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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 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)
Secondary Research
Stakeholder mapping
Technological Factors
Management fit
2. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Stakeholders
Secondary Research
Inferential Statistic
Merger and Acquisition Process
3. Comparing similar functional firms in your industry
Horizontal diversification
Descriptive Statistic
SMART Goals
functional benchmarking
4. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Strategic business unit
Strategic Groups
Parts of Business Case
5. A strategy by which an organization peruses new product offerings and new markets.
Strategic Planning Phase
Diversification
Economic Factors
Planning
6. Ability to broaden a product line or a customer base achieved through an acquisition.
to maximize profits
Related diversification
Downscoping
Scope
7. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Business strategy
Five Forces
differentiation
Leveraged buyout (LBO)
8. The resources and competences of an organization needed for it to survive and prosper.
Emergent Strategy
SMART Goals
Strategic capability
Critical success factors
9. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Takeover
Primary Research
Diversification
10. A strategy by which an organisation offers existing products to new markets.
primary activities of a business
Value Statement
Market development
Private equity firm
11. Is the means by which a strategy can be pursued.
Secondary Research
Stakeholder mapping
external benchmarking
Strategic method
12. They are used to condense and summarize large quantities of data for quick understanding.
low-cost strategy
Descriptive Statistic
primary activities of a business
Business strategy
13. Comparing a the firms operations with a direct competitor
Agency
Due Diligence
Long term Objectives
external benchmarking
14. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Environmental Scanning
Systematic risk
Market fit
functional benchmarking
15. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Merger and Acquisition Process
Introduction
efficiency frontier
16. It uses data already gathered by others and reported in various sources.
efficiency frontier
Descriptive Statistic
Secondary Research
Core Values
17. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Ethical Behavior
Strategic Planning
Operational fit
18. When a corporation is able to combine similar primary value chain activities.
Organizing
Blue ocean Strategy
Leveraged buyout (LBO)
Operational fit
19. 1 Introduction 2 Growth 3 Maturity 4 Decline
To achieve competitive advantage and superior profitability
Business Life Cycle Phases
support activities of a business
Corporate social responsibility
20. Cost savings accomplished by operating combined companies more efficiently.
Organizing
Environmental Scanning
Strategy Development
Economizing
21. 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
value creating operations in the value chain of operation
mentality of a MNC manager
Emergent Strategy
STEEP
22. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
STEEP
Related diversification
Management Functions
Vision Statement
23. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Inferential Statistic
differentiation
Action Plan
Planning
24. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Strategic Planning
Controlling
Resources leverage
Mission Statement
25. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
to maximize profits
Unrelated diversification
Operational fit
benefits of competitor intelligence
26. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Dominant business
HR functions that can be outsourced
Stakeholder mapping
Action Plan
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.
Blue ocean Strategy
Corporate social responsibility
To achieve competitive advantage and superior profitability
Factors that affect external environment
28. It is a system of moral principles and values that establish appropriate conduct.
Ethics
The law making Process
External Benchmarks
Strategic business management
29. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Junk bond
Value Statement
Strategic business unit (SBU)
International Factors
30. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Business Case
SPAC
Strategy Evaluation
Strategy Implementation
31. 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.
Decline
Strategic business management
Purpose of benchmarks
value creating operations in the value chain of operation
32. 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
Economizing
Growth
Decline
Vision Statement
33. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Financial Measures
Extended Organization
HR functions that can be outsourced
Stakeholders
34. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Strategic business unit
Corporate social responsibility
Economic Factors
SMART Goals
35. 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"
Resources leverage
CLO
Strategy Implementation
Organization Structure
36. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Financial Measures
Mission Statement
Technological Factors
Private equity firm
37. Acquisition of a company in a different industry - but which employs a similar value chain.
Strategy Evaluation
Cross-sector diversification
Parts of Business Case
Descriptive Statistic
38. 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
Systematic risk
Maturity
top-down
CLO
39. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market
Strategies at three levels
international strategy
Strategic business unit (SBU)
Corporate strategy
40. The underlying principles that guide an organization's strategy
Core Values
Economic Factors
Decline
Market development
41. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
bottom-up
Diversification
Unrelated diversification
Marketing Mix
42. 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
Strategic method
to maximize profits
types of competitive strategies for international businesses
Spin-off
43. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Porters Competitive Strategies
Purpose of benchmarks
Market Penetrati
Organization Structure
44. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Balanced scorecards
Long term Objectives
Corporate governance
Secondary Research
45. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
to increase profitability
Private equity firm
type of responsibilities of a business
Off shoring
46. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
key to success in strategic planning
Business strategy
Factors that affect external environment
Balanced scorecards
47. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
SPAC
Strategic Planning Phase
benefits of competitor intelligence
Economizing
48. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Business strategy
Strategy Development
Differentiation
Short term Objectives
49. Identifies stakeholder expectations and power and helps in understanding political priorities.
Code of Ethics
Scenarios
Cross-sector diversification
Stakeholder mapping
50. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
PESTEL
Off shoring
Environmental scanning
Strategic business unit