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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. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Economizing
Methodologies Of Operations
Business model
Ethical Behavior
2. Quality of information and interpretation of it
Dominant business
Unrelated diversification
Core competences
key to success in strategic planning
3. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Primary Research
PESTEL
SWOT Analysis
4. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
type of responsibilities of a business
Mid term Objectives
Junk bond
5. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
generic benchmarking
Vision Statement
Strategic Information Systems
Strategic business unit (SBU)
6. Comparing a the firms operations with a direct competitor
Core competences
Maturity
external benchmarking
Value network
7. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Resources
Due Diligence
Short term Objectives
Strategic Planning
8. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Descriptive Statistic
Core competences
Strategic business unit (SBU)
Strategic Planning
9. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Core Values
low-cost strategy
Generational Difference
Business model
10. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Junk bond
to maximize profits
Technological Factors
PESTEL
11. 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.
Takeover
Focus
Systematic risk
Vision Statement
12. Ensure that organization's strategy and operations are consistent with each other
Merger and Acquisition Process
Off shoring
To achieve competitive advantage and superior profitability
bottom-up
13. 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)
Resources leverage
Vertical diversification
STEEP
efficiency frontier
14. Risk associated with a particular business.
Action Plan
Management fit
type of responsibilities of a business
Unsystematic risk
15. 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
Strategic Planning Phase
Business Case
Cultural web
Scope
16. A strategy by which an organization peruses new product offerings and new markets.
Business Case
Operations
Diversification
top-down
17. 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.
Business strategy
Strategy Evaluation
Economizing
Differentiation
18. Cost savings accomplished by operating combined companies more efficiently.
internal benchmarking
Factors that affect external environment
Economizing
Merger and Acquisition Process
19. 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
Organizing
Core Values
Operational fit
bottom-up
20. 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.
Organizing
Conglomerate
Off shoring
Code of Ethics
21. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Operational fit
Introduction
SWOT Analysis
Cultural web
22. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Cultural web
Factors that affect external environment
Short term Objectives
Strategy Development
23. They are used to condense and summarize large quantities of data for quick understanding.
Economizing
Descriptive Statistic
external benchmarking
mentality of MNC
24. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.
Outsourcing
Descriptive Statistic
Purpose of benchmarks
Focus
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.
Organizing
Agency
Strategic Groups
Financial Measures
26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Management Functions
Value chain
Spin-off
27. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
Systematic risk
Scenarios
Organizing
28. 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 Formulation
Internal Benchmarks
Focus
Economizing
29. 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
Operations
International Factors
benefits of competitor intelligence
30. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
efficiency frontier
Internal Benchmarks
top-down
Ethical Behavior
31. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Decline
benefits of competitor intelligence
Strategic business unit
32. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Market Penetrati
Controlling
differentiation
Off shoring
33. Economic - legal resp. - ethical - and discretionary
Due Diligence
value creating operations in the value chain of operation
type of responsibilities of a business
Porters Competitive Strategies
34. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Employment Factors
functional benchmarking
Strategic method
Stakeholders
35. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
International Factors
External Benchmarks
Value Statement
Inferential Statistic
36. Comparing 1 operation in the firm with another
Horizontal diversification
Takeover
internal benchmarking
Strategic Planning
37. 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
Strategy Implementation
Environmental scanning
Vertical diversification
CLO
38. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Environmental Scanning
Organizing
Long term Objectives
39. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
SMART Goals
Conglomerate
Technological Factors
40. Comparing operations in totally unrelated industries
generic benchmarking
SPAC
types of competitive strategies for international businesses
Vision Statement
41. 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.
Off shoring
Environmental scanning
Unrelated diversification
Agency
42. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
primary activities of a business
Value network
Holding company
43. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.
key to success in strategic planning
Cross-sector diversification
Related diversification
Inferential Statistic
44. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Balanced scorecards
Porters Competitive Strategies
generic benchmarking
45. Ability to broaden a product line or a customer base achieved through an acquisition.
differentiation
Scope
Internal Benchmarks
HR functions that can be outsourced
46. A strategy by which an organisation offers existing products to new markets.
Strategic Planning Phase
primary activities of a business
Market development
External Benchmarks
47. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Performance Measures
Blue ocean Strategy
Maturity
48. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Growth
Agency
Resources
Conglomerate
49. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
type of responsibilities of a business
Descriptive Statistic
Takeover
50. 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 Life Cycle Phases
SPAC
Planning
Maturity