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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 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Planning
Action Plan
Market development
2. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Value network
Resources leverage
Leveraged buyout (LBO)
3. 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"
mentality of a MNC manager
SMART Goals
CLO
Strategic business unit
4. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Strategy Implementation
Ethics
Off shoring
Marketing Mix
5. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Business Case
Environmental scanning
Methodologies Of Operations
Directing
6. 1 Balance Scorecard
Leveraged buyout (LBO)
Performance Measures
Holding company
Growth
7. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Growth
Resources
Dominant business
HR functions that can be outsourced
8. 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.
Systematic risk
Factors that affect external environment
to obtain profit growth
Purpose of benchmarks
9. 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
top-down
Market Penetrati
functional benchmarking
Blue ocean Strategy
10. 1 Introduction 2 Growth 3 Maturity 4 Decline
Market Penetrati
Demographic Factors
Related diversification
Business Life Cycle Phases
11. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Value network
SPAC
Ethics
Environmental scanning
12. Ability to broaden a product line or a customer base achieved through an acquisition.
mentality of a MNC manager
Critical success factors
Scope
bottom-up
13. Economic - legal resp. - ethical - and discretionary
Strategic method
type of responsibilities of a business
Unsystematic risk
Conglomerate
14. A value creating strategy that creates more perceived value by primarily reducing costs
Stakeholder mapping
low-cost strategy
international strategy
to maximize profits
15. 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
Emergent Strategy
Strategy Formulation
Stakeholder mapping
to increase profitability
16. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Porters Competitive Strategies
Due Diligence
Demographic Factors
Off shoring
17. 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
Outsourcing
Spin-off
support activities of a business
Strategic Planning
18. Is the means by which a strategy can be pursued.
functional benchmarking
Mid term Objectives
Strategic method
Five Forces
19. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Organizing
Strategic capability
SPAC
20. 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
internal benchmarking
Scope
to maximize profits
Decline
21. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Operational fit
Economic Factors
Strategic Planning Phase
Generational Difference
22. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Financial Measures
Balanced scorecards
Primary Research
generic benchmarking
23. 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.
Emergent Strategy
Environmental scanning
Strategies at three levels
Unrelated diversification
24. 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
Inferential Statistic
Five Forces
Purpose of benchmarks
international strategy
25. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Strategy Implementation
Vertical diversification
Critical success factors
Strategic method
26. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Strategic business unit (SBU)
Mission Statement
Strategic business unit
27. 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.
Value chain
Blue ocean Strategy
Strategy Development
Vision Statement
28. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.
Corporate governance
Merger and Acquisition Process
Downscoping
Business Life Cycle Phases
29. Cost savings accomplished by operating combined companies more efficiently.
Conglomerate
Economizing
support activities of a business
Value network
30. 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
generic benchmarking
Long term Objectives
Blue ocean Strategy
Scenarios
31. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Systematic risk
value creating operations in the value chain of operation
International Factors
Downscoping
32. 1. multinational 2. global 3. transnational
HR functions that can be outsourced
types of competitive strategies for international businesses
Employment Factors
Management Functions
33. The categories of activities within and around an organization which together create a product or service.
Porters Competitive Strategies
Value chain
Secondary Research
key to success in strategic planning
34. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Strategic Groups
efficiency frontier
key to success in strategic planning
35. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Long term Objectives
STEEP
Secondary Research
Corporate governance
36. Ensure that organization's strategy and operations are consistent with each other
Ethical Behavior
Horizontal diversification
Resources leverage
To achieve competitive advantage and superior profitability
37. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
Off shoring
Focus
Ethical Behavior
38. 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
Emergent Strategy
Strategic method
Maturity
CLO
39. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Cultural web
Organization Structure
Strategies at three levels
Strategic method
40. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Business Case
Corporate social responsibility
Cost Leadership
Economic Factors
41. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Organization Structure
Technological Factors
Primary Research
Market Penetrati
42. 1 Vision and mission 2 Value Statement
Cost Leadership
Operations
Strategy Formulation
Descriptive Statistic
43. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Organizing
Spin-off
to obtain profit growth
Agency
44. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Descriptive Statistic
Decline
Economizing
Strategy Development
45. Risk associated with macro-economic forces.
Business Case
Environmental scanning
Systematic risk
Related diversification
46. 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
Maturity
Methodologies Of Operations
Operations
47. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Cost Leadership
Takeover
Strategic business unit (SBU)
value creating operations in the value chain of operation
48. A strategy by which an organization peruses new product offerings and new markets.
Operations
Diversification
Emergent Strategy
Porters Competitive Strategies
49. 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)
efficiency frontier
Strategic Groups
Balanced scorecards
Porters Competitive Strategies
50. primary activities and support activities
Strategic business unit
Stakeholders
Related diversification
value creating operations in the value chain of operation