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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 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)
Business Case
Private equity firm
Secondary Research
Decline
2. 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
Stakeholders
mentality of MNC
Strategic Information Systems
Quantitative Analysis
3. A company in which 70-95% of revenue comes from a single business
Value network
Strategies at three levels
Dominant business
Directing
4. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Organizing
Extended Organization
Ethical Behavior
Strategic Planning Phase
5. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Operations
Resources leverage
Long term Objectives
Corporate strategy
6. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Resources
Balanced scorecards
Vision Statement
to obtain profit growth
7. Specific - Measurable - Attainable - Realistic - Timely
common practices when analyzing your competition
Conglomerate
SMART Goals
Takeover
8. Comparing similar functional firms in your industry
Dominant business
Cultural web
Descriptive Statistic
functional benchmarking
9. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Horizontal diversification
Marketing Mix
Strategy Formulation
Corporate governance
10. The categories of activities within and around an organization which together create a product or service.
Value chain
Value Statement
Methodologies Of Operations
Unsystematic risk
11. 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.
Conglomerate
Planning
Generational Difference
Differentiation
12. 1 Balance Scorecard
Employment Factors
Descriptive Statistic
Corporate social responsibility
Performance Measures
13. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Purpose of benchmarks
benefits of competitor intelligence
internal benchmarking
Strategies at three levels
14. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Short term Objectives
International Factors
Horizontal diversification
PESTEL
15. 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
Vertical diversification
Strategic business unit
Corporate strategy
Junk bond
16. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Corporate social responsibility
Mid term Objectives
type of responsibilities of a business
Strategy Implementation
17. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
Mission Statement
Emergent Strategy
Extended Organization
18. 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?
key to success in strategic planning
Environmental Scanning
to obtain profit growth
Strategic Planning
19. A strategy by which an organisation offers existing products to new markets.
Market development
Balanced scorecards
Holding company
external benchmarking
20. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
efficiency frontier
Horizontal diversification
Strategy Implementation
Environmental Scanning
21. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Methodologies Of Operations
Maturity
Diversification
22. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Strategic Groups
Stakeholders
Dominant business
23. 1 Vision and mission 2 Value Statement
Strategy Formulation
value creating operations in the value chain of operation
Operations
Cross-sector diversification
24. 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
Quantitative Analysis
Holding company
international strategy
Leveraged buyout (LBO)
25. A strategy by which an organization peruses new product offerings and new markets.
Methodologies Of Operations
Primary Research
Corporate strategy
Diversification
26. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Private equity firm
Economic Factors
Vision Statement
Business Case
27. 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
Value chain
Cost Leadership
to increase profitability
Stakeholder mapping
28. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Corporate governance
Financial Measures
functional benchmarking
Business Life Cycle Phases
29. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Controlling
Short term Objectives
Long term Objectives
Merger and Acquisition Process
30. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Outsourcing
Short term Objectives
Business Case
Value Statement
31. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Core Values
Cultural web
Strategic method
32. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Diversification
to maximize profits
Code of Ethics
Blue ocean Strategy
33. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Blue ocean Strategy
Strategic Groups
generic benchmarking
34. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Junk bond
Stakeholders
Primary Research
Business Life Cycle Phases
35. Comparing 1 operation in the firm with another
Corporate strategy
Inferential Statistic
internal benchmarking
Unrelated diversification
36. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Related diversification
types of competitive strategies for international businesses
Emergent Strategy
37. Cut costs - add value - or increase prices
Strategic capability
to increase profitability
Directing
Value Statement
38. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Conglomerate
SPAC
Maturity
Management fit
39. 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
Strategic Planning
Environmental scanning
STEEP
external benchmarking
40. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Secondary Research
Systematic risk
Directing
bottom-up
41. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Off shoring
Primary Research
Extended Organization
mentality of MNC
42. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
External Benchmarks
Operations
Secondary Research
43. 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.
Private equity firm
Business Case
Primary Research
Scenarios
44. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur
top-down
Organizing
Decline
Strategic business unit
45. A value creating strategy that creates more perceived value by primarily reducing costs
Strategy Implementation
Vertical diversification
Operational fit
low-cost strategy
46. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
to obtain profit growth
Maturity
Decline
47. 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
Dominant business
Descriptive Statistic
Internal Benchmarks
bottom-up
48. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Related diversification
Resources
Employment Factors
49. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Private equity firm
Due Diligence
Market development
Cultural web
50. 1 Population 2 Sample 3 Normal Distribution
Unsystematic risk
Inferential Statistic
Maturity
Off shoring