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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. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
skills businesses need to create competitive advantage
Critical success factors
PESTEL
Strategy Development
2. Identifies stakeholder expectations and power and helps in understanding political priorities.
Cross-sector diversification
External Benchmarks
Stakeholder mapping
Due Diligence
3. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Mid term Objectives
Porters Competitive Strategies
types of competitive strategies for international businesses
Business model
4. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Long term Objectives
Secondary Research
Spin-off
5. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Differentiation
Cost Leadership
Market development
6. 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
Descriptive Statistic
Internal Benchmarks
primary activities of a business
Decline
7. 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"
top-down
CLO
Cross-sector diversification
Market fit
8. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
low-cost strategy
Off shoring
Strategic business unit (SBU)
Holding company
9. Is the means by which a strategy can be pursued.
Short term Objectives
Corporate strategy
Organization Structure
Strategic method
10. 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
to maximize profits
Descriptive Statistic
Balanced scorecards
Value network
11. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Vision Statement
Holding company
Secondary Research
CLO
12. The underlying principles that guide an organization's strategy
Core Values
Environmental Scanning
Balanced scorecards
SMART Goals
13. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Conglomerate
Primary Research
Market development
Core competences
14. 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
Internal Benchmarks
Emergent Strategy
Vision Statement
top-down
15. Comparing a the firms operations with a direct competitor
external benchmarking
Economic Factors
Strategic capability
Dominant business
16. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Strategic method
Mid term Objectives
Technological Factors
Growth
17. 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
support activities of a business
Introduction
internal benchmarking
Merger and Acquisition Process
18. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
SMART Goals
Stakeholders
Employment Factors
Financial Measures
19. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
Strategic Planning Phase
Maturity
Mid term Objectives
20. 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
Strategic Planning
to maximize profits
Value Statement
21. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Secondary Research
Scenarios
Quantitative Analysis
Operations
22. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategies at three levels
Secondary Research
Demographic Factors
to maximize profits
23. Is the set of internationalization links and relationships that are necessary to create a product or service.
Market development
type of responsibilities of a business
Controlling
Value network
24. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Strategic business unit (SBU)
mentality of a MNC manager
common practices when analyzing your competition
Horizontal diversification
25. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
external benchmarking
Corporate governance
mentality of a MNC manager
Extended Organization
26. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Junk bond
Value network
international strategy
27. 1 Introduction 2 Growth 3 Maturity 4 Decline
Cultural web
Business Life Cycle Phases
Parts of Business Case
primary activities of a business
28. It involves data that is gathered firsthand for the specific evaluation being conduced.
to obtain profit growth
Strategy Formulation
Primary Research
Strategic Information Systems
29. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
To achieve competitive advantage and superior profitability
Focus
Related diversification
Private equity firm
30. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Related diversification
Short term Objectives
Corporate social responsibility
Primary Research
31. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Planning
international strategy
Short term Objectives
Diversification
32. A value creating strategy that creates more perceived value by primarily reducing costs
Controlling
low-cost strategy
Secondary Research
Mid term Objectives
33. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Takeover
types of competitive strategies for international businesses
Strategic Groups
Descriptive Statistic
34. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Controlling
differentiation
Cost Leadership
Leveraged buyout (LBO)
35. Comparing similar functional firms in your industry
functional benchmarking
Cross-sector diversification
support activities of a business
Business strategy
36. A strategy by which an organization peruses new product offerings and new markets.
Environmental Scanning
Diversification
Strategies at three levels
Action Plan
37. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Market fit
Economic Factors
benefits of competitor intelligence
Market Penetrati
38. 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.
to increase profitability
SWOT Analysis
Outsourcing
Scope
39. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Primary Research
Performance Measures
Stakeholders
Directing
40. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Core competences
Focus
common practices when analyzing your competition
41. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.
Purpose of benchmarks
Systematic risk
Resources
Inferential Statistic
42. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Junk bond
Management fit
Decline
external benchmarking
43. 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
Value Statement
to obtain profit growth
internal benchmarking
Environmental scanning
44. 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.
Differentiation
Long term Objectives
Introduction
Market fit
45. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Technological Factors
Market Penetrati
key to success in strategic planning
Corporate strategy
46. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Cultural web
international strategy
Operational fit
Merger and Acquisition Process
47. 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)
benefits of competitor intelligence
Planning
Secondary Research
bottom-up
48. 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
bottom-up
Ethical Behavior
Descriptive Statistic
49. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Outsourcing
internal benchmarking
Strategy Evaluation
50. Sell more in existing markets - or enter new markets
Strategic Planning Phase
Management fit
PESTEL
to obtain profit growth