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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. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Environmental scanning
Strategic Groups
Management fit
value creating operations in the value chain of operation
2. 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
Outsourcing
Secondary Research
Market fit
3. The categories of activities within and around an organization which together create a product or service.
Strategy Implementation
Value chain
Blue ocean Strategy
benefits of competitor intelligence
4. 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
Descriptive Statistic
Corporate strategy
Financial Measures
5. Comparing 1 operation in the firm with another
Value chain
Value Statement
internal benchmarking
Blue ocean Strategy
6. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Conglomerate
Agency
To achieve competitive advantage and superior profitability
7. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.
Business Case
Long term Objectives
Action Plan
Inferential Statistic
8. 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
Corporate strategy
Organization Structure
Off shoring
9. 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
Action Plan
skills businesses need to create competitive advantage
bottom-up
10. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Primary Research
Secondary Research
Strategy Evaluation
Critical success factors
11. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Differentiation
to obtain profit growth
Strategy Evaluation
Market Penetrati
12. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Business Case
Internal Benchmarks
Vertical diversification
Balanced scorecards
13. 1 Cost Leadership 2 Differentiation 3 Focus
Scope
Systematic risk
Porters Competitive Strategies
Off shoring
14. The underlying principles that guide an organization's strategy
Core Values
Spin-off
Purpose of benchmarks
Economizing
15. 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.
Core Values
Takeover
Mission Statement
Performance Measures
16. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
SWOT Analysis
Critical success factors
Economic Factors
Performance Measures
17. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Value network
Vertical diversification
primary activities of a business
Factors that affect external environment
18. Sell more in existing markets - or enter new markets
to obtain profit growth
Generational Difference
Environmental Scanning
Leveraged buyout (LBO)
19. 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.
Porters Competitive Strategies
Strategic Information Systems
Unrelated diversification
Mid term Objectives
20. 1 Vision and mission 2 Value Statement
type of responsibilities of a business
Planning
Strategy Formulation
Stakeholder mapping
21. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Business Life Cycle Phases
Organization Structure
Strategy Development
Balanced scorecards
22. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market
generic benchmarking
mentality of MNC
international strategy
Vision Statement
23. It involves data that is gathered firsthand for the specific evaluation being conduced.
Operational fit
functional benchmarking
support activities of a business
Primary Research
24. Cut costs - add value - or increase prices
Market fit
Cost Leadership
to increase profitability
functional benchmarking
25. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Secondary Research
Descriptive Statistic
primary activities of a business
Management fit
26. 1. information systems 2. logistics 3. HR
to maximize profits
Balanced scorecards
International Factors
support activities of a business
27. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
SPAC
Corporate governance
key to success in strategic planning
top-down
28. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Economic Factors
Decline
Vertical diversification
Porters Competitive Strategies
29. Acquisition of a company in a different industry - but which employs a similar value chain.
Introduction
Cross-sector diversification
Strategy Evaluation
Long term Objectives
30. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Economizing
SPAC
Secondary Research
31. Cost savings accomplished by operating combined companies more efficiently.
Strategic Planning
Economizing
to increase profitability
Market Penetrati
32. 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
Corporate governance
Maturity
Technological Factors
Spin-off
33. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
SWOT Analysis
Private equity firm
Performance Measures
Market development
34. It uses data already gathered by others and reported in various sources.
SWOT Analysis
Strategy Development
Off shoring
Secondary Research
35. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Employment Factors
Off shoring
low-cost strategy
Short term Objectives
36. 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
Junk bond
value creating operations in the value chain of operation
Strategic business unit
37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Stakeholder mapping
Cost Leadership
Operations
Strategy Development
38. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Descriptive Statistic
Scenarios
Leveraged buyout (LBO)
Scope
39. 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?
Leveraged buyout (LBO)
Strategic Planning
mentality of a MNC manager
Business model
40. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Economizing
Operational fit
The law making Process
Emergent Strategy
41. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs
Environmental Scanning
mentality of MNC
Diversification
Planning
42. Economic - legal resp. - ethical - and discretionary
STEEP
type of responsibilities of a business
Corporate social responsibility
Strategic business unit (SBU)
43. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Unsystematic risk
Strategic business unit (SBU)
Business strategy
Growth
44. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Agency
to obtain profit growth
PESTEL
internal benchmarking
45. Risk associated with a particular business.
Ethics
Strategic business management
International Factors
Unsystematic risk
46. They are often based on industry best practice.
External Benchmarks
Ethics
Factors that affect external environment
Downscoping
47. 1 Financial 2 Human 3 Physical 4 Technological
support activities of a business
Strategic Planning Phase
Resources
Factors that affect external environment
48. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Ethics
Emergent Strategy
Unsystematic risk
differentiation
49. Value - Exploit - Rare - Imitate - Substitute
Strategic method
skills businesses need to create competitive advantage
Value network
bottom-up
50. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
top-down
Porters Competitive Strategies
Five Forces