SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
To achieve competitive advantage and superior profitability
Spin-off
International Factors
Takeover
2. 1 Cost Leadership 2 Differentiation 3 Focus
Strategy Evaluation
differentiation
Management Functions
Porters Competitive Strategies
3. 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
Private equity firm
Organization Structure
Decline
4. The underlying principles that guide an organization's strategy
Dominant business
Decline
Core Values
Business Case
5. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Action Plan
Balanced scorecards
Core Values
Technological Factors
6. Comparing 1 operation in the firm with another
The law making Process
Critical success factors
Strategic method
internal benchmarking
7. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
PESTEL
Action Plan
Corporate strategy
Decline
8. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Due Diligence
Planning
Value chain
differentiation
9. Value - Exploit - Rare - Imitate - Substitute
Short term Objectives
value creating operations in the value chain of operation
Holding company
skills businesses need to create competitive advantage
10. Risk associated with a particular business.
Unsystematic risk
Business Case
efficiency frontier
Scenarios
11. A value creating strategy that creates more perceived value by primarily reducing costs
Marketing Mix
low-cost strategy
SWOT Analysis
Vision Statement
12. Identifies stakeholder expectations and power and helps in understanding political priorities.
Long term Objectives
Methodologies Of Operations
Market development
Stakeholder mapping
13. Comparing operations in totally unrelated industries
HR functions that can be outsourced
generic benchmarking
Strategy Formulation
Systematic risk
14. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Unsystematic risk
Directing
Secondary Research
Organization Structure
15. 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?
Strategic Planning
Emergent Strategy
Business model
Maturity
16. 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
Descriptive Statistic
Critical success factors
Ethical Behavior
Cost Leadership
17. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
functional benchmarking
Porters Competitive Strategies
Agency
Diversification
18. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Value chain
Unsystematic risk
Action Plan
Internal Benchmarks
19. Economic - legal resp. - ethical - and discretionary
Action Plan
type of responsibilities of a business
Introduction
Core competences
20. It involves data that is gathered firsthand for the specific evaluation being conduced.
Conglomerate
Value Statement
Marketing Mix
Primary Research
21. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Outsourcing
key to success in strategic planning
Generational Difference
Five Forces
22. The types of decisions made and direction created for a single business
Code of Ethics
Core competences
efficiency frontier
Business strategy
23. 1. R&D 2. production 3. marketing and sales 4. customer service
Mid term Objectives
Strategic Groups
primary activities of a business
The law making Process
24. 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
CLO
Five Forces
Growth
Quantitative Analysis
25. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Controlling
international strategy
Off shoring
26. A strategy by which an organization peruses new product offerings and new markets.
Diversification
SPAC
Strategic business unit
Purpose of benchmarks
27. 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
Business Case
Business strategy
Internal Benchmarks
28. 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
Takeover
Five Forces
Porters Competitive Strategies
Generational Difference
29. Sell more in existing markets - or enter new markets
internal benchmarking
Unsystematic risk
Blue ocean Strategy
to obtain profit growth
30. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Conglomerate
Downscoping
Strategy Implementation
Financial Measures
31. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Strategic business unit
to increase profitability
Market Penetrati
SWOT Analysis
32. 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.
Business model
Vision Statement
Related diversification
Strategic business unit (SBU)
33. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Organization Structure
Core Values
Merger and Acquisition Process
34. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Strategic capability
Value network
Conglomerate
Corporate social responsibility
35. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Strategies at three levels
Core competences
Parts of Business Case
Off shoring
36. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Growth
Demographic Factors
Leveraged buyout (LBO)
mentality of MNC
37. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Management fit
Economic Factors
to increase profitability
Descriptive Statistic
38. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Operations
Vision Statement
SPAC
Emergent Strategy
39. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
support activities of a business
Short term Objectives
Unsystematic risk
Strategy Development
40. 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
mentality of MNC
Ethics
low-cost strategy
to obtain profit growth
41. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Directing
Business model
Outsourcing
common practices when analyzing your competition
42. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
types of competitive strategies for international businesses
Operational fit
Horizontal diversification
Strategy Development
43. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Controlling
Corporate governance
Primary Research
Factors that affect external environment
44. Acquisition of a company that operates in the same industry using the same value chain.
Business strategy
Horizontal diversification
Strategic method
Corporate social responsibility
45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Strategic Groups
Core competences
key to success in strategic planning
46. When a corporation is able to combine similar primary value chain activities.
Operational fit
Business Life Cycle Phases
Management fit
Short term Objectives
47. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Mid term Objectives
Merger and Acquisition Process
Core Values
Strategic Groups
48. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
The law making Process
Organization Structure
Conglomerate
Balanced scorecards
49. Comparing similar functional firms in your industry
Management Functions
functional benchmarking
benefits of competitor intelligence
Blue ocean Strategy
50. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Operations
types of competitive strategies for international businesses
Emergent Strategy
Quantitative Analysis