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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. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Internal Benchmarks
key to success in strategic planning
Corporate strategy
2. Cut costs - add value - or increase prices
to increase profitability
Core Values
low-cost strategy
bottom-up
3. Is the means by which a strategy can be pursued.
Strategy Implementation
Business model
Organizing
Strategic method
4. It is a system of moral principles and values that establish appropriate conduct.
STEEP
Secondary Research
Ethics
Business Case
5. 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.
Conglomerate
Strategy Formulation
Growth
Downscoping
6. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
External Benchmarks
Corporate strategy
Inferential Statistic
7. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Operations
Short term Objectives
Directing
Long term Objectives
8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Agency
Porters Competitive Strategies
Internal Benchmarks
Merger and Acquisition Process
9. It uses data already gathered by others and reported in various sources.
Inferential Statistic
Strategic business unit
Primary Research
Secondary Research
10. Cost savings accomplished by operating combined companies more efficiently.
Economizing
Spin-off
Agency
Strategies at three levels
11. They are used to condense and summarize large quantities of data for quick understanding.
key to success in strategic planning
Descriptive Statistic
Conglomerate
Planning
12. The underlying principles that guide an organization's strategy
Core Values
to maximize profits
Strategy Implementation
Takeover
13. 1 Introduction 2 Growth 3 Maturity 4 Decline
CLO
Business Life Cycle Phases
Spin-off
key to success in strategic planning
14. 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.
Ethics
Parts of Business Case
Descriptive Statistic
Takeover
15. Sell more in existing markets - or enter new markets
to obtain profit growth
international strategy
Primary Research
Strategic capability
16. Ability to broaden a product line or a customer base achieved through an acquisition.
Strategies at three levels
low-cost strategy
Scope
Planning
17. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Critical success factors
Merger and Acquisition Process
Action Plan
Technological Factors
18. 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.
Business strategy
to obtain profit growth
Technological Factors
Purpose of benchmarks
19. 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
Environmental scanning
Decline
Planning
Blue ocean Strategy
20. Information systems with a charter to achieve competitive superiority.
generic benchmarking
Strategic Information Systems
Business Case
Directing
21. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Business strategy
top-down
SPAC
Primary Research
22. 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
to obtain profit growth
Spin-off
Holding company
Emergent Strategy
23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Organization Structure
Demographic Factors
key to success in strategic planning
Ethical Behavior
24. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Merger and Acquisition Process
Long term Objectives
Strategic Information Systems
Strategy Implementation
25. 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
type of responsibilities of a business
Inferential Statistic
mentality of MNC
Business model
26. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Action Plan
Holding company
Long term Objectives
Organization Structure
27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
to obtain profit growth
Ethics
Operational fit
Organization Structure
28. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Vertical diversification
key to success in strategic planning
Business Case
Organizing
29. 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.
Unrelated diversification
Directing
Emergent Strategy
Related diversification
30. 1. R&D 2. production 3. marketing and sales 4. customer service
Off shoring
type of responsibilities of a business
primary activities of a business
Resources leverage
31. 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.
Methodologies Of Operations
Outsourcing
Market development
Cross-sector diversification
32. Specific - Measurable - Attainable - Realistic - Timely
Agency
SMART Goals
Cost Leadership
Marketing Mix
33. 1 Cost Leadership 2 Differentiation 3 Focus
type of responsibilities of a business
Market fit
Porters Competitive Strategies
Dominant business
34. A strategy by which an organisation offers existing products to new markets.
Holding company
international strategy
Operations
Market development
35. 1 Balance Scorecard
Performance Measures
Methodologies Of Operations
Primary Research
Controlling
36. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
STEEP
Spin-off
to maximize profits
37. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Organizing
Strategic business unit (SBU)
Internal Benchmarks
Technological Factors
38. Comparing a the firms operations with a direct competitor
benefits of competitor intelligence
Strategic business unit
external benchmarking
Business Case
39. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Due Diligence
External Benchmarks
Ethical Behavior
Internal Benchmarks
40. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Strategic Planning Phase
Primary Research
Business Case
Management fit
41. 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
Holding company
Strategy Evaluation
Growth
Core competences
42. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Value Statement
Factors that affect external environment
Off shoring
Marketing Mix
43. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
SPAC
Organizing
Cost Leadership
mentality of MNC
44. 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
to maximize profits
key to success in strategic planning
top-down
Organizing
45. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Environmental Scanning
Private equity firm
Business model
Financial Measures
46. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Technological Factors
Corporate strategy
Strategies at three levels
Marketing Mix
47. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Primary Research
Strategies at three levels
Agency
Scenarios
48. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Strategic capability
Directing
Quantitative Analysis
Market development
49. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Core competences
Spin-off
Decline
generic benchmarking
50. 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
Market development
Environmental scanning
Business strategy
Marketing Mix