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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. 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.
efficiency frontier
top-down
Related diversification
Secondary Research
2. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Junk bond
Systematic risk
Strategic Planning Phase
3. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
Business Case
to increase profitability
Focus
Environmental scanning
4. 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.
Corporate social responsibility
Blue ocean Strategy
Controlling
Emergent Strategy
5. Is the means by which a strategy can be pursued.
Strategic method
Long term Objectives
Junk bond
Mid term Objectives
6. Risk associated with a particular business.
Environmental scanning
STEEP
Unsystematic risk
Business Life Cycle Phases
7. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Mission Statement
Inferential Statistic
Resources leverage
Spin-off
8. 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
Primary Research
Market development
Decline
Business strategy
9. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Off shoring
generic benchmarking
Extended Organization
Economizing
10. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Outsourcing
HR functions that can be outsourced
Market fit
mentality of MNC
11. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
To achieve competitive advantage and superior profitability
Corporate governance
Stakeholders
Conglomerate
12. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Business Case
Strategy Evaluation
Short term Objectives
to maximize profits
13. Ensure that organization's strategy and operations are consistent with each other
Primary Research
SWOT Analysis
To achieve competitive advantage and superior profitability
Technological Factors
14. 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.
Primary Research
PESTEL
Methodologies Of Operations
Marketing Mix
15. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Strategic business unit (SBU)
Vertical diversification
Introduction
Performance Measures
16. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Systematic risk
SMART Goals
Strategic business unit (SBU)
Horizontal diversification
17. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Resources
Stakeholders
Purpose of benchmarks
18. 1 Population 2 Sample 3 Normal Distribution
Core competences
Inferential Statistic
Emergent Strategy
Scope
19. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organization Structure
PESTEL
Strategic Groups
Blue ocean Strategy
20. Describes the structure of product - service - and information flows and the role of participating parties.
Market Penetrati
Business model
SPAC
Primary Research
21. 1 Vision and mission 2 Value Statement
Strategy Formulation
common practices when analyzing your competition
support activities of a business
Inferential Statistic
22. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
Operations
Secondary Research
Decline
SWOT Analysis
23. 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.
international strategy
Outsourcing
Parts of Business Case
Spin-off
24. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Corporate governance
Strategic Planning
Resources
25. 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
to increase profitability
Cultural web
Strategic business management
PESTEL
26. Identifies stakeholder expectations and power and helps in understanding political priorities.
key to success in strategic planning
Stakeholder mapping
Due Diligence
Merger and Acquisition Process
27. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Code of Ethics
low-cost strategy
Planning
STEEP
28. Quality of information and interpretation of it
key to success in strategic planning
Agency
Internal Benchmarks
Strategies at three levels
29. 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
Quantitative Analysis
Value Statement
Maturity
Related diversification
30. Comparing operations in totally unrelated industries
generic benchmarking
Growth
top-down
Off shoring
31. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Ethics
Technological Factors
common practices when analyzing your competition
Market fit
32. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Cross-sector diversification
Business Case
Strategic method
Market Penetrati
33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
External Benchmarks
Management Functions
Market Penetrati
International Factors
34. 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
Off shoring
Spin-off
Organizing
mentality of MNC
35. Value - Exploit - Rare - Imitate - Substitute
Scope
Unsystematic risk
skills businesses need to create competitive advantage
Agency
36. They are often based on industry best practice.
External Benchmarks
Action Plan
to obtain profit growth
Critical success factors
37. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Strategic Planning
Technological Factors
Internal Benchmarks
Decline
38. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Cross-sector diversification
Vision Statement
Holding company
Junk bond
39. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Junk bond
Internal Benchmarks
mentality of a MNC manager
40. 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
to obtain profit growth
STEEP
Related diversification
Strategic capability
41. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Management fit
Scenarios
Resources leverage
Strategy Development
42. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Junk bond
mentality of a MNC manager
PESTEL
External Benchmarks
43. 1 Balance Scorecard
Performance Measures
Stakeholders
Ethical Behavior
Demographic Factors
44. 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?
Holding company
Strategic Planning
international strategy
mentality of MNC
45. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
common practices when analyzing your competition
Due Diligence
Primary Research
Action Plan
46. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Internal Benchmarks
Conglomerate
Porters Competitive Strategies
Organization Structure
47. It uses data already gathered by others and reported in various sources.
Market development
Secondary Research
Holding company
to increase profitability
48. It can be defined as principles of conduct within an organization that guide decision making and behavior.
SWOT Analysis
Cost Leadership
Code of Ethics
Vision Statement
49. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
PESTEL
Private equity firm
Downscoping
Strategic business management
50. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Mission Statement
type of responsibilities of a business
Merger and Acquisition Process
top-down