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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. Specific - Measurable - Attainable - Realistic - Timely
Related diversification
SMART Goals
Balanced scorecards
Unsystematic risk
2. 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.
Descriptive Statistic
Private equity firm
mentality of a MNC manager
Organizing
3. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Growth
Internal Benchmarks
PESTEL
Strategic business unit (SBU)
4. 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.
Internal Benchmarks
Operations
Demographic Factors
Operational fit
5. The underlying principles that guide an organization's strategy
Systematic risk
Descriptive Statistic
Off shoring
Core Values
6. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Value Statement
to increase profitability
Economic Factors
Vertical diversification
7. Comparing 1 operation in the firm with another
CLO
Generational Difference
Core competences
internal benchmarking
8. 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
Cost Leadership
top-down
Cultural web
Related diversification
9. 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
Off shoring
mentality of MNC
Business model
types of competitive strategies for international businesses
10. 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. )
efficiency frontier
Environmental Scanning
Value network
Directing
11. 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
Business strategy
Five Forces
Resources leverage
Spin-off
12. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Value network
benefits of competitor intelligence
international strategy
13. Processes and activities used to formulate HR objectives - practices - and policies.
Strategy Evaluation
Marketing Mix
Generational Difference
Strategic business management
14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Dominant business
Ethics
Descriptive Statistic
Strategic business unit
15. 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.
Dominant business
Vision Statement
Ethics
Focus
16. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
key to success in strategic planning
Differentiation
Holding company
Methodologies Of Operations
17. Value - Exploit - Rare - Imitate - Substitute
Secondary Research
Porters Competitive Strategies
skills businesses need to create competitive advantage
functional benchmarking
18. 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
Extended Organization
Focus
primary activities of a business
19. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Off shoring
SPAC
Parts of Business Case
Action Plan
20. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
External Benchmarks
benefits of competitor intelligence
Vision Statement
Corporate governance
21. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Spin-off
Critical success factors
generic benchmarking
22. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
SMART Goals
Growth
Factors that affect external environment
23. Is the set of internationalization links and relationships that are necessary to create a product or service.
differentiation
Stakeholder mapping
Value network
Strategy Evaluation
24. Acquisition of a company that operates in the same industry using the same value chain.
Related diversification
Focus
Cultural web
Horizontal diversification
25. Identifies stakeholder expectations and power and helps in understanding political priorities.
Core competences
Strategy Development
Stakeholder mapping
skills businesses need to create competitive advantage
26. Economic - legal resp. - ethical - and discretionary
Growth
type of responsibilities of a business
Value Statement
Cross-sector diversification
27. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Vision Statement
Unsystematic risk
Generational Difference
Short term Objectives
28. 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
to maximize profits
functional benchmarking
low-cost strategy
Spin-off
29. It uses data already gathered by others and reported in various sources.
Strategic business unit
Secondary Research
Decline
Corporate strategy
30. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategy Evaluation
Parts of Business Case
Vertical diversification
Value Statement
31. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Unsystematic risk
Unrelated diversification
Market Penetrati
Primary Research
32. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
differentiation
Cost Leadership
Corporate governance
Market development
33. primary activities and support activities
value creating operations in the value chain of operation
Junk bond
mentality of a MNC manager
Off shoring
34. Cut costs - add value - or increase prices
mentality of MNC
Vision Statement
Stakeholder mapping
to increase profitability
35. 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
to maximize profits
Private equity firm
Strategic Information Systems
SWOT Analysis
36. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha
Introduction
Employment Factors
Secondary Research
Emergent Strategy
37. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Cultural web
to maximize profits
Strategy Formulation
38. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Maturity
Performance Measures
Strategic business unit
Strategic Groups
39. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Factors that affect external environment
Technological Factors
Controlling
Spin-off
40. The categories of activities within and around an organization which together create a product or service.
internal benchmarking
Value chain
Secondary Research
Critical success factors
41. 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
Environmental scanning
Business Case
external benchmarking
The law making Process
42. 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
Short term Objectives
to maximize profits
Holding company
43. 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
Inferential Statistic
Planning
Business Case
44. 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
Growth
Strategic business management
Primary Research
Organization Structure
45. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Outsourcing
Primary Research
Unsystematic risk
mentality of a MNC manager
46. 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.
Action Plan
Related diversification
Business Case
generic benchmarking
47. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
SPAC
Organization Structure
Corporate governance
Operations
48. 1. information systems 2. logistics 3. HR
Descriptive Statistic
Merger and Acquisition Process
Corporate strategy
support activities of a business
49. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Extended Organization
Generational Difference
primary activities of a business
Ethics
50. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Market fit
Management Functions
Strategic method