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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. It uses data already gathered by others and reported in various sources.
Conglomerate
Resources leverage
Secondary Research
Blue ocean Strategy
2. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
Internal Benchmarks
mentality of MNC
top-down
3. 1 Population 2 Sample 3 Normal Distribution
Off shoring
Inferential Statistic
Differentiation
value creating operations in the value chain of operation
4. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Core competences
Strategy Development
Employment Factors
Strategic Planning
5. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Corporate strategy
Business strategy
Ethical Behavior
Stakeholder mapping
6. Comparing similar functional firms in your industry
Maturity
functional benchmarking
STEEP
Market development
7. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Directing
Performance Measures
Focus
8. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Organization Structure
Differentiation
Ethical Behavior
Demographic Factors
9. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Vision Statement
International Factors
Stakeholder mapping
Ethical Behavior
10. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Quantitative Analysis
Strategy Development
bottom-up
11. 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
to maximize profits
Critical success factors
Strategic Planning
Scenarios
12. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Mid term Objectives
differentiation
functional benchmarking
Off shoring
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)
Corporate strategy
Corporate social responsibility
efficiency frontier
CLO
14. It is a system of moral principles and values that establish appropriate conduct.
Due Diligence
Secondary Research
Performance Measures
Ethics
15. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Descriptive Statistic
Inferential Statistic
Off shoring
16. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Agency
Internal Benchmarks
internal benchmarking
17. 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.
Business strategy
Action Plan
Market development
Operations
18. 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
Five Forces
Management fit
Operational fit
Action Plan
19. 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
Secondary Research
Primary Research
Environmental scanning
Strategy Formulation
20. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
Secondary Research
low-cost strategy
Inferential Statistic
21. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce
Mid term Objectives
HR functions that can be outsourced
Value Statement
Decline
22. The categories of activities within and around an organization which together create a product or service.
to obtain profit growth
Value chain
Strategies at three levels
Core competences
23. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
top-down
Strategic method
Takeover
Agency
24. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Emergent Strategy
Diversification
Value chain
25. 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
bottom-up
Strategic Planning Phase
value creating operations in the value chain of operation
Organizing
26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Resources
Financial Measures
CLO
27. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Strategy Evaluation
Maturity
Financial Measures
Corporate governance
28. Cost savings accomplished by operating combined companies more efficiently.
top-down
Economizing
Strategy Implementation
Code of Ethics
29. When a corporation is able to combine similar primary value chain activities.
Management fit
Technological Factors
Operational fit
Extended Organization
30. The underlying principles that guide an organization's strategy
Generational Difference
Parts of Business Case
Core Values
top-down
31. 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)
Decline
primary activities of a business
Performance Measures
Secondary Research
32. 1 Balance Scorecard
Scope
Porters Competitive Strategies
Performance Measures
Market development
33. primary activities and support activities
Strategic business management
Demographic Factors
value creating operations in the value chain of operation
Spin-off
34. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
benefits of competitor intelligence
Critical success factors
Mid term Objectives
efficiency frontier
35. A company in which 70-95% of revenue comes from a single business
differentiation
Methodologies Of Operations
Dominant business
Agency
36. 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.
Management Functions
Inferential Statistic
Primary Research
Off shoring
37. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Operations
Leveraged buyout (LBO)
Organizing
Descriptive Statistic
38. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Corporate social responsibility
Management fit
Marketing Mix
SPAC
39. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Differentiation
support activities of a business
The law making Process
skills businesses need to create competitive advantage
40. Acquisition of a company in a different industry - but which employs a similar value chain.
Maturity
Related diversification
Off shoring
Cross-sector diversification
41. Specific - Measurable - Attainable - Realistic - Timely
Performance Measures
SMART Goals
Agency
Strategies at three levels
42. 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.
Blue ocean Strategy
international strategy
To achieve competitive advantage and superior profitability
Mission Statement
43. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Cost Leadership
Diversification
Corporate social responsibility
Off shoring
44. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Quantitative Analysis
Strategic Planning Phase
Planning
Organizing
45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
support activities of a business
Code of Ethics
Management Functions
Parts of Business Case
46. 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
Five Forces
common practices when analyzing your competition
Primary Research
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
Cross-sector diversification
Value chain
Agency
48. Value - Exploit - Rare - Imitate - Substitute
Off shoring
skills businesses need to create competitive advantage
Economizing
Operations
49. 1 Vision and mission 2 Value Statement
Resources
Strategy Formulation
Business strategy
external benchmarking
50. 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.
Systematic risk
Financial Measures
Primary Research
Business Case