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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 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Business strategy
key to success in strategic planning
Technological Factors
Strategic Groups
2. The underlying principles that guide an organization's strategy
Core Values
Resources
Marketing Mix
functional benchmarking
3. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
to maximize profits
Strategy Implementation
Maturity
Strategic capability
4. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Core Values
Long term Objectives
Strategies at three levels
Strategic business unit
5. Comparing 1 operation in the firm with another
Strategic Groups
type of responsibilities of a business
internal benchmarking
Value network
6. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Systematic risk
Market fit
Strategic Planning Phase
Decline
7. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Descriptive Statistic
Short term Objectives
Diversification
Financial Measures
8. 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
Critical success factors
Operations
Strategic Information Systems
9. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Cultural web
Scenarios
Internal Benchmarks
SWOT Analysis
10. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Code of Ethics
Business strategy
Generational Difference
11. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Holding company
Inferential Statistic
Action Plan
Quantitative Analysis
12. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Internal Benchmarks
Factors that affect external environment
Value network
13. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
efficiency frontier
Business Case
Merger and Acquisition Process
14. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value Statement
Financial Measures
Extended Organization
Operations
15. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Horizontal diversification
Market Penetrati
STEEP
Off shoring
16. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit
Introduction
Downscoping
Strategic Planning Phase
Cross-sector diversification
17. Cut costs - add value - or increase prices
Management fit
Value Statement
to increase profitability
Ethics
18. 1. multinational 2. global 3. transnational
Stakeholders
Five Forces
types of competitive strategies for international businesses
benefits of competitor intelligence
19. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
Corporate strategy
international strategy
Controlling
to maximize profits
20. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
International Factors
SWOT Analysis
efficiency frontier
Vertical diversification
21. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Strategic Information Systems
Operational fit
Mid term Objectives
Long term Objectives
22. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
skills businesses need to create competitive advantage
Strategic capability
CLO
23. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Strategies at three levels
Organizing
Management fit
24. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
internal benchmarking
Decline
Management fit
Business Case
25. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Primary Research
Strategy Evaluation
Management fit
top-down
26. 1 Planning 2 Organizing 3 Directing 4 Controlling
Parts of Business Case
Ethical Behavior
Business strategy
Management Functions
27. 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
Quantitative Analysis
bottom-up
Merger and Acquisition Process
Short term Objectives
28. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Merger and Acquisition Process
functional benchmarking
Holding company
Balanced scorecards
29. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Business Life Cycle Phases
support activities of a business
Ethical Behavior
Inferential Statistic
30. 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
Strategic Groups
Strategic method
Management Functions
31. When a corporation is able to combine similar primary value chain activities.
Introduction
Market development
Operational fit
Emergent Strategy
32. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Organization Structure
Stakeholders
Action Plan
Strategy Implementation
33. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Downscoping
Outsourcing
Mid term Objectives
Primary Research
34. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
Strategic Groups
Holding company
The law making Process
35. It is a system of moral principles and values that establish appropriate conduct.
SWOT Analysis
Scenarios
Strategic Information Systems
Ethics
36. Economic - legal resp. - ethical - and discretionary
Economizing
Market development
Economic Factors
type of responsibilities of a business
37. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Market fit
internal benchmarking
Extended Organization
38. Comparing similar functional firms in your industry
Value chain
functional benchmarking
PESTEL
Extended Organization
39. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Planning
Takeover
Purpose of benchmarks
40. Sell more in existing markets - or enter new markets
Primary Research
Secondary Research
Organization Structure
to obtain profit growth
41. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Secondary Research
Descriptive Statistic
Demographic Factors
Internal Benchmarks
42. 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
efficiency frontier
Vision Statement
Extended Organization
43. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Emergent Strategy
Purpose of benchmarks
differentiation
Planning
44. 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
Cultural web
Private equity firm
Agency
To achieve competitive advantage and superior profitability
45. 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
Maturity
Controlling
to increase profitability
Business Case
46. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
type of responsibilities of a business
common practices when analyzing your competition
Corporate strategy
47. 1. R&D 2. production 3. marketing and sales 4. customer service
Strategic capability
primary activities of a business
Purpose of benchmarks
Short term Objectives
48. 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
Strategic Groups
Stakeholders
HR functions that can be outsourced
Growth
49. Ability to broaden a product line or a customer base achieved through an acquisition.
Ethics
Business model
Scope
support activities of a business
50. 1. information systems 2. logistics 3. HR
Five Forces
Market development
support activities of a business
Business model