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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. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Mission Statement
Extended Organization
Ethical Behavior
internal benchmarking
2. Is the means by which a strategy can be pursued.
Strategy Evaluation
Off shoring
Strategic method
value creating operations in the value chain of operation
3. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Resources
SPAC
Environmental scanning
Strategic Planning Phase
4. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Spin-off
Inferential Statistic
Maturity
Strategic business unit
5. The types of decisions made and direction created for a single business
Environmental scanning
Descriptive Statistic
PESTEL
Business strategy
6. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Strategic Planning
Planning
to obtain profit growth
Holding company
7. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Secondary Research
Strategic Planning Phase
Internal Benchmarks
efficiency frontier
8. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Economic Factors
Extended Organization
SPAC
Emergent Strategy
9. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
types of competitive strategies for international businesses
Critical success factors
Growth
10. Comparing 1 operation in the firm with another
internal benchmarking
Core Values
Takeover
Code of Ethics
11. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Scope
Methodologies Of Operations
generic benchmarking
Demographic Factors
12. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Business Case
Outsourcing
key to success in strategic planning
Resources leverage
13. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Cross-sector diversification
Strategic capability
Extended Organization
14. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
SMART Goals
Strategies at three levels
Vertical diversification
Balanced scorecards
15. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Operational fit
SWOT Analysis
Strategic Information Systems
Mid term Objectives
16. A strategy by which an organisation offers existing products to new markets.
Planning
Market development
Takeover
Mid term Objectives
17. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Emergent Strategy
Strategic business unit (SBU)
Financial Measures
Strategic Planning Phase
18. 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.
SMART Goals
Controlling
Blue ocean Strategy
SWOT Analysis
19. 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
common practices when analyzing your competition
Mid term Objectives
Mission Statement
mentality of MNC
20. 1. multinational 2. global 3. transnational
Porters Competitive Strategies
Strategic business management
types of competitive strategies for international businesses
Management Functions
21. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Growth
Core competences
Ethical Behavior
Market fit
22. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Strategy Formulation
Horizontal diversification
Marketing Mix
23. 1 Balance Scorecard
Strategies at three levels
Controlling
skills businesses need to create competitive advantage
Performance Measures
24. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
support activities of a business
PESTEL
Differentiation
Maturity
25. 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
Unsystematic risk
Growth
Strategic method
Corporate governance
26. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Technological Factors
international strategy
Introduction
27. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
low-cost strategy
Strategic capability
Primary Research
28. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Strategy Development
Spin-off
Management fit
29. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Parts of Business Case
Employment Factors
Economic Factors
Dominant business
30. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Internal Benchmarks
Maturity
Ethical Behavior
Factors that affect external environment
31. Economic - legal resp. - ethical - and discretionary
Management Functions
type of responsibilities of a business
to obtain profit growth
Conglomerate
32. 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
Strategic business unit
Market development
HR functions that can be outsourced
33. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Code of Ethics
Short term Objectives
bottom-up
Long term Objectives
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
Holding company
efficiency frontier
Scope
Spin-off
35. primary activities and support activities
value creating operations in the value chain of operation
Organization Structure
support activities of a business
Inferential Statistic
36. 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
types of competitive strategies for international businesses
Blue ocean Strategy
Leveraged buyout (LBO)
37. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
Code of Ethics
Quantitative Analysis
efficiency frontier
International Factors
38. When a corporation is able to combine similar primary value chain activities.
to obtain profit growth
Operational fit
Secondary Research
To achieve competitive advantage and superior profitability
39. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Systematic risk
STEEP
Business Life Cycle Phases
40. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
SPAC
Descriptive Statistic
Business strategy
Corporate strategy
41. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
external benchmarking
Corporate strategy
Critical success factors
Holding company
42. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
Strategic Planning
Strategic capability
Methodologies Of Operations
43. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Maturity
HR functions that can be outsourced
common practices when analyzing your competition
Descriptive Statistic
44. A company in which 70-95% of revenue comes from a single business
Organizing
Growth
Extended Organization
Dominant business
45. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Market Penetrati
key to success in strategic planning
Environmental Scanning
Vision Statement
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
Environmental scanning
Employment Factors
Vertical diversification
Business Case
47. Quality of information and interpretation of it
Controlling
key to success in strategic planning
Conglomerate
The law making Process
48. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
PESTEL
mentality of a MNC manager
Business model
49. It uses data already gathered by others and reported in various sources.
functional benchmarking
Generational Difference
Private equity firm
Secondary Research
50. 1 Planning 2 Organizing 3 Directing 4 Controlling
Secondary Research
Inferential Statistic
Related diversification
Management Functions