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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 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.
Critical success factors
Operations
differentiation
Strategic business unit
2. primary activities and support activities
Strategic method
Strategy Formulation
value creating operations in the value chain of operation
Value chain
3. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Off shoring
Maturity
Descriptive Statistic
SPAC
4. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Takeover
Marketing Mix
Factors that affect external environment
Horizontal diversification
5. A value creating strategy that creates more perceived value by primarily reducing costs
Systematic risk
low-cost strategy
Quantitative Analysis
Factors that affect external environment
6. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Scope
SWOT Analysis
Holding company
Value chain
7. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
skills businesses need to create competitive advantage
Primary Research
Cost Leadership
efficiency frontier
8. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Business model
bottom-up
SWOT Analysis
9. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Downscoping
Blue ocean Strategy
Off shoring
Market Penetrati
10. Identifies stakeholder expectations and power and helps in understanding political priorities.
Management Functions
Stakeholder mapping
support activities of a business
Off shoring
11. 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
Scenarios
Spin-off
HR functions that can be outsourced
12. 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.
Strategic capability
Takeover
Introduction
Cost Leadership
13. 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.
Organization Structure
Unrelated diversification
Critical success factors
Blue ocean Strategy
14. 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
Unrelated diversification
Junk bond
Cost Leadership
Generational Difference
15. 1. information systems 2. logistics 3. HR
Methodologies Of Operations
support activities of a business
Business Case
bottom-up
16. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
support activities of a business
Business model
Corporate social responsibility
17. A company in which 70-95% of revenue comes from a single business
Dominant business
to maximize profits
Related diversification
skills businesses need to create competitive advantage
18. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Core Values
Purpose of benchmarks
The law making Process
mentality of a MNC manager
19. They are used to condense and summarize large quantities of data for quick understanding.
Focus
Market development
Descriptive Statistic
Extended Organization
20. They are often based on industry best practice.
primary activities of a business
Private equity firm
Environmental Scanning
External Benchmarks
21. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Action Plan
Market development
Related diversification
Strategic Planning Phase
22. Ensure that organization's strategy and operations are consistent with each other
support activities of a business
SWOT Analysis
To achieve competitive advantage and superior profitability
Internal Benchmarks
23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Strategic Planning
Private equity firm
Strategic business unit
Employment Factors
24. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Cultural web
Value Statement
Core Values
25. 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.
Holding company
SWOT Analysis
Organizing
Unsystematic risk
26. When a corporation is able to combine similar primary value chain activities.
Operational fit
PESTEL
to increase profitability
benefits of competitor intelligence
27. 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
Business Life Cycle Phases
Strategic method
Environmental scanning
HR functions that can be outsourced
28. Ability to broaden a product line or a customer base achieved through an acquisition.
skills businesses need to create competitive advantage
Dominant business
Scope
Value chain
29. 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
Focus
Descriptive Statistic
primary activities of a business
30. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
mentality of a MNC manager
mentality of MNC
top-down
Extended Organization
31. A strategy by which an organization peruses new product offerings and new markets.
Ethics
Cultural web
Diversification
Conglomerate
32. Sell more in existing markets - or enter new markets
to obtain profit growth
Strategic Information Systems
Secondary Research
Downscoping
33. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Performance Measures
Strategy Development
Strategic capability
34. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
Strategic capability
Private equity firm
Directing
35. 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.
Maturity
Differentiation
Blue ocean Strategy
SMART Goals
36. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
Secondary Research
Organization Structure
Performance Measures
37. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Cultural web
Cost Leadership
Balanced scorecards
types of competitive strategies for international businesses
38. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Critical success factors
Due Diligence
Secondary Research
Merger and Acquisition Process
39. It can be defined as principles of conduct within an organization that guide decision making and behavior.
to maximize profits
Agency
Code of Ethics
International Factors
40. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
types of competitive strategies for international businesses
PESTEL
Strategic Planning Phase
Corporate governance
41. The categories of activities within and around an organization which together create a product or service.
Value chain
benefits of competitor intelligence
Technological Factors
generic benchmarking
42. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Code of Ethics
Controlling
Environmental scanning
Downscoping
43. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Strategy Formulation
Outsourcing
Quantitative Analysis
Management fit
44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
types of competitive strategies for international businesses
Strategic business unit (SBU)
Organization Structure
Strategic Planning Phase
45. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Diversification
Inferential Statistic
international strategy
Conglomerate
46. 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
generic benchmarking
Primary Research
Market fit
47. 1 Introduction 2 Growth 3 Maturity 4 Decline
Maturity
Controlling
Purpose of benchmarks
Business Life Cycle Phases
48. 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"
Business model
Blue ocean Strategy
CLO
External Benchmarks
49. 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
Cultural web
Corporate social responsibility
type of responsibilities of a business
Emergent Strategy
50. 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.
Off shoring
Action Plan
Business model
functional benchmarking