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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. Identifies stakeholder expectations and power and helps in understanding political priorities.
STEEP
Blue ocean Strategy
Unsystematic risk
Stakeholder mapping
2. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Maturity
Resources
Value Statement
Business Life Cycle Phases
3. 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
Porters Competitive Strategies
Cultural web
Ethical Behavior
Value network
4. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Takeover
Parts of Business Case
Strategic business unit
Off shoring
5. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Holding company
generic benchmarking
Critical success factors
Market development
6. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
primary activities of a business
Parts of Business Case
generic benchmarking
7. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
HR functions that can be outsourced
Mission Statement
Ethical Behavior
8. 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
to increase profitability
Cultural web
bottom-up
Environmental scanning
9. 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
Decline
Technological Factors
low-cost strategy
10. 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.
Marketing Mix
Balanced scorecards
Off shoring
Downscoping
11. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political
STEEP
Economizing
Value chain
Resources leverage
12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Environmental Scanning
Economizing
Business strategy
Economic Factors
13. 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
Conglomerate
Systematic risk
Purpose of benchmarks
top-down
14. 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
Directing
Cultural web
Systematic risk
15. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Spin-off
Organization Structure
support activities of a business
16. Comparing 1 operation in the firm with another
international strategy
Resources leverage
Strategic Planning Phase
internal benchmarking
17. The resources and competences of an organization needed for it to survive and prosper.
International Factors
SWOT Analysis
Controlling
Strategic capability
18. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Growth
Decline
The law making Process
PESTEL
19. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Private equity firm
SPAC
Operational fit
Strategic Planning Phase
20. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Scenarios
Marketing Mix
functional benchmarking
21. 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
Due Diligence
Ethical Behavior
Spin-off
The law making Process
22. 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.
Core competences
international strategy
Parts of Business Case
Inferential Statistic
23. 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.
Operations
Mid term Objectives
Directing
value creating operations in the value chain of operation
24. Is the means by which a strategy can be pursued.
Strategic method
Corporate social responsibility
internal benchmarking
Primary Research
25. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Generational Difference
key to success in strategic planning
Controlling
The law making Process
26. 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.
Critical success factors
Action Plan
Core competences
Organizing
27. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
Extended Organization
Environmental scanning
internal benchmarking
Junk bond
28. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Marketing Mix
Off shoring
Growth
Balanced scorecards
29. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Strategic capability
Leveraged buyout (LBO)
Employment Factors
Scope
30. 1 Vision and mission 2 Value Statement
Strategy Evaluation
value creating operations in the value chain of operation
Strategy Formulation
Porters Competitive Strategies
31. Ensure that organization's strategy and operations are consistent with each other
Environmental scanning
Core Values
To achieve competitive advantage and superior profitability
key to success in strategic planning
32. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Directing
Systematic risk
Strategic business unit (SBU)
Merger and Acquisition Process
33. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Mid term Objectives
PESTEL
Strategic method
Parts of Business Case
34. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Core Values
Maturity
types of competitive strategies for international businesses
35. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Emergent Strategy
common practices when analyzing your competition
Factors that affect external environment
Off shoring
36. 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
Mid term Objectives
Internal Benchmarks
Scenarios
37. 1 Planning 2 Organizing 3 Directing 4 Controlling
Technological Factors
Management Functions
Cross-sector diversification
Short term Objectives
38. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Ethical Behavior
Business strategy
Cultural web
39. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Balanced scorecards
Focus
Porters Competitive Strategies
40. Cut costs - add value - or increase prices
Value chain
Five Forces
Maturity
to increase profitability
41. 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
internal benchmarking
Mission Statement
Strategic Planning
42. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Directing
mentality of a MNC manager
Performance Measures
43. Sell more in existing markets - or enter new markets
support activities of a business
Mid term Objectives
to obtain profit growth
Spin-off
44. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Blue ocean Strategy
benefits of competitor intelligence
Emergent Strategy
key to success in strategic planning
45. 1. information systems 2. logistics 3. HR
support activities of a business
Corporate social responsibility
Market fit
Resources
46. It involves data that is gathered firsthand for the specific evaluation being conduced.
Financial Measures
CLO
Primary Research
Market development
47. 1 Cost Leadership 2 Differentiation 3 Focus
Demographic Factors
Conglomerate
Introduction
Porters Competitive Strategies
48. Is the set of internationalization links and relationships that are necessary to create a product or service.
Off shoring
Focus
primary activities of a business
Value network
49. 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.
Corporate strategy
mentality of MNC
Differentiation
Strategy Implementation
50. 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.
Strategic business management
Emergent Strategy
Business model
Focus