.
Secondary Research
Spin-off
Off shoring
HR functions that can be outsourced
14. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Business model
The law making Process
Organization Structure
Environmental scanning
15. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Management Functions
international strategy
Environmental Scanning
Vertical diversification
16. 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
SPAC
Downscoping
Operational fit
Cultural web
17. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Ethical Behavior
Descriptive Statistic
Unrelated diversification
18. Processes and activities used to formulate HR objectives - practices - and policies.
support activities of a business
Management Functions
Financial Measures
Strategic business management
19. A value creating strategy that creates more perceived value by primarily reducing costs
skills businesses need to create competitive advantage
low-cost strategy
Market fit
Ethical Behavior
20. Comparing 1 operation in the firm with another
skills businesses need to create competitive advantage
Diversification
internal benchmarking
Strategic business management
21. The underlying principles that guide an organization's strategy
Core Values
International Factors
Management Functions
mentality of a MNC manager
22. 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.
Cross-sector diversification
Strategic capability
Value Statement
Differentiation
23. 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.
Strategy Evaluation
Management fit
Focus
Organization Structure
24. 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
common practices when analyzing your competition
To achieve competitive advantage and superior profitability
Five Forces
Secondary Research
25. Quality of information and interpretation of it
key to success in strategic planning
generic benchmarking
Quantitative Analysis
Environmental scanning
26. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
generic benchmarking
Mission Statement
HR functions that can be outsourced
27. 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?
Dominant business
Strategic Planning
Core Values
Business Life Cycle Phases
28. Information systems with a charter to achieve competitive superiority.
Spin-off
support activities of a business
Strategic Information Systems
Controlling
29. Risk associated with macro-economic forces.
types of competitive strategies for international businesses
Systematic risk
Technological Factors
to maximize profits
30. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl
bottom-up
Balanced scorecards
Takeover
key to success in strategic planning
31. 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
differentiation
Cultural web
Management Functions
32. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce
Decline
CLO
Business Case
Secondary Research
33. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Conglomerate
Methodologies Of Operations
Extended Organization
top-down
34. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Purpose of benchmarks
Market Penetrati
common practices when analyzing your competition
Mission Statement
35. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Groups
Secondary Research
Strategy Evaluation
Strategic Planning Phase
36. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Market fit
Strategic business unit
Resources leverage
value creating operations in the value chain of operation
37. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Descriptive Statistic
The law making Process
Balanced scorecards
38. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Operations
SWOT Analysis
Quantitative Analysis
Internal Benchmarks
39. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Introduction
Cultural web
Demographic Factors
Strategy Evaluation
40. 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)
type of responsibilities of a business
Secondary Research
Generational Difference
Cost Leadership
41. Cut costs - add value - or increase prices
to maximize profits
Critical success factors
to increase profitability
Code of Ethics
42. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Directing
Value Statement
Vertical diversification
common practices when analyzing your competition
43. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Differentiation
Extended Organization
Strategic Planning
Value chain
44. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Extended Organization
Management fit
internal benchmarking
45. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategic business unit (SBU)
Value Statement
Extended Organization
Value chain
46. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
STEEP
Long term Objectives
mentality of MNC
Extended Organization
47. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Growth
Strategic Groups
Core Values
48. Comparing similar functional firms in your industry
Strategic Planning Phase
functional benchmarking
Business model
Conglomerate
49. 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.
Blue ocean Strategy
Employment Factors
International Factors
Ethical Behavior
50. 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
international strategy
external benchmarking
Cross-sector diversification
The law making Process
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