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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. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Scope
Leveraged buyout (LBO)
Corporate social responsibility
Quantitative Analysis
2. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Code of Ethics
Core competences
Employment Factors
Strategy Formulation
3. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
top-down
Business Case
Quantitative Analysis
4. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Vision Statement
value creating operations in the value chain of operation
Maturity
mentality of MNC
5. Cost savings accomplished by operating combined companies more efficiently.
Economizing
Action Plan
top-down
Descriptive Statistic
6. The types of decisions made and direction created for a single business
Descriptive Statistic
Business strategy
Off shoring
Vertical diversification
7. 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
Vertical diversification
Strategy Formulation
Emergent Strategy
Market fit
8. 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
Unsystematic risk
Off shoring
Strategy Formulation
9. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Operations
Strategy Formulation
Corporate governance
Action Plan
10. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Technological Factors
Private equity firm
generic benchmarking
11. Sell more in existing markets - or enter new markets
Controlling
to obtain profit growth
Private equity firm
Organizing
12. 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.
Resources
STEEP
Mission Statement
Takeover
13. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
to obtain profit growth
International Factors
Strategic Information Systems
Primary Research
14. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Long term Objectives
Off shoring
Market development
15. 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
Controlling
Business Case
Core competences
Mission Statement
16. 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
Cross-sector diversification
Critical success factors
value creating operations in the value chain of operation
Introduction
17. primary activities and support activities
Corporate social responsibility
value creating operations in the value chain of operation
To achieve competitive advantage and superior profitability
PESTEL
18. Describes the structure of product - service - and information flows and the role of participating parties.
Strategy Evaluation
Business model
SPAC
Strategic business unit (SBU)
19. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Descriptive Statistic
Holding company
Market fit
Systematic risk
20. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"
CLO
PESTEL
Growth
Value Statement
21. Comparing similar functional firms in your industry
Strategic business unit
Horizontal diversification
Business strategy
functional benchmarking
22. 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.
benefits of competitor intelligence
Blue ocean Strategy
Strategic capability
Extended Organization
23. Information systems with a charter to achieve competitive superiority.
Core Values
HR functions that can be outsourced
Strategic Information Systems
Mission Statement
24. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Private equity firm
Corporate strategy
differentiation
Marketing Mix
25. 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)
Management Functions
Environmental Scanning
Secondary Research
Strategy Evaluation
26. 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.
Quantitative Analysis
generic benchmarking
Purpose of benchmarks
SPAC
27. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Performance Measures
top-down
Primary Research
Controlling
28. 1 Vision and mission 2 Value Statement
Strategy Formulation
Secondary Research
Critical success factors
to increase profitability
29. A company in which 70-95% of revenue comes from a single business
Internal Benchmarks
Dominant business
Strategy Formulation
external benchmarking
30. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Introduction
Organization Structure
Extended Organization
Short term Objectives
31. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Off shoring
Internal Benchmarks
Decline
32. 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
low-cost strategy
Business strategy
Decline
CLO
33. 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.
external benchmarking
Off shoring
Employment Factors
Downscoping
34. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
low-cost strategy
Strategies at three levels
Value Statement
to increase profitability
35. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
efficiency frontier
External Benchmarks
Core Values
Generational Difference
36. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Parts of Business Case
PESTEL
value creating operations in the value chain of operation
external benchmarking
37. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Dominant business
low-cost strategy
Conglomerate
Private equity firm
38. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Strategic capability
Strategic Groups
Corporate social responsibility
Strategy Formulation
39. A strategy by which an organization peruses new product offerings and new markets.
Operational fit
Five Forces
Diversification
Horizontal diversification
40. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Value Statement
Organizing
Leveraged buyout (LBO)
41. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Strategies at three levels
STEEP
Stakeholders
42. 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
Business Life Cycle Phases
Internal Benchmarks
Spin-off
Methodologies Of Operations
43. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market
Business strategy
international strategy
functional benchmarking
common practices when analyzing your competition
44. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
PESTEL
Code of Ethics
value creating operations in the value chain of operation
45. Risk associated with a particular business.
Corporate social responsibility
Corporate strategy
Unsystematic risk
Off shoring
46. 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)
Mid term Objectives
Balanced scorecards
Corporate governance
47. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Unrelated diversification
Market Penetrati
Primary Research
Long term Objectives
48. When a corporation is able to combine similar primary value chain activities.
SPAC
Strategic Planning
Scenarios
Operational fit
49. Cut costs - add value - or increase prices
to increase profitability
Leveraged buyout (LBO)
Strategic business management
Organizing
50. Value - Exploit - Rare - Imitate - Substitute
Agency
Emergent Strategy
Horizontal diversification
skills businesses need to create competitive advantage