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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. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Resources leverage
value creating operations in the value chain of operation
Operational fit
Management fit
2. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Secondary Research
Market development
Vertical diversification
Strategic Planning
3. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
common practices when analyzing your competition
Planning
Primary Research
Business strategy
4. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Action Plan
Growth
Ethical Behavior
Parts of Business Case
5. A strategy by which an organisation offers existing products to new markets.
Mid term Objectives
Value network
Market development
Environmental scanning
6. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Merger and Acquisition Process
mentality of MNC
Organization Structure
Strategic business unit (SBU)
7. 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
Horizontal diversification
Environmental scanning
Planning
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
bottom-up
Extended Organization
functional benchmarking
Strategic Planning
9. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Strategic business unit
Code of Ethics
Vision Statement
Employment Factors
10. 1 Population 2 Sample 3 Normal Distribution
Blue ocean Strategy
Cost Leadership
Inferential Statistic
mentality of MNC
11. A company in which 70-95% of revenue comes from a single business
Dominant business
Cultural web
Performance Measures
Strategic business unit
12. Comparing 1 operation in the firm with another
common practices when analyzing your competition
Maturity
internal benchmarking
HR functions that can be outsourced
13. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Management fit
Spin-off
Corporate social responsibility
Directing
14. Identifies stakeholder expectations and power and helps in understanding political priorities.
Agency
support activities of a business
Stakeholder mapping
Financial Measures
15. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
support activities of a business
Strategy Development
key to success in strategic planning
to obtain profit growth
16. Sell more in existing markets - or enter new markets
Financial Measures
Junk bond
Secondary Research
to obtain profit growth
17. 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
PESTEL
Value network
Outsourcing
Decline
18. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Directing
Strategy Formulation
Extended Organization
Value network
19. Specific - Measurable - Attainable - Realistic - Timely
top-down
SMART Goals
To achieve competitive advantage and superior profitability
Secondary Research
20. 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"
Leveraged buyout (LBO)
Marketing Mix
CLO
Secondary Research
21. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Business model
Strategy Evaluation
Holding company
CLO
22. Is the set of internationalization links and relationships that are necessary to create a product or service.
Primary Research
Due Diligence
Value network
Inferential Statistic
23. 1. multinational 2. global 3. transnational
HR functions that can be outsourced
Planning
types of competitive strategies for international businesses
mentality of a MNC manager
24. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
Planning
SPAC
Diversification
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.
support activities of a business
Organizing
Cost Leadership
Core Values
26. 1 Vision and mission 2 Value Statement
Corporate social responsibility
Strategy Formulation
Porters Competitive Strategies
to obtain profit growth
27. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Ethics
Market fit
Dominant business
mentality of a MNC manager
28. It uses data already gathered by others and reported in various sources.
Secondary Research
Blue ocean Strategy
Performance Measures
Conglomerate
29. 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)
Vertical diversification
efficiency frontier
type of responsibilities of a business
Cost Leadership
30. 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.
Strategic capability
Economizing
low-cost strategy
Differentiation
31. When a corporation is able to combine similar primary value chain activities.
Operational fit
Cost Leadership
mentality of a MNC manager
Generational Difference
32. 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
Blue ocean Strategy
Ethics
top-down
33. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Mid term Objectives
Critical success factors
Organization Structure
Scope
34. A value creating strategy that creates more perceived value by primarily reducing costs
Employment Factors
low-cost strategy
CLO
Secondary Research
35. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
top-down
Performance Measures
External Benchmarks
common practices when analyzing your competition
36. The underlying principles that guide an organization's strategy
generic benchmarking
Environmental Scanning
Core Values
Strategy Implementation
37. 1. R&D 2. production 3. marketing and sales 4. customer service
Growth
Secondary Research
primary activities of a business
Vision Statement
38. Information systems with a charter to achieve competitive superiority.
Introduction
SPAC
Value network
Strategic Information Systems
39. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Emergent Strategy
Value chain
differentiation
40. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.
Strategy Evaluation
Cost Leadership
Outsourcing
Business Case
41. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Operations
Balanced scorecards
Quantitative Analysis
Internal Benchmarks
42. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Economizing
Leveraged buyout (LBO)
Market fit
The law making Process
43. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Market Penetrati
Organization Structure
Strategic Information Systems
To achieve competitive advantage and superior profitability
44. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Leveraged buyout (LBO)
Holding company
Strategic Groups
STEEP
45. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Emergent Strategy
Corporate strategy
Strategic business unit (SBU)
Strategic method
46. 1. information systems 2. logistics 3. HR
Horizontal diversification
support activities of a business
Operational fit
Introduction
47. primary activities and support activities
Economic Factors
Organizing
value creating operations in the value chain of operation
Dominant business
48. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
bottom-up
Primary Research
type of responsibilities of a business
49. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Strategic business unit (SBU)
PESTEL
type of responsibilities of a business
Strategic business unit
50. Comparing a the firms operations with a direct competitor
external benchmarking
Mid term Objectives
Spin-off
Organization Structure