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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. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
low-cost strategy
Business Life Cycle Phases
Market fit
Operational fit
2. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
common practices when analyzing your competition
Organization Structure
bottom-up
Marketing Mix
3. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Core competences
STEEP
key to success in strategic planning
Code of Ethics
4. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Vertical diversification
Technological Factors
External Benchmarks
Agency
5. 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
Strategic capability
Due Diligence
Junk bond
Scenarios
6. A strategy by which an organisation offers existing products to new markets.
Strategic business unit (SBU)
Strategic Groups
Descriptive Statistic
Market development
7. 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
bottom-up
Operational fit
Introduction
type of responsibilities of a business
8. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Resources leverage
mentality of MNC
Core competences
Internal Benchmarks
9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Descriptive Statistic
Strategy Implementation
Market Penetrati
Leveraged buyout (LBO)
10. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
bottom-up
Internal Benchmarks
Market fit
Cost Leadership
11. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
international strategy
Strategic business unit
mentality of MNC
12. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Conglomerate
Demographic Factors
Management fit
Outsourcing
13. 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
efficiency frontier
Private equity firm
Junk bond
external benchmarking
14. The resources and competences of an organization needed for it to survive and prosper.
Strategic business unit (SBU)
primary activities of a business
Market development
Strategic capability
15. 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.
Growth
Purpose of benchmarks
Strategies at three levels
Differentiation
16. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
Ethical Behavior
To achieve competitive advantage and superior profitability
Conglomerate
17. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl
STEEP
Operational fit
Strategy Implementation
bottom-up
18. 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
Strategic business unit
Corporate social responsibility
Critical success factors
19. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Maturity
Strategic business unit (SBU)
The law making Process
Growth
20. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Value chain
Market development
Private equity firm
Strategy Formulation
21. Comparing 1 operation in the firm with another
internal benchmarking
Mid term Objectives
Operations
Strategies at three levels
22. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
value creating operations in the value chain of operation
benefits of competitor intelligence
Emergent Strategy
Factors that affect external environment
23. Risk associated with macro-economic forces.
Strategy Implementation
Stakeholders
Systematic risk
External Benchmarks
24. Quality of information and interpretation of it
Off shoring
International Factors
Strategy Evaluation
key to success in strategic planning
25. 1. information systems 2. logistics 3. HR
Business model
functional benchmarking
support activities of a business
Business strategy
26. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Unsystematic risk
Descriptive Statistic
Strategy Implementation
Off shoring
27. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
Critical success factors
Business model
Takeover
28. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Cultural web
Business Life Cycle Phases
Value Statement
Agency
29. The underlying principles that guide an organization's strategy
Core Values
Descriptive Statistic
Action Plan
Corporate governance
30. A company in which 70-95% of revenue comes from a single business
Dominant business
Takeover
Strategic method
Extended Organization
31. 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.
low-cost strategy
Controlling
Purpose of benchmarks
Secondary Research
32. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Resources leverage
Controlling
Secondary Research
Economic Factors
33. 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
Market fit
Systematic risk
Core Values
34. 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
Value chain
Off shoring
skills businesses need to create competitive advantage
35. 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
Five Forces
Scenarios
key to success in strategic planning
Quantitative Analysis
36. 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
Balanced scorecards
Horizontal diversification
mentality of MNC
Code of Ethics
37. Acquisition of a company in a different industry - but which employs a similar value chain.
The law making Process
Cross-sector diversification
Introduction
key to success in strategic planning
38. 1 Vision and mission 2 Value Statement
Systematic risk
Demographic Factors
Downscoping
Strategy Formulation
39. It involves data that is gathered firsthand for the specific evaluation being conduced.
Focus
Diversification
Primary Research
benefits of competitor intelligence
40. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Strategic business unit (SBU)
To achieve competitive advantage and superior profitability
Action Plan
41. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
Cultural web
Junk bond
Decline
42. Comparing a the firms operations with a direct competitor
external benchmarking
Performance Measures
Marketing Mix
Market development
43. Acquisition of a company that operates in the same industry using the same value chain.
Directing
Horizontal diversification
Internal Benchmarks
Performance Measures
44. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Operations
Extended Organization
Maturity
Purpose of benchmarks
45. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Inferential Statistic
Strategies at three levels
SWOT Analysis
Strategic business unit
46. 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)
Economic Factors
Secondary Research
Inferential Statistic
Systematic risk
47. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
internal benchmarking
The law making Process
Strategic Planning Phase
Marketing Mix
48. 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
STEEP
Introduction
to maximize profits
Organization Structure
49. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Off shoring
Ethical Behavior
Leveraged buyout (LBO)
Mid term Objectives
50. primary activities and support activities
Inferential Statistic
The law making Process
value creating operations in the value chain of operation
Conglomerate