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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. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Resources
Secondary Research
primary activities of a business
Corporate social responsibility
2. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Five Forces
top-down
Spin-off
Internal Benchmarks
3. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Off shoring
Strategic capability
Vision Statement
Market Penetrati
4. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
International Factors
Junk bond
Corporate strategy
5. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Strategic Planning Phase
Unsystematic risk
Strategic capability
Economic Factors
6. 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
Controlling
Environmental Scanning
7. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Systematic risk
Stakeholders
Porters Competitive Strategies
8. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
SMART Goals
Descriptive Statistic
STEEP
Extended Organization
9. Quality of information and interpretation of it
Strategic business unit
key to success in strategic planning
Resources
Corporate strategy
10. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Off shoring
Emergent Strategy
Performance Measures
11. 1 Financial 2 Human 3 Physical 4 Technological
Extended Organization
Operational fit
Resources
Inferential Statistic
12. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Focus
Strategic business unit (SBU)
Dominant business
Value network
13. Cut costs - add value - or increase prices
Strategic method
to increase profitability
Five Forces
Strategic business unit (SBU)
14. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Cultural web
HR functions that can be outsourced
Strategic Planning
Code of Ethics
15. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Management Functions
functional benchmarking
benefits of competitor intelligence
Private equity firm
16. Comparing similar functional firms in your industry
external benchmarking
Strategic business unit (SBU)
Organization Structure
functional benchmarking
17. 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
Junk bond
Strategic business management
Planning
Critical success factors
18. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Strategic capability
Factors that affect external environment
Holding company
Organization Structure
19. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Operational fit
bottom-up
Strategic Planning Phase
Emergent Strategy
20. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Downscoping
Primary Research
Value chain
Corporate governance
21. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
key to success in strategic planning
Value chain
Critical success factors
Cultural web
22. A company in which 70-95% of revenue comes from a single business
Dominant business
Spin-off
generic benchmarking
Leveraged buyout (LBO)
23. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
primary activities of a business
Agency
Leveraged buyout (LBO)
Five Forces
24. It involves data that is gathered firsthand for the specific evaluation being conduced.
Financial Measures
Core Values
Primary Research
Operational fit
25. 1 Balance Scorecard
Planning
Performance Measures
SMART Goals
Vision Statement
26. The types of decisions made and direction created for a single business
Short term Objectives
Business strategy
Vertical diversification
Growth
27. The categories of activities within and around an organization which together create a product or service.
Value chain
Market development
Secondary Research
value creating operations in the value chain of operation
28. 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.
Organization Structure
skills businesses need to create competitive advantage
Off shoring
Market Penetrati
29. Risk associated with a particular business.
Value network
Horizontal diversification
Long term Objectives
Unsystematic risk
30. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
internal benchmarking
Operational fit
international strategy
Value Statement
31. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Mission Statement
Differentiation
support activities of a business
32. Describes the structure of product - service - and information flows and the role of participating parties.
Merger and Acquisition Process
Strategic method
Organizing
Business model
33. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Maturity
Ethical Behavior
top-down
Market fit
34. Risk associated with macro-economic forces.
Systematic risk
Resources leverage
SMART Goals
Cross-sector diversification
35. 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
to maximize profits
Inferential Statistic
Stakeholders
36. Processes and activities used to formulate HR objectives - practices - and policies.
Management fit
type of responsibilities of a business
Strategic business management
differentiation
37. 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
Strategic Information Systems
Technological Factors
Stakeholder mapping
Decline
38. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Conglomerate
SWOT Analysis
Resources
international strategy
39. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
benefits of competitor intelligence
Maturity
External Benchmarks
40. 1 Cost Leadership 2 Differentiation 3 Focus
Introduction
Porters Competitive Strategies
Vertical diversification
Business Case
41. 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
Economic Factors
Business Case
Dominant business
Related diversification
42. 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
Mission Statement
Market development
efficiency frontier
Business model
43. 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)
type of responsibilities of a business
Resources leverage
Environmental Scanning
44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organization Structure
The law making Process
CLO
key to success in strategic planning
45. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Value Statement
Environmental scanning
PESTEL
46. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Resources
common practices when analyzing your competition
Business Life Cycle Phases
benefits of competitor intelligence
47. primary activities and support activities
value creating operations in the value chain of operation
PESTEL
Differentiation
Mission Statement
48. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
SPAC
Purpose of benchmarks
Short term Objectives
Business strategy
49. It uses data already gathered by others and reported in various sources.
Agency
Purpose of benchmarks
Strategy Development
Secondary Research
50. 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
The law making Process
Parts of Business Case
Short term Objectives
Growth