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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. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
external benchmarking
Secondary Research
Strategic Groups
2. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Strategic method
Cultural web
Value Statement
Long term Objectives
3. 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"
CLO
Parts of Business Case
The law making Process
Strategic business unit (SBU)
4. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Controlling
Strategy Implementation
SMART Goals
Employment Factors
5. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Quantitative Analysis
Blue ocean Strategy
Long term Objectives
Vertical diversification
6. 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.
Market Penetrati
Business Case
Operations
Inferential Statistic
7. 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.
Market Penetrati
type of responsibilities of a business
Related diversification
Business strategy
8. When a corporation is able to combine similar primary value chain activities.
Corporate social responsibility
Mission Statement
Spin-off
Operational fit
9. Acquisition of a company in a different industry - but which employs a similar value chain.
external benchmarking
Cultural web
Cross-sector diversification
types of competitive strategies for international businesses
10. Risk associated with macro-economic forces.
Systematic risk
Business Case
Organizing
Cross-sector diversification
11. 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.
Mission Statement
Business Case
Takeover
Cultural web
12. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.
Off shoring
Value Statement
Action Plan
Business Case
13. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Economizing
Organizing
Corporate governance
Focus
14. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra
Primary Research
Corporate social responsibility
To achieve competitive advantage and superior profitability
Cost Leadership
15. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organization Structure
Economic Factors
To achieve competitive advantage and superior profitability
SWOT Analysis
16. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Private equity firm
Strategies at three levels
Outsourcing
Secondary Research
17. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Ethics
Extended Organization
Core competences
18. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Organizing
Emergent Strategy
Extended Organization
Management fit
19. It uses data already gathered by others and reported in various sources.
Secondary Research
Demographic Factors
to obtain profit growth
Management fit
20. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
mentality of a MNC manager
Demographic Factors
Core competences
Stakeholders
21. 1 Financial 2 Human 3 Physical 4 Technological
differentiation
Action Plan
Resources
Takeover
22. 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.
Outsourcing
Primary Research
to maximize profits
Growth
23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Takeover
Parts of Business Case
Demographic Factors
Business Case
24. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Operational fit
PESTEL
Unsystematic risk
25. 1 Balance Scorecard
Performance Measures
Blue ocean Strategy
Value chain
top-down
26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Corporate strategy
Spin-off
benefits of competitor intelligence
27. 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.
mentality of a MNC manager
Dominant business
Code of Ethics
Marketing Mix
28. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
Differentiation
Business Life Cycle Phases
Strategic business unit (SBU)
29. 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.
Blue ocean Strategy
Action Plan
Agency
Unrelated diversification
30. The resources and competences of an organization needed for it to survive and prosper.
Operational fit
Descriptive Statistic
Strategic capability
PESTEL
31. 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.
to maximize profits
Strategic Planning Phase
value creating operations in the value chain of operation
Purpose of benchmarks
32. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Factors that affect external environment
PESTEL
differentiation
33. 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
Management fit
Maturity
to obtain profit growth
Strategic capability
34. Ability to broaden a product line or a customer base achieved through an acquisition.
STEEP
Extended Organization
functional benchmarking
Scope
35. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
primary activities of a business
Cost Leadership
Strategic business unit
36. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company
Critical success factors
Purpose of benchmarks
Mission Statement
Differentiation
37. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Generational Difference
Parts of Business Case
to maximize profits
International Factors
38. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Outsourcing
Stakeholder mapping
Extended Organization
benefits of competitor intelligence
39. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Corporate social responsibility
Market Penetrati
Holding company
generic benchmarking
40. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.
Horizontal diversification
Directing
Downscoping
Financial Measures
41. They are often based on industry best practice.
Decline
Scenarios
Methodologies Of Operations
External Benchmarks
42. 1. multinational 2. global 3. transnational
Systematic risk
Resources leverage
key to success in strategic planning
types of competitive strategies for international businesses
43. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Directing
Internal Benchmarks
Generational Difference
SPAC
44. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Strategy Formulation
Resources leverage
value creating operations in the value chain of operation
differentiation
45. 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
Ethics
STEEP
Core competences
Management Functions
46. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Factors that affect external environment
Agency
Environmental Scanning
Due Diligence
47. 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.
Technological Factors
Blue ocean Strategy
To achieve competitive advantage and superior profitability
Organizing
48. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic method
Parts of Business Case
Unrelated diversification
Strategic Planning Phase
49. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit
Five Forces
Cost Leadership
Leveraged buyout (LBO)
mentality of MNC
50. It involves data that is gathered firsthand for the specific evaluation being conduced.
Vision Statement
Spin-off
Secondary Research
Primary Research