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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. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Descriptive Statistic
Action Plan
Value chain
international strategy
2. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Descriptive Statistic
Private equity firm
Strategy Implementation
3. 1 Vision and mission 2 Value Statement
Secondary Research
benefits of competitor intelligence
Strategy Formulation
Vertical diversification
4. It uses data already gathered by others and reported in various sources.
Secondary Research
Business Case
primary activities of a business
functional benchmarking
5. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Strategic business unit
Off shoring
Strategic Planning Phase
Ethics
6. 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
Technological Factors
Holding company
type of responsibilities of a business
STEEP
7. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Strategy Development
Balanced scorecards
Business Case
8. Quality of information and interpretation of it
Economizing
key to success in strategic planning
Scenarios
mentality of a MNC manager
9. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Mid term Objectives
Factors that affect external environment
Business Life Cycle Phases
Planning
10. 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
Market Penetrati
Strategic method
Organizing
Growth
11. 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
Agency
Merger and Acquisition Process
Maturity
Emergent Strategy
12. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Quantitative Analysis
Operations
Merger and Acquisition Process
mentality of a MNC manager
13. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Secondary Research
To achieve competitive advantage and superior profitability
Critical success factors
Blue ocean Strategy
14. 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.
Operational fit
Strategic Planning
Operations
Junk bond
15. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Business Case
Technological Factors
Management Functions
skills businesses need to create competitive advantage
16. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
Mission Statement
Leveraged buyout (LBO)
Parts of Business Case
17. They are used to condense and summarize large quantities of data for quick understanding.
Primary Research
Generational Difference
Descriptive Statistic
PESTEL
18. 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
Decline
Downscoping
Introduction
Extended Organization
19. Identifies stakeholder expectations and power and helps in understanding political priorities.
Cultural web
Stakeholder mapping
Growth
types of competitive strategies for international businesses
20. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Private equity firm
Organizing
skills businesses need to create competitive advantage
Strategic Groups
21. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Employment Factors
Off shoring
Controlling
22. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Leveraged buyout (LBO)
Downscoping
Strategic method
Economic Factors
23. Comparing similar functional firms in your industry
top-down
Market fit
functional benchmarking
key to success in strategic planning
24. 1 Introduction 2 Growth 3 Maturity 4 Decline
bottom-up
Value chain
Horizontal diversification
Business Life Cycle Phases
25. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Operational fit
Quantitative Analysis
Cultural web
PESTEL
26. Cost savings accomplished by operating combined companies more efficiently.
Descriptive Statistic
Operations
Economizing
Strategic method
27. 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
Scenarios
Directing
Code of Ethics
Cost Leadership
28. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Strategic Planning
Environmental scanning
Inferential Statistic
29. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Ethical Behavior
Introduction
Downscoping
30. Ability to broaden a product line or a customer base achieved through an acquisition.
Primary Research
Systematic risk
Scope
Cross-sector diversification
31. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Market development
Mid term Objectives
Short term Objectives
SPAC
32. They are often based on industry best practice.
Economic Factors
External Benchmarks
STEEP
Core Values
33. The categories of activities within and around an organization which together create a product or service.
Focus
Value chain
Business Life Cycle Phases
Market fit
34. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
mentality of a MNC manager
Strategic business unit
Demographic Factors
low-cost strategy
35. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Inferential Statistic
STEEP
mentality of MNC
36. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Strategy Formulation
Strategic method
Emergent Strategy
Parts of Business Case
37. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Five Forces
Performance Measures
internal benchmarking
38. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Leveraged buyout (LBO)
Strategic method
To achieve competitive advantage and superior profitability
Scope
39. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Strategy Development
PESTEL
Secondary Research
bottom-up
40. Ensure that organization's strategy and operations are consistent with each other
Strategy Implementation
CLO
differentiation
To achieve competitive advantage and superior profitability
41. 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
Technological Factors
Unsystematic risk
Spin-off
Resources leverage
42. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Inferential Statistic
Diversification
Resources
Conglomerate
43. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Planning
Business Case
common practices when analyzing your competition
44. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Unsystematic risk
Code of Ethics
Blue ocean Strategy
Spin-off
45. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Environmental Scanning
value creating operations in the value chain of operation
Corporate strategy
Balanced scorecards
46. 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.
Organizing
Value chain
Merger and Acquisition Process
Maturity
47. 1 Planning 2 Organizing 3 Directing 4 Controlling
Off shoring
Factors that affect external environment
Management Functions
Ethical Behavior
48. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
The law making Process
Horizontal diversification
generic benchmarking
Strategic Planning Phase
49. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Corporate strategy
Cost Leadership
Strategy Development
Primary Research
50. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Strategic Planning
Five Forces
Controlling