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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. Acquisition of a company in a different industry - but which employs a similar value chain.
Directing
Cross-sector diversification
primary activities of a business
Controlling
2. 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
Takeover
to obtain profit growth
STEEP
Maturity
3. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Maturity
Agency
PESTEL
benefits of competitor intelligence
4. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
International Factors
Parts of Business Case
Mid term Objectives
STEEP
5. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
international strategy
Mid term Objectives
Merger and Acquisition Process
External Benchmarks
6. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Management fit
value creating operations in the value chain of operation
internal benchmarking
7. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Value chain
Technological Factors
Corporate governance
Financial Measures
8. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
primary activities of a business
Vision Statement
Agency
Business Case
9. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Economic Factors
Resources
Corporate social responsibility
10. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
mentality of MNC
Introduction
Porters Competitive Strategies
Corporate social responsibility
11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Merger and Acquisition Process
skills businesses need to create competitive advantage
Methodologies Of Operations
Factors that affect external environment
12. A strategy by which an organisation offers existing products to new markets.
External Benchmarks
Market development
Strategic business management
Code of Ethics
13. 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
Parts of Business Case
Strategy Development
14. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Operational fit
top-down
Parts of Business Case
type of responsibilities of a business
15. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
efficiency frontier
Financial Measures
PESTEL
Critical success factors
16. 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.
Off shoring
Downscoping
Resources
Ethics
17. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
STEEP
Operational fit
Secondary Research
Vertical diversification
18. 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"
internal benchmarking
Secondary Research
Vision Statement
CLO
19. 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.
Junk bond
Organization Structure
Descriptive Statistic
Outsourcing
20. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Conglomerate
Long term Objectives
Strategy Formulation
21. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
to increase profitability
Management fit
Corporate social responsibility
Conglomerate
22. They are often based on industry best practice.
External Benchmarks
Methodologies Of Operations
Inferential Statistic
generic benchmarking
23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategy Implementation
generic benchmarking
Demographic Factors
Strategic Information Systems
24. A strategy by which an organization peruses new product offerings and new markets.
Economic Factors
Primary Research
Organizing
Diversification
25. Is the set of internationalization links and relationships that are necessary to create a product or service.
Due Diligence
Stakeholder mapping
Internal Benchmarks
Value network
26. 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
Maturity
Marketing Mix
Dominant business
Cost Leadership
27. 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.
Leveraged buyout (LBO)
top-down
Related diversification
Operations
28. 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.
Inferential Statistic
Management Functions
Operations
skills businesses need to create competitive advantage
29. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Organizing
Marketing Mix
Short term Objectives
Controlling
30. 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
Agency
Business Case
Holding company
Unrelated diversification
31. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
types of competitive strategies for international businesses
Systematic risk
Environmental Scanning
32. The resources and competences of an organization needed for it to survive and prosper.
top-down
Strategic capability
Related diversification
Management Functions
33. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Information Systems
common practices when analyzing your competition
Strategic Groups
external benchmarking
34. 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
type of responsibilities of a business
Marketing Mix
Financial Measures
Mission Statement
35. A company in which 70-95% of revenue comes from a single business
Emergent Strategy
Strategic business management
Dominant business
Secondary Research
36. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
to increase profitability
Resources leverage
Extended Organization
Operational fit
37. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Factors that affect external environment
support activities of a business
key to success in strategic planning
38. 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
Descriptive Statistic
Junk bond
Downscoping
Marketing Mix
39. 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.
Unrelated diversification
Leveraged buyout (LBO)
Organization Structure
Ethics
40. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Related diversification
Extended Organization
Corporate strategy
Environmental scanning
41. Quality of information and interpretation of it
key to success in strategic planning
Business Case
Vertical diversification
to obtain profit growth
42. 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 leverage
Takeover
To achieve competitive advantage and superior profitability
Descriptive Statistic
43. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Business Life Cycle Phases
primary activities of a business
differentiation
Conglomerate
44. 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
Scope
Ethical Behavior
PESTEL
international strategy
45. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Due Diligence
to maximize profits
Internal Benchmarks
Directing
46. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Business strategy
Strategic business unit
top-down
Factors that affect external environment
47. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
Resources
Business Life Cycle Phases
value creating operations in the value chain of operation
48. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Value network
Mission Statement
Vertical diversification
49. 1 Cost Leadership 2 Differentiation 3 Focus
Market fit
Porters Competitive Strategies
Management Functions
Takeover
50. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Methodologies Of Operations
Economic Factors
functional benchmarking