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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. 1. R&D 2. production 3. marketing and sales 4. customer service
primary activities of a business
Cost Leadership
Holding company
SPAC
2. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
To achieve competitive advantage and superior profitability
Planning
International Factors
external benchmarking
3. 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.
Core competences
Blue ocean Strategy
Secondary Research
Off shoring
4. 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
Mission Statement
Market Penetrati
key to success in strategic planning
Generational Difference
5. 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.
Market development
Management Functions
Merger and Acquisition Process
Outsourcing
6. A value creating strategy that primary increases perceived value by increasing attractiveness of product
functional benchmarking
to maximize profits
Business Case
differentiation
7. They are often based on industry best practice.
Inferential Statistic
Dominant business
External Benchmarks
Value Statement
8. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Diversification
Factors that affect external environment
Methodologies Of Operations
Critical success factors
9. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategic business management
Off shoring
Strategies at three levels
Strategy Implementation
10. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Environmental Scanning
value creating operations in the value chain of operation
Agency
11. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Long term Objectives
Outsourcing
SWOT Analysis
Secondary Research
12. Sell more in existing markets - or enter new markets
Strategic business unit
Controlling
to obtain profit growth
CLO
13. 1 Vision and mission 2 Value Statement
Core Values
Focus
top-down
Strategy Formulation
14. 1. information systems 2. logistics 3. HR
Primary Research
support activities of a business
PESTEL
Environmental Scanning
15. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Strategies at three levels
Market development
types of competitive strategies for international businesses
16. Risk associated with a particular business.
Unsystematic risk
low-cost strategy
SMART Goals
Strategy Formulation
17. Comparing 1 operation in the firm with another
Mission Statement
Holding company
to obtain profit growth
internal benchmarking
18. A value creating strategy that creates more perceived value by primarily reducing costs
Planning
low-cost strategy
Operational fit
Due Diligence
19. 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
internal benchmarking
mentality of MNC
Due Diligence
Introduction
20. 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
Cost Leadership
Value network
Off shoring
Cultural web
21. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Demographic Factors
Conglomerate
support activities of a business
Balanced scorecards
22. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
skills businesses need to create competitive advantage
Leveraged buyout (LBO)
Internal Benchmarks
23. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Operations
Core Values
Conglomerate
Market fit
24. 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
Internal Benchmarks
Balanced scorecards
to maximize profits
Descriptive Statistic
25. It uses data already gathered by others and reported in various sources.
Resources
Market development
Leveraged buyout (LBO)
Secondary Research
26. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
to obtain profit growth
Action Plan
Scenarios
Outsourcing
27. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
support activities of a business
Resources
Economizing
Junk bond
28. 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.
Strategic business unit (SBU)
Junk bond
Code of Ethics
Focus
29. 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
Code of Ethics
common practices when analyzing your competition
Strategic Planning Phase
30. 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?
Stakeholder mapping
Strategic Planning
Leveraged buyout (LBO)
Agency
31. It involves data that is gathered firsthand for the specific evaluation being conduced.
Organization Structure
Primary Research
low-cost strategy
Value network
32. A company in which 70-95% of revenue comes from a single business
Off shoring
Factors that affect external environment
Performance Measures
Dominant business
33. 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.
Methodologies Of Operations
Business Case
Private equity firm
Related diversification
34. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Vertical diversification
to maximize profits
Conglomerate
Code of Ethics
35. 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.
Downscoping
External Benchmarks
Unsystematic risk
Employment Factors
36. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
types of competitive strategies for international businesses
Short term Objectives
primary activities of a business
Spin-off
37. When a corporation is able to combine similar primary value chain activities.
Operational fit
Strategy Evaluation
Internal Benchmarks
Diversification
38. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Primary Research
Diversification
Mid term Objectives
mentality of MNC
39. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Management fit
Organizing
internal benchmarking
Value Statement
40. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Technological Factors
Strategic Planning Phase
Vertical diversification
Primary Research
41. 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.
To achieve competitive advantage and superior profitability
Horizontal diversification
Off shoring
Leveraged buyout (LBO)
42. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
to increase profitability
Factors that affect external environment
Short term Objectives
Strategy Development
43. Cut costs - add value - or increase prices
Merger and Acquisition Process
to increase profitability
Cultural web
Controlling
44. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Purpose of benchmarks
Code of Ethics
Economic Factors
Porters Competitive Strategies
45. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Decline
Business Case
Maturity
mentality of a MNC manager
46. 1 Introduction 2 Growth 3 Maturity 4 Decline
Conglomerate
Strategic method
Business Life Cycle Phases
Value chain
47. 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
International Factors
differentiation
PESTEL
Emergent Strategy
48. Risk associated with macro-economic forces.
Systematic risk
Maturity
Unsystematic risk
top-down
49. Acquisition of a company in a different industry - but which employs a similar value chain.
Descriptive Statistic
Cross-sector diversification
Five Forces
Factors that affect external environment
50. 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.
Unrelated diversification
Market fit
Environmental scanning
differentiation