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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. 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
Extended Organization
Parts of Business Case
STEEP
Management fit
2. A strategy by which an organization peruses new product offerings and new markets.
Resources
Stakeholder mapping
Operational fit
Diversification
3. 1 Financial 2 Human 3 Physical 4 Technological
external benchmarking
Resources
types of competitive strategies for international businesses
Mid term Objectives
4. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Strategy Implementation
Outsourcing
Factors that affect external environment
5. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
to obtain profit growth
Operational fit
STEEP
6. The categories of activities within and around an organization which together create a product or service.
Cost Leadership
Ethics
Value chain
Resources leverage
7. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Holding company
Takeover
PESTEL
Methodologies Of Operations
8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Generational Difference
Vision Statement
benefits of competitor intelligence
9. 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
HR functions that can be outsourced
Maturity
Resources leverage
Scenarios
10. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Resources leverage
Business Case
support activities of a business
Strategic business unit
11. 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 business management
Business Case
Corporate strategy
external benchmarking
12. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Off shoring
Secondary Research
Business model
13. 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. )
support activities of a business
Employment Factors
Downscoping
Environmental Scanning
14. The resources and competences of an organization needed for it to survive and prosper.
Market Penetrati
Internal Benchmarks
Strategic capability
primary activities of a business
15. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
Quantitative Analysis
Business strategy
Environmental scanning
Employment Factors
16. Information systems with a charter to achieve competitive superiority.
differentiation
Conglomerate
Systematic risk
Strategic Information Systems
17. 1. R&D 2. production 3. marketing and sales 4. customer service
primary activities of a business
Unsystematic risk
to maximize profits
Business Life Cycle Phases
18. 1. multinational 2. global 3. transnational
Downscoping
Vertical diversification
Short term Objectives
types of competitive strategies for international businesses
19. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Mission Statement
support activities of a business
Management Functions
Conglomerate
20. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
Performance Measures
SWOT Analysis
Vision Statement
21. Risk associated with a particular business.
top-down
CLO
Unsystematic risk
Outsourcing
22. 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
Stakeholder mapping
PESTEL
Strategies at three levels
Scenarios
23. 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
Extended Organization
international strategy
SPAC
Five Forces
24. 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
Strategic business unit
Takeover
Business Case
Short term Objectives
25. Ability to broaden a product line or a customer base achieved through an acquisition.
internal benchmarking
Short term Objectives
Off shoring
Scope
26. Comparing a the firms operations with a direct competitor
Cost Leadership
external benchmarking
Due Diligence
Purpose of benchmarks
27. Describes the structure of product - service - and information flows and the role of participating parties.
Planning
external benchmarking
Business model
Strategy Evaluation
28. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
Operations
functional benchmarking
Maturity
SWOT Analysis
29. A strategy by which an organisation offers existing products to new markets.
Market development
generic benchmarking
Five Forces
Value network
30. 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.
Off shoring
functional benchmarking
Outsourcing
Methodologies Of Operations
31. Comparing operations in totally unrelated industries
generic benchmarking
efficiency frontier
Resources
Corporate social responsibility
32. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
to increase profitability
common practices when analyzing your competition
Economizing
Unsystematic risk
33. 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
Strategic Planning
mentality of MNC
Emergent Strategy
Strategic business management
34. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Resources leverage
Planning
Outsourcing
35. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
value creating operations in the value chain of operation
SPAC
key to success in strategic planning
Introduction
36. Acquisition of a company in a different industry - but which employs a similar value chain.
Planning
Cross-sector diversification
Value network
Code of Ethics
37. 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.
Vision Statement
Unrelated diversification
SWOT Analysis
Five Forces
38. It uses data already gathered by others and reported in various sources.
Purpose of benchmarks
Porters Competitive Strategies
Secondary Research
Corporate social responsibility
39. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
HR functions that can be outsourced
bottom-up
Private equity firm
Organization Structure
40. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
to increase profitability
Mid term Objectives
Operational fit
41. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
to obtain profit growth
Strategies at three levels
Factors that affect external environment
Business strategy
42. Quality of information and interpretation of it
key to success in strategic planning
Technological Factors
Core competences
Code of Ethics
43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Resources
Primary Research
Scenarios
Balanced scorecards
44. 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
Off shoring
Growth
Mission Statement
Cultural web
45. Identifies stakeholder expectations and power and helps in understanding political priorities.
Secondary Research
support activities of a business
Related diversification
Stakeholder mapping
46. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Scenarios
Management Functions
benefits of competitor intelligence
Resources leverage
47. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Dominant business
Systematic risk
Controlling
differentiation
48. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
to increase profitability
Balanced scorecards
Performance Measures
Horizontal diversification
49. They are used to condense and summarize large quantities of data for quick understanding.
Short term Objectives
Value chain
Demographic Factors
Descriptive Statistic
50. Cut costs - add value - or increase prices
Planning
to increase profitability
Off shoring
Business model