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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. 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
value creating operations in the value chain of operation
Private equity firm
Five Forces
Business strategy
2. Risk associated with macro-economic forces.
Market fit
Technological Factors
Strategy Formulation
Systematic risk
3. 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
Emergent Strategy
Controlling
CLO
mentality of MNC
4. Comparing operations in totally unrelated industries
Market fit
Employment Factors
skills businesses need to create competitive advantage
generic benchmarking
5. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Strategy Development
Strategic business management
Action Plan
Corporate strategy
6. They are used to condense and summarize large quantities of data for quick understanding.
external benchmarking
Management fit
Descriptive Statistic
Strategic business management
7. 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
Methodologies Of Operations
Strategic Planning
International Factors
8. 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.
Operational fit
Directing
Operations
Corporate strategy
9. primary activities and support activities
STEEP
Management Functions
Mission Statement
value creating operations in the value chain of operation
10. When a corporation is able to combine similar primary value chain activities.
Environmental Scanning
Operational fit
Corporate governance
Corporate strategy
11. 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.
Growth
Strategic method
Differentiation
HR functions that can be outsourced
12. 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
SWOT Analysis
Strategy Development
Cultural web
Economizing
13. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Ethical Behavior
External Benchmarks
SPAC
Code of Ethics
14. 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
Growth
Maturity
Internal Benchmarks
SWOT Analysis
15. Economic - legal resp. - ethical - and discretionary
Marketing Mix
type of responsibilities of a business
Conglomerate
Parts of Business Case
16. 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
Critical success factors
STEEP
Descriptive Statistic
common practices when analyzing your competition
17. 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
Core competences
Holding company
Unsystematic risk
Emergent Strategy
18. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
International Factors
Methodologies Of Operations
Environmental Scanning
Conglomerate
19. 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.
Related diversification
HR functions that can be outsourced
Unrelated diversification
Quantitative Analysis
20. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Organizing
Organization Structure
SMART Goals
Strategic business unit
21. 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
Five Forces
Market fit
common practices when analyzing your competition
bottom-up
22. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Generational Difference
Vertical diversification
Strategic business management
Extended Organization
23. The resources and competences of an organization needed for it to survive and prosper.
Directing
Strategic capability
Related diversification
Value Statement
24. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Strategy Formulation
Resources
Descriptive Statistic
Controlling
25. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Secondary Research
PESTEL
Downscoping
26. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
mentality of MNC
Descriptive Statistic
Controlling
27. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
top-down
benefits of competitor intelligence
international strategy
Long term Objectives
28. 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.
Business Case
Strategy Evaluation
external benchmarking
Financial Measures
29. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate governance
bottom-up
Corporate social responsibility
Ethics
30. 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
Stakeholders
Ethical Behavior
Off shoring
Growth
31. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
functional benchmarking
Directing
To achieve competitive advantage and superior profitability
efficiency frontier
32. Cut costs - add value - or increase prices
Downscoping
Focus
to increase profitability
Core Values
33. Is the means by which a strategy can be pursued.
Action Plan
top-down
Strategic method
PESTEL
34. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Differentiation
Economic Factors
Maturity
Dominant business
35. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Primary Research
types of competitive strategies for international businesses
mentality of MNC
Vertical diversification
36. Processes and activities used to formulate HR objectives - practices - and policies.
Systematic risk
Strategic business management
primary activities of a business
CLO
37. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Economic Factors
Resources leverage
Emergent Strategy
Quantitative Analysis
38. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Systematic risk
Maturity
Corporate governance
Primary Research
39. 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
Management Functions
Junk bond
Scope
top-down
40. Information systems with a charter to achieve competitive superiority.
Organization Structure
Emergent Strategy
Directing
Strategic Information Systems
41. 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"
Organizing
low-cost strategy
CLO
Parts of Business Case
42. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Maturity
Holding company
Off shoring
Vertical diversification
43. A company in which 70-95% of revenue comes from a single business
Diversification
Dominant business
Corporate governance
Organizing
44. Specific - Measurable - Attainable - Realistic - Timely
Economizing
Scope
SMART Goals
types of competitive strategies for international businesses
45. Comparing 1 operation in the firm with another
internal benchmarking
Corporate governance
bottom-up
Environmental scanning
46. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Marketing Mix
Value Statement
Stakeholder mapping
47. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit
Introduction
Emergent Strategy
to obtain profit growth
benefits of competitor intelligence
48. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Purpose of benchmarks
value creating operations in the value chain of operation
Code of Ethics
SMART Goals
49. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Off shoring
common practices when analyzing your competition
Management fit
Stakeholders
50. 1 Planning 2 Organizing 3 Directing 4 Controlling
Corporate strategy
Management Functions
Action Plan
functional benchmarking