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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. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
Business Case
Blue ocean Strategy
STEEP
2. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Focus
mentality of MNC
Quantitative Analysis
Strategy Formulation
3. A strategy by which an organization takes increased share of its existing markets with its existing product range.
bottom-up
Market Penetrati
International Factors
Porters Competitive Strategies
4. 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
Strategic Planning Phase
HR functions that can be outsourced
CLO
5. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Differentiation
Controlling
Market fit
6. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Value network
Secondary Research
To achieve competitive advantage and superior profitability
7. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl
Business model
key to success in strategic planning
Business Life Cycle Phases
bottom-up
8. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
value creating operations in the value chain of operation
Due Diligence
to obtain profit growth
Parts of Business Case
9. 1 Cost Leadership 2 Differentiation 3 Focus
Management Functions
Porters Competitive Strategies
Strategic Groups
Resources leverage
10. 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.
Business model
Unrelated diversification
Demographic Factors
Inferential Statistic
11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
efficiency frontier
Porters Competitive Strategies
primary activities of a business
12. 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
Stakeholders
Related diversification
Decline
STEEP
13. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Methodologies Of Operations
bottom-up
primary activities of a business
Controlling
14. When a corporation is able to combine similar primary value chain activities.
Strategy Development
Cost Leadership
Operational fit
Strategic method
15. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Short term Objectives
Strategic Planning
International Factors
16. They are often based on industry best practice.
Cross-sector diversification
Ethical Behavior
External Benchmarks
Market development
17. 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
Strategic Groups
Performance Measures
Business Case
Short term Objectives
18. A company in which 70-95% of revenue comes from a single business
Strategic method
Operational fit
Dominant business
to obtain profit growth
19. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategic Planning
Organization Structure
Demographic Factors
Market fit
20. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
External Benchmarks
Introduction
key to success in strategic planning
benefits of competitor intelligence
21. The underlying principles that guide an organization's strategy
Ethical Behavior
Core Values
Emergent Strategy
Private equity firm
22. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Financial Measures
external benchmarking
Inferential Statistic
23. 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
Long term Objectives
Emergent Strategy
Internal Benchmarks
24. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Marketing Mix
Strategic capability
Strategic Planning
25. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Internal Benchmarks
Merger and Acquisition Process
Corporate social responsibility
Employment Factors
26. Risk associated with a particular business.
Unsystematic risk
Market fit
Corporate social responsibility
to obtain profit growth
27. 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 development
common practices when analyzing your competition
To achieve competitive advantage and superior profitability
Vision Statement
28. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Off shoring
Descriptive Statistic
Resources
CLO
29. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
External Benchmarks
Holding company
Descriptive Statistic
Cultural web
30. 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
Value chain
Junk bond
Outsourcing
Planning
31. 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
Introduction
Organizing
Strategic capability
Strategy Evaluation
32. 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.
PESTEL
Core competences
functional benchmarking
to obtain profit growth
33. 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
Holding company
mentality of a MNC manager
Demographic Factors
Five Forces
34. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Five Forces
SMART Goals
Market Penetrati
35. Specific - Measurable - Attainable - Realistic - Timely
Strategies at three levels
SMART Goals
Primary Research
Management Functions
36. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.
Mission Statement
support activities of a business
Core competences
Differentiation
37. Is the means by which a strategy can be pursued.
generic benchmarking
Stakeholder mapping
Strategic Groups
Strategic method
38. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
support activities of a business
internal benchmarking
Technological Factors
Employment Factors
39. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Dominant business
Market fit
Factors that affect external environment
40. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Blue ocean Strategy
Market fit
Ethics
SWOT Analysis
41. The resources and competences of an organization needed for it to survive and prosper.
Strategic capability
functional benchmarking
Action Plan
international strategy
42. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
international strategy
Leveraged buyout (LBO)
Controlling
International Factors
43. 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
STEEP
common practices when analyzing your competition
Cost Leadership
Cross-sector diversification
44. Describes the structure of product - service - and information flows and the role of participating parties.
Dominant business
Business Case
Performance Measures
Business model
45. It involves data that is gathered firsthand for the specific evaluation being conduced.
Differentiation
Primary Research
Strategic business unit
Factors that affect external environment
46. 1 Balance Scorecard
Strategies at three levels
Primary Research
Performance Measures
benefits of competitor intelligence
47. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
To achieve competitive advantage and superior profitability
Management Functions
Off shoring
48. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Inferential Statistic
Methodologies Of Operations
primary activities of a business
HR functions that can be outsourced
49. 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.
Focus
SMART Goals
international strategy
Private equity firm
50. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Primary Research
HR functions that can be outsourced
Off shoring
Strategy Formulation