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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. The categories of activities within and around an organization which together create a product or service.
Diversification
Economizing
Value chain
Strategic Groups
2. 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
Downscoping
Strategic method
SMART Goals
Junk bond
3. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Balanced scorecards
Code of Ethics
Downscoping
to increase profitability
4. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Critical success factors
low-cost strategy
External Benchmarks
5. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
value creating operations in the value chain of operation
Mid term Objectives
The law making Process
Strategy Evaluation
6. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic method
SMART Goals
Strategic business unit (SBU)
Critical success factors
7. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.
Technological Factors
Unrelated diversification
Descriptive Statistic
Parts of Business Case
8. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Strategic Information Systems
types of competitive strategies for international businesses
skills businesses need to create competitive advantage
9. Specific - Measurable - Attainable - Realistic - Timely
Junk bond
Corporate social responsibility
generic benchmarking
SMART Goals
10. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
skills businesses need to create competitive advantage
Scope
Strategies at three levels
11. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Management fit
Ethical Behavior
external benchmarking
Strategic Planning
12. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value Statement
Downscoping
key to success in strategic planning
Systematic risk
13. The resources and competences of an organization needed for it to survive and prosper.
STEEP
Strategic capability
Purpose of benchmarks
Core Values
14. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
Quantitative Analysis
External Benchmarks
Business Case
15. Ensure that organization's strategy and operations are consistent with each other
Core Values
Strategic Planning Phase
Vertical diversification
To achieve competitive advantage and superior profitability
16. 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)
Purpose of benchmarks
Secondary Research
Corporate social responsibility
Growth
17. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Horizontal diversification
Value network
Differentiation
18. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Strategic business unit
Five Forces
Off shoring
19. 1 Cost Leadership 2 Differentiation 3 Focus
Organizing
Strategic Information Systems
Mission Statement
Porters Competitive Strategies
20. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Focus
Cultural web
SPAC
21. 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
Action Plan
Off shoring
Mission Statement
Quantitative Analysis
22. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
primary activities of a business
Strategic Groups
Introduction
Resources leverage
23. 1. multinational 2. global 3. transnational
SMART Goals
bottom-up
types of competitive strategies for international businesses
SPAC
24. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Secondary Research
Controlling
Extended Organization
Strategic capability
25. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Business model
Introduction
Planning
bottom-up
26. 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.
Market fit
Value Statement
Off shoring
Value chain
27. Acquisition of a company that operates in the same industry using the same value chain.
Strategies at three levels
Operational fit
Horizontal diversification
type of responsibilities of a business
28. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Value Statement
Resources
Marketing Mix
Technological Factors
29. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Business Case
to increase profitability
Diversification
30. Risk associated with macro-economic forces.
Systematic risk
Mid term Objectives
Core Values
Organization Structure
31. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
SWOT Analysis
Code of Ethics
Strategy Formulation
Corporate governance
32. Quality of information and interpretation of it
Technological Factors
key to success in strategic planning
primary activities of a business
Value network
33. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
generic benchmarking
Holding company
Strategic business unit
Strategic capability
34. 1. information systems 2. logistics 3. HR
Value network
Unrelated diversification
Mid term Objectives
support activities of a business
35. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Cost Leadership
Mid term Objectives
Stakeholders
Organizing
36. 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
Descriptive Statistic
To achieve competitive advantage and superior profitability
Market fit
top-down
37. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Strategy Development
Business strategy
bottom-up
Conglomerate
38. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Economizing
Stakeholders
Due Diligence
Differentiation
39. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
External Benchmarks
support activities of a business
Environmental Scanning
Private equity firm
40. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Extended Organization
key to success in strategic planning
Business Case
41. 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
Employment Factors
Methodologies Of Operations
Scenarios
Spin-off
42. 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
Five Forces
Off shoring
Growth
Conglomerate
43. Cut costs - add value - or increase prices
Cross-sector diversification
Market Penetrati
Blue ocean Strategy
to increase profitability
44. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
to obtain profit growth
Short term Objectives
Market development
45. 1 Planning 2 Organizing 3 Directing 4 Controlling
Cross-sector diversification
Internal Benchmarks
Management Functions
Market fit
46. Cost savings accomplished by operating combined companies more efficiently.
Due Diligence
Related diversification
top-down
Economizing
47. They are used to condense and summarize large quantities of data for quick understanding.
types of competitive strategies for international businesses
value creating operations in the value chain of operation
Mission Statement
Descriptive Statistic
48. A company in which 70-95% of revenue comes from a single business
Dominant business
SPAC
Strategic capability
support activities of a business
49. Is the set of internationalization links and relationships that are necessary to create a product or service.
Demographic Factors
Market development
Economizing
Value network
50. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Cultural web
Business Life Cycle Phases
Strategies at three levels
Cross-sector diversification