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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. They are often based on industry best practice.
Economic Factors
External Benchmarks
to maximize profits
Off shoring
2. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
Takeover
Management Functions
Balanced scorecards
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.
Five Forces
Core Values
Blue ocean Strategy
top-down
4. 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
mentality of a MNC manager
STEEP
Strategic method
Off shoring
5. The categories of activities within and around an organization which together create a product or service.
Value chain
Porters Competitive Strategies
to maximize profits
Descriptive Statistic
6. Economic - legal resp. - ethical - and discretionary
Systematic risk
type of responsibilities of a business
Due Diligence
Vision Statement
7. It is a system of moral principles and values that establish appropriate conduct.
Ethics
International Factors
Controlling
Outsourcing
8. 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
Technological Factors
Market Penetrati
Business Life Cycle Phases
mentality of MNC
9. 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.
Off shoring
Scenarios
Porters Competitive Strategies
Corporate governance
10. Cost savings accomplished by operating combined companies more efficiently.
Vertical diversification
Economizing
Code of Ethics
Value network
11. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
To achieve competitive advantage and superior profitability
Demographic Factors
Market fit
Secondary Research
12. 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
Descriptive Statistic
to maximize profits
Secondary Research
13. 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.
common practices when analyzing your competition
generic benchmarking
Resources
Purpose of benchmarks
14. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Organization Structure
Code of Ethics
support activities of a business
Unrelated diversification
15. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Strategic Planning
Differentiation
Maturity
Vertical diversification
16. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Purpose of benchmarks
Technological Factors
Off shoring
The law making Process
17. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Factors that affect external environment
Dominant business
Ethics
18. 1 Vision and mission 2 Value Statement
value creating operations in the value chain of operation
Due Diligence
Spin-off
Strategy Formulation
19. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
Short term Objectives
Strategies at three levels
Organization Structure
20. 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
internal benchmarking
Demographic Factors
bottom-up
HR functions that can be outsourced
21. Acquisition of a company in a different industry - but which employs a similar value chain.
Focus
Balanced scorecards
External Benchmarks
Cross-sector diversification
22. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Systematic risk
Scenarios
top-down
common practices when analyzing your competition
23. When a corporation is able to combine similar primary value chain activities.
Resources leverage
Market fit
primary activities of a business
Operational fit
24. 1. R&D 2. production 3. marketing and sales 4. customer service
Strategic Planning Phase
Business Case
Strategy Implementation
primary activities of a business
25. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
international strategy
Economic Factors
Spin-off
Quantitative Analysis
26. 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)
common practices when analyzing your competition
Cost Leadership
mentality of MNC
27. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Strategic Planning Phase
Corporate social responsibility
Economizing
Economic Factors
28. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Long term Objectives
Balanced scorecards
Strategy Evaluation
Stakeholders
29. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Core Values
Long term Objectives
Employment Factors
Leveraged buyout (LBO)
30. 1. multinational 2. global 3. transnational
To achieve competitive advantage and superior profitability
Growth
types of competitive strategies for international businesses
Ethical Behavior
31. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Directing
Economic Factors
Market Penetrati
Employment Factors
32. Ability to broaden a product line or a customer base achieved through an acquisition.
Business Case
Cultural web
STEEP
Scope
33. Is the set of internationalization links and relationships that are necessary to create a product or service.
Action Plan
Junk bond
Value network
Growth
34. 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.
bottom-up
Downscoping
External Benchmarks
Junk bond
35. 1 Balance Scorecard
Holding company
Performance Measures
SMART Goals
Descriptive Statistic
36. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Downscoping
Descriptive Statistic
Code of Ethics
Action Plan
37. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Corporate strategy
PESTEL
to increase profitability
Core competences
38. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Strategy Formulation
mentality of MNC
generic benchmarking
Conglomerate
39. 1 Introduction 2 Growth 3 Maturity 4 Decline
functional benchmarking
Business Case
Business Life Cycle Phases
Parts of Business Case
40. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
efficiency frontier
Code of Ethics
Scope
41. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Strategic capability
Primary Research
Secondary Research
SWOT Analysis
42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Business Case
Parts of Business Case
Holding company
CLO
43. 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.
Unsystematic risk
Takeover
functional benchmarking
Strategic Information Systems
44. 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
Long term Objectives
Management fit
Cost Leadership
key to success in strategic planning
45. 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.
Ethics
primary activities of a business
types of competitive strategies for international businesses
Core competences
46. 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.
to maximize profits
Outsourcing
Market development
to obtain profit growth
47. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Agency
Resources
Core competences
Demographic Factors
48. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Performance Measures
Critical success factors
Off shoring
Demographic Factors
49. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Off shoring
Strategic business unit (SBU)
Systematic risk
Market development
50. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
Environmental scanning
efficiency frontier
Scope