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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. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Stakeholders
Marketing Mix
Employment Factors
2. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Corporate strategy
low-cost strategy
Strategic business unit
Introduction
3. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
SMART Goals
Resources
Economic Factors
4. 1 Cost Leadership 2 Differentiation 3 Focus
Strategy Evaluation
Porters Competitive Strategies
Management Functions
Demographic Factors
5. 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?
Strategic Planning
Planning
common practices when analyzing your competition
Market development
6. 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
Organizing
Cost Leadership
Mission Statement
Vertical diversification
7. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
differentiation
Generational Difference
Strategy Evaluation
Differentiation
8. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Primary Research
Market fit
type of responsibilities of a business
Environmental Scanning
9. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
HR functions that can be outsourced
Strategic business unit
Planning
support activities of a business
10. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
Short term Objectives
Critical success factors
PESTEL
11. Cut costs - add value - or increase prices
Holding company
Parts of Business Case
to increase profitability
Strategies at three levels
12. 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
Cost Leadership
Scope
efficiency frontier
Business model
13. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Merger and Acquisition Process
Stakeholders
Strategic Groups
Five Forces
14. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Employment Factors
key to success in strategic planning
Management fit
to increase profitability
15. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
types of competitive strategies for international businesses
Corporate strategy
Systematic risk
to obtain profit growth
16. primary activities and support activities
value creating operations in the value chain of operation
Operations
Junk bond
Planning
17. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
Cost Leadership
to obtain profit growth
Generational Difference
18. 1 Introduction 2 Growth 3 Maturity 4 Decline
Management fit
Strategy Evaluation
Cross-sector diversification
Business Life Cycle Phases
19. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.
Strategic Planning
Inferential Statistic
Business Case
Merger and Acquisition Process
20. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Horizontal diversification
Controlling
Economic Factors
HR functions that can be outsourced
21. A strategy by which an organisation offers existing products to new markets.
Strategies at three levels
Planning
Decline
Market development
22. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Generational Difference
Code of Ethics
to obtain profit growth
international strategy
23. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Purpose of benchmarks
Organizing
Directing
24. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Stakeholders
HR functions that can be outsourced
Employment Factors
Business Case
25. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Strategy Development
To achieve competitive advantage and superior profitability
efficiency frontier
26. Risk associated with macro-economic forces.
mentality of MNC
Systematic risk
SMART Goals
Technological Factors
27. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Business Case
generic benchmarking
Corporate strategy
28. 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"
Descriptive Statistic
Operational fit
Marketing Mix
CLO
29. 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.
SWOT Analysis
STEEP
Cross-sector diversification
Purpose of benchmarks
30. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
SMART Goals
external benchmarking
Strategy Implementation
31. 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
Strategy Implementation
Purpose of benchmarks
Introduction
Spin-off
32. 1. information systems 2. logistics 3. HR
Takeover
Market development
support activities of a business
Due Diligence
33. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Factors that affect external environment
Long term Objectives
Value chain
Resources leverage
34. They are often based on industry best practice.
External Benchmarks
benefits of competitor intelligence
Core Values
primary activities of a business
35. 1 Balance Scorecard
Organizing
Strategy Development
Performance Measures
Decline
36. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Outsourcing
Balanced scorecards
Management Functions
37. 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. )
value creating operations in the value chain of operation
Environmental Scanning
Generational Difference
Internal Benchmarks
38. 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.
Focus
Business strategy
Controlling
Off shoring
39. The resources and competences of an organization needed for it to survive and prosper.
Market Penetrati
Strategic capability
Strategic Planning Phase
types of competitive strategies for international businesses
40. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Descriptive Statistic
Directing
Business Life Cycle Phases
41. Comparing 1 operation in the firm with another
Environmental Scanning
internal benchmarking
Value chain
Strategy Formulation
42. 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
Balanced scorecards
Business Case
Critical success factors
Operational fit
43. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Primary Research
HR functions that can be outsourced
Corporate social responsibility
efficiency frontier
44. Economic - legal resp. - ethical - and discretionary
Growth
Secondary Research
type of responsibilities of a business
Primary Research
45. It involves data that is gathered firsthand for the specific evaluation being conduced.
support activities of a business
top-down
Primary Research
Mission Statement
46. 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
Action Plan
Descriptive Statistic
Ethical Behavior
STEEP
47. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Business model
Parts of Business Case
mentality of a MNC manager
Corporate strategy
48. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Strategic capability
skills businesses need to create competitive advantage
Private equity firm
Factors that affect external environment
49. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Resources leverage
Value Statement
Internal Benchmarks
Business Life Cycle Phases
50. Acquisition of a company in a different industry - but which employs a similar value chain.
Off shoring
Strategies at three levels
Secondary Research
Cross-sector diversification