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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.
Blue ocean Strategy
skills businesses need to create competitive advantage
Strategy Evaluation
Management fit
2. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Market development
Strategic business unit
Strategic capability
Takeover
3. 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
Environmental scanning
Introduction
Strategic Planning
Porters Competitive Strategies
4. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
The law making Process
Corporate social responsibility
Planning
5. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
CLO
Vision Statement
Strategies at three levels
Maturity
6. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Management Functions
Action Plan
Private equity firm
Conglomerate
7. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Business Case
Action Plan
internal benchmarking
Operations
8. 1 Balance Scorecard
generic benchmarking
Performance Measures
Stakeholder mapping
Environmental Scanning
9. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
mentality of MNC
skills businesses need to create competitive advantage
Blue ocean Strategy
Corporate governance
10. 1 Financial 2 Human 3 Physical 4 Technological
Value chain
benefits of competitor intelligence
Resources
Planning
11. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
to obtain profit growth
Methodologies Of Operations
Introduction
12. Sell more in existing markets - or enter new markets
Strategy Formulation
types of competitive strategies for international businesses
to obtain profit growth
Corporate governance
13. Processes and activities used to formulate HR objectives - practices - and policies.
type of responsibilities of a business
Strategic business management
types of competitive strategies for international businesses
Mid term Objectives
14. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Organizing
Strategic Information Systems
HR functions that can be outsourced
Due Diligence
15. 1 Cost Leadership 2 Differentiation 3 Focus
Purpose of benchmarks
Off shoring
Porters Competitive Strategies
key to success in strategic planning
16. The resources and competences of an organization needed for it to survive and prosper.
Descriptive Statistic
Strategic capability
to increase profitability
Leveraged buyout (LBO)
17. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Strategic Planning Phase
Focus
Corporate strategy
SWOT Analysis
18. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Value network
Descriptive Statistic
Environmental scanning
Code of Ethics
19. They are often based on industry best practice.
Action Plan
Porters Competitive Strategies
Horizontal diversification
External Benchmarks
20. Economic - legal resp. - ethical - and discretionary
Unrelated diversification
Outsourcing
type of responsibilities of a business
mentality of MNC
21. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Cost Leadership
Business Case
Factors that affect external environment
Market Penetrati
22. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Descriptive Statistic
Resources leverage
Strategic Planning Phase
external benchmarking
23. Value - Exploit - Rare - Imitate - Substitute
Strategic method
Takeover
Economic Factors
skills businesses need to create competitive advantage
24. 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
Blue ocean Strategy
STEEP
Organizing
Methodologies Of Operations
25. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
type of responsibilities of a business
Resources leverage
Organizing
Vision Statement
26. 1 Introduction 2 Growth 3 Maturity 4 Decline
Blue ocean Strategy
Corporate governance
Action Plan
Business Life Cycle Phases
27. It uses data already gathered by others and reported in various sources.
Secondary Research
Environmental scanning
Inferential Statistic
Scope
28. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Value Statement
Cross-sector diversification
Cultural web
29. Comparing a the firms operations with a direct competitor
external benchmarking
Core competences
Dominant business
mentality of a MNC manager
30. Comparing similar functional firms in your industry
STEEP
Decline
functional benchmarking
Critical success factors
31. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Methodologies Of Operations
Leveraged buyout (LBO)
Descriptive Statistic
Focus
32. The categories of activities within and around an organization which together create a product or service.
Business strategy
Generational Difference
SWOT Analysis
Value chain
33. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Corporate governance
efficiency frontier
Strategy Development
34. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Purpose of benchmarks
Five Forces
Short term Objectives
functional benchmarking
35. When a corporation is able to combine similar primary value chain activities.
Private equity firm
Strategies at three levels
Operational fit
key to success in strategic planning
36. The types of decisions made and direction created for a single business
Business strategy
Holding company
STEEP
Dominant business
37. 1. multinational 2. global 3. transnational
Strategy Evaluation
Technological Factors
types of competitive strategies for international businesses
Business model
38. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Corporate strategy
Market fit
primary activities of a business
Generational Difference
39. 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.
Growth
Core competences
Planning
Directing
40. Comparing 1 operation in the firm with another
Organizing
internal benchmarking
Market Penetrati
Business Case
41. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Core Values
Focus
Strategy Development
Ethics
42. 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
Business model
Growth
Resources leverage
43. 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.
Business model
Marketing Mix
Strategic business management
Ethics
44. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Short term Objectives
Strategic business unit (SBU)
Emergent Strategy
Cost Leadership
45. Quality of information and interpretation of it
key to success in strategic planning
External Benchmarks
Strategic Groups
Resources
46. 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
Quantitative Analysis
Controlling
Management Functions
47. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Dominant business
SPAC
Strategy Evaluation
Cross-sector diversification
48. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
Five Forces
Business Life Cycle Phases
differentiation
49. Identifies stakeholder expectations and power and helps in understanding political priorities.
Financial Measures
PESTEL
Stakeholder mapping
Strategic Planning Phase
50. 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.
Horizontal diversification
Organizing
Downscoping
low-cost strategy