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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 is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Demographic Factors
Economic Factors
SWOT Analysis
generic benchmarking
2. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Controlling
Organization Structure
Business model
STEEP
3. 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.
Strategic Planning
Core competences
External Benchmarks
Outsourcing
4. 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
Maturity
Financial Measures
Junk bond
5. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Management fit
Generational Difference
Action Plan
Unsystematic risk
6. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
skills businesses need to create competitive advantage
Strategy Evaluation
Due Diligence
Organizing
7. Cost savings accomplished by operating combined companies more efficiently.
Technological Factors
Merger and Acquisition Process
Economizing
Strategic business unit
8. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
Environmental scanning
Methodologies Of Operations
Market development
9. Comparing operations in totally unrelated industries
Market development
generic benchmarking
Primary Research
Short term Objectives
10. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Value Statement
Scenarios
Planning
Management fit
11. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.
Related diversification
Business Life Cycle Phases
Technological Factors
Environmental scanning
12. The types of decisions made and direction created for a single business
Resources leverage
Controlling
HR functions that can be outsourced
Business strategy
13. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Organization Structure
Core Values
Takeover
Action Plan
14. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
generic benchmarking
mentality of MNC
Long term Objectives
15. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Organizing
Value Statement
Cross-sector diversification
16. 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
Growth
HR functions that can be outsourced
Differentiation
17. 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
top-down
Descriptive Statistic
Resources
Strategic Planning Phase
18. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
Dominant business
Introduction
types of competitive strategies for international businesses
19. It involves data that is gathered firsthand for the specific evaluation being conduced.
Planning
Primary Research
Technological Factors
Junk bond
20. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
key to success in strategic planning
Takeover
to increase profitability
21. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
Outsourcing
Market fit
Core competences
22. Describes the structure of product - service - and information flows and the role of participating parties.
to obtain profit growth
Strategic Information Systems
Business model
mentality of MNC
23. The categories of activities within and around an organization which together create a product or service.
Value chain
Market development
functional benchmarking
Market Penetrati
24. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Environmental Scanning
Strategic Groups
functional benchmarking
25. 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
SMART Goals
functional benchmarking
Spin-off
Employment Factors
26. 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
to maximize profits
benefits of competitor intelligence
Strategic business unit
27. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Methodologies Of Operations
Growth
Organization Structure
28. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
type of responsibilities of a business
Demographic Factors
to increase profitability
Scope
29. 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
Cultural web
functional benchmarking
Organizing
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.
Secondary Research
Quantitative Analysis
Business Case
Differentiation
31. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.
Cost Leadership
Porters Competitive Strategies
Unrelated diversification
Internal Benchmarks
32. 1 Introduction 2 Growth 3 Maturity 4 Decline
Spin-off
Business Life Cycle Phases
Porters Competitive Strategies
Quantitative Analysis
33. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Controlling
Vertical diversification
Strategic business unit (SBU)
34. 1. R&D 2. production 3. marketing and sales 4. customer service
Core competences
primary activities of a business
Cultural web
Demographic Factors
35. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Business Case
The law making Process
Primary Research
Cost Leadership
36. Is the set of internationalization links and relationships that are necessary to create a product or service.
low-cost strategy
Action Plan
types of competitive strategies for international businesses
Value network
37. 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?
international strategy
SMART Goals
Critical success factors
Strategic Planning
38. Economic - legal resp. - ethical - and discretionary
Conglomerate
Strategy Development
Quantitative Analysis
type of responsibilities of a business
39. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Strategy Evaluation
Internal Benchmarks
Financial Measures
Downscoping
40. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Porters Competitive Strategies
primary activities of a business
SPAC
Action Plan
41. Is the means by which a strategy can be pursued.
Strategic method
external benchmarking
Cross-sector diversification
Growth
42. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Conglomerate
Strategy Evaluation
Strategy Formulation
Controlling
43. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Core competences
Focus
CLO
Directing
44. 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
Business strategy
Value Statement
Strategic Planning Phase
45. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Unsystematic risk
primary activities of a business
Blue ocean Strategy
Quantitative Analysis
46. 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
Factors that affect external environment
Off shoring
Environmental scanning
support activities of a business
47. Ensure that organization's strategy and operations are consistent with each other
to maximize profits
Related diversification
Code of Ethics
To achieve competitive advantage and superior profitability
48. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value network
Value Statement
Dominant business
Ethical Behavior
49. 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
Cost Leadership
Decline
Strategic Information Systems
Value network
50. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi
Resources leverage
Economic Factors
Five Forces
Maturity