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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 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?
Resources
Strategic Planning
Merger and Acquisition Process
Junk bond
2. Sell more in existing markets - or enter new markets
Conglomerate
SPAC
Spin-off
to obtain profit growth
3. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Merger and Acquisition Process
Horizontal diversification
Parts of Business Case
4. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Blue ocean Strategy
Off shoring
Organizing
5. 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.
SWOT Analysis
Off shoring
Focus
Scenarios
6. 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
SWOT Analysis
key to success in strategic planning
Technological Factors
mentality of MNC
7. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Strategic Planning
Due Diligence
Resources leverage
value creating operations in the value chain of operation
8. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic method
Strategic Planning Phase
Focus
Marketing Mix
9. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Porters Competitive Strategies
Resources
Vision Statement
Performance Measures
10. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Demographic Factors
Strategies at three levels
Business Case
Resources
11. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Spin-off
To achieve competitive advantage and superior profitability
Operations
Internal Benchmarks
12. Is the means by which a strategy can be pursued.
Economizing
Strategic method
Strategic Groups
internal benchmarking
13. 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.
Porters Competitive Strategies
Blue ocean Strategy
Core Values
Value chain
14. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Market development
Extended Organization
Factors that affect external environment
Marketing Mix
15. 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.
functional benchmarking
Strategic business unit
Purpose of benchmarks
Core Values
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
Introduction
Internal Benchmarks
Controlling
functional benchmarking
17. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Holding company
Business strategy
mentality of a MNC manager
to obtain profit growth
18. 1 Population 2 Sample 3 Normal Distribution
Organization Structure
Core competences
Inferential Statistic
top-down
19. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Introduction
common practices when analyzing your competition
Growth
Descriptive Statistic
20. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Related diversification
Management Functions
Five Forces
Management fit
21. 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.
Resources leverage
Value chain
Off shoring
Strategy Implementation
22. 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)
generic benchmarking
Factors that affect external environment
efficiency frontier
CLO
23. 1. multinational 2. global 3. transnational
Directing
international strategy
Core competences
types of competitive strategies for international businesses
24. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Secondary Research
Five Forces
STEEP
25. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Operational fit
internal benchmarking
Conglomerate
Market Penetrati
26. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company
internal benchmarking
Organizing
benefits of competitor intelligence
Mission Statement
27. Risk associated with a particular business.
Environmental scanning
Unsystematic risk
Downscoping
STEEP
28. 1 Planning 2 Organizing 3 Directing 4 Controlling
to maximize profits
External Benchmarks
Management Functions
Secondary Research
29. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Focus
Marketing Mix
International Factors
differentiation
30. Describes the structure of product - service - and information flows and the role of participating parties.
Off shoring
Business model
Economic Factors
Maturity
31. 1 Cost Leadership 2 Differentiation 3 Focus
Descriptive Statistic
Dominant business
Porters Competitive Strategies
Economic Factors
32. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Horizontal diversification
Employment Factors
Management fit
Related diversification
33. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
types of competitive strategies for international businesses
Strategic business unit (SBU)
Conglomerate
Extended Organization
34. 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
The law making Process
STEEP
Performance Measures
Strategic Planning
35. When a corporation is able to combine similar primary value chain activities.
type of responsibilities of a business
Cost Leadership
Focus
Operational fit
36. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Horizontal diversification
Critical success factors
Technological Factors
37. 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.
Downscoping
Core competences
value creating operations in the value chain of operation
Strategy Formulation
38. 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
Vision Statement
Primary Research
Cultural web
Mission Statement
39. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Balanced scorecards
Marketing Mix
Planning
Cross-sector diversification
40. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Cost Leadership
Organization Structure
Management fit
41. 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.
Parts of Business Case
support activities of a business
Operations
Factors that affect external environment
42. They are often based on industry best practice.
To achieve competitive advantage and superior profitability
External Benchmarks
Inferential Statistic
type of responsibilities of a business
43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Organization Structure
Strategic business management
Primary Research
External Benchmarks
44. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Mid term Objectives
Corporate strategy
Due Diligence
Operations
45. 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
Off shoring
Core competences
value creating operations in the value chain of operation
46. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Mission Statement
Strategy Development
to obtain profit growth
Resources leverage
47. 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.
Marketing Mix
Growth
Differentiation
Unrelated diversification
48. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
External Benchmarks
Five Forces
Corporate strategy
49. 1 Vision and mission 2 Value Statement
Conglomerate
Parts of Business Case
Private equity firm
Strategy Formulation
50. 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. )
Blue ocean Strategy
PESTEL
Balanced scorecards
Environmental Scanning