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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
Generational Difference
Quantitative Analysis
Junk bond
Ethics
2. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
to obtain profit growth
common practices when analyzing your competition
Operational fit
Business Case
3. A value creating strategy that creates more perceived value by primarily reducing costs
efficiency frontier
low-cost strategy
PESTEL
CLO
4. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit
Organization Structure
Five Forces
Secondary Research
Economizing
5. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Stakeholders
mentality of a MNC manager
top-down
Corporate governance
6. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Focus
Stakeholder mapping
Strategic Planning Phase
7. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
International Factors
Strategic Planning Phase
SPAC
8. 1 Financial 2 Human 3 Physical 4 Technological
external benchmarking
Resources
Demographic Factors
Financial Measures
9. 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
Operational fit
Cultural web
Off shoring
Business strategy
10. 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
Decline
Horizontal diversification
Extended Organization
Short term Objectives
11. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Vertical diversification
Core Values
Descriptive Statistic
Internal Benchmarks
12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Organization Structure
Strategy Development
Business model
Off shoring
13. 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
Strategy Evaluation
Primary Research
Purpose of benchmarks
Scenarios
14. 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
Mid term Objectives
Introduction
Mission Statement
Conglomerate
15. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Strategy Formulation
common practices when analyzing your competition
Secondary Research
Financial Measures
16. 1 Planning 2 Organizing 3 Directing 4 Controlling
Organization Structure
STEEP
Management Functions
CLO
17. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Scenarios
Descriptive Statistic
Stakeholder mapping
Private equity firm
18. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Strategy Implementation
Operations
Vision Statement
External Benchmarks
19. 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
Off shoring
Unrelated diversification
Business Case
Value chain
20. Sell more in existing markets - or enter new markets
STEEP
to obtain profit growth
HR functions that can be outsourced
Core Values
21. Cut costs - add value - or increase prices
to increase profitability
Demographic Factors
Focus
Strategic Groups
22. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
to maximize profits
Mid term Objectives
Directing
to increase profitability
23. 1 Balance Scorecard
Strategy Development
Value chain
Core competences
Performance Measures
24. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi
to increase profitability
Corporate social responsibility
Maturity
Internal Benchmarks
25. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
to maximize profits
Due Diligence
Quantitative Analysis
Dominant business
26. Is the set of internationalization links and relationships that are necessary to create a product or service.
Business model
Action Plan
Due Diligence
Value network
27. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Junk bond
Value Statement
support activities of a business
28. 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.
Cross-sector diversification
Code of Ethics
Decline
Unrelated diversification
29. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Demographic Factors
Strategic business unit
Differentiation
Leveraged buyout (LBO)
30. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Planning
Porters Competitive Strategies
bottom-up
Factors that affect external environment
31. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Environmental Scanning
Growth
Vision Statement
32. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Value network
Corporate social responsibility
Generational Difference
type of responsibilities of a business
33. 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?
Primary Research
Stakeholder mapping
Market fit
Strategic Planning
34. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
generic benchmarking
Vision Statement
Market Penetrati
Descriptive Statistic
35. The resources and competences of an organization needed for it to survive and prosper.
Market Penetrati
Unrelated diversification
Strategic capability
Dominant business
36. 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
Spin-off
Cross-sector diversification
top-down
Descriptive Statistic
37. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
type of responsibilities of a business
Off shoring
Market development
Organization Structure
38. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Corporate social responsibility
Market development
Merger and Acquisition Process
Conglomerate
39. 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
Scenarios
Financial Measures
Emergent Strategy
Takeover
40. It is a system of moral principles and values that establish appropriate conduct.
Business Case
Ethics
Stakeholder mapping
Agency
41. 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
international strategy
Extended Organization
Descriptive Statistic
Strategic Information Systems
42. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Junk bond
Value Statement
Environmental scanning
Holding company
43. 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.
Blue ocean Strategy
Leveraged buyout (LBO)
Takeover
top-down
44. Economic - legal resp. - ethical - and discretionary
Stakeholders
Directing
international strategy
type of responsibilities of a business
45. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.
Systematic risk
SMART Goals
Business Case
Differentiation
46. Risk associated with macro-economic forces.
Spin-off
Cultural web
Mission Statement
Systematic risk
47. 1 Vision and mission 2 Value Statement
to obtain profit growth
efficiency frontier
Strategy Formulation
Organizing
48. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Secondary Research
Critical success factors
Outsourcing
Purpose of benchmarks
49. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Performance Measures
Management fit
SWOT Analysis
50. When a corporation is able to combine similar primary value chain activities.
Operational fit
Environmental Scanning
Directing
Strategic Planning Phase