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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 Cost Leadership 2 Differentiation 3 Focus
Market fit
Business strategy
Strategic capability
Porters Competitive Strategies
2. 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.
to maximize profits
CLO
Outsourcing
Ethics
3. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Takeover
Organization Structure
Strategic capability
to increase profitability
4. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
international strategy
To achieve competitive advantage and superior profitability
to increase profitability
Strategies at three levels
5. The resources and competences of an organization needed for it to survive and prosper.
Controlling
SPAC
Differentiation
Strategic capability
6. 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.
The law making Process
SMART Goals
Off shoring
Market fit
7. 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
Inferential Statistic
Emergent Strategy
Business strategy
Resources
8. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Core competences
efficiency frontier
The law making Process
Holding company
9. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Blue ocean Strategy
Ethics
Code of Ethics
STEEP
10. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Management fit
Methodologies Of Operations
The law making Process
Secondary Research
11. 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.
Secondary Research
Downscoping
Ethical Behavior
Critical success factors
12. Ability to broaden a product line or a customer base achieved through an acquisition.
Environmental scanning
Quantitative Analysis
Operations
Scope
13. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Downscoping
Mid term Objectives
Corporate strategy
Vertical diversification
14. A strategy by which an organisation offers existing products to new markets.
skills businesses need to create competitive advantage
Market development
Management Functions
Methodologies Of Operations
15. Information systems with a charter to achieve competitive superiority.
Corporate governance
Diversification
Organizing
Strategic Information Systems
16. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
SMART Goals
STEEP
Directing
Descriptive Statistic
17. 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
Market fit
Junk bond
Corporate social responsibility
18. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Marketing Mix
Organization Structure
Parts of Business Case
Outsourcing
19. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Parts of Business Case
benefits of competitor intelligence
Resources leverage
Extended Organization
20. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
To achieve competitive advantage and superior profitability
Management fit
Long term Objectives
to obtain profit growth
21. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
mentality of MNC
Descriptive Statistic
Core Values
22. 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
Horizontal diversification
Primary Research
common practices when analyzing your competition
23. 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
Cross-sector diversification
Organization Structure
Mission Statement
24. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Strategic Groups
Critical success factors
Generational Difference
SMART Goals
25. A value creating strategy that creates more perceived value by primarily reducing costs
Ethics
low-cost strategy
Merger and Acquisition Process
Value chain
26. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Growth
Conglomerate
Strategy Formulation
Ethical Behavior
27. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Systematic risk
Critical success factors
Agency
Planning
28. 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.
Agency
Core Values
Differentiation
Strategic Planning
29. Identifies stakeholder expectations and power and helps in understanding political priorities.
International Factors
Stakeholder mapping
Merger and Acquisition Process
Extended Organization
30. 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
Business strategy
Business Life Cycle Phases
Strategic business management
Scenarios
31. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Strategic business management
Inferential Statistic
Organizing
32. 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
Performance Measures
type of responsibilities of a business
Introduction
Leveraged buyout (LBO)
33. When a corporation is able to combine similar primary value chain activities.
Strategy Formulation
Spin-off
Operational fit
Growth
34. Value - Exploit - Rare - Imitate - Substitute
Purpose of benchmarks
Management Functions
Performance Measures
skills businesses need to create competitive advantage
35. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Scenarios
Stakeholder mapping
Factors that affect external environment
36. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
Strategic Planning Phase
support activities of a business
Decline
37. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.
Descriptive Statistic
Related diversification
Market development
Employment Factors
38. 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.
Management Functions
Core competences
Value network
low-cost strategy
39. Comparing 1 operation in the firm with another
Strategic business unit
Cultural web
internal benchmarking
Takeover
40. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Economic Factors
Business Case
Vertical diversification
Employment Factors
41. 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.
Controlling
value creating operations in the value chain of operation
Marketing Mix
Five Forces
42. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Business strategy
Differentiation
external benchmarking
Agency
43. 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. )
Purpose of benchmarks
Economic Factors
Environmental Scanning
to obtain profit growth
44. Comparing operations in totally unrelated industries
Unsystematic risk
Strategic Planning
Introduction
generic benchmarking
45. 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)
Strategic business management
Organization Structure
efficiency frontier
Outsourcing
46. A company in which 70-95% of revenue comes from a single business
Dominant business
International Factors
Organizing
Vertical diversification
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
bottom-up
skills businesses need to create competitive advantage
Business Life Cycle Phases
Cross-sector diversification
48. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value Statement
External Benchmarks
Core competences
Extended Organization
49. Comparing a the firms operations with a direct competitor
Business Case
Mission Statement
top-down
external benchmarking
50. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Factors that affect external environment
differentiation
Leveraged buyout (LBO)