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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. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
PESTEL
Operational fit
International Factors
2. Ability to broaden a product line or a customer base achieved through an acquisition.
Primary Research
Strategy Formulation
Generational Difference
Scope
3. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
value creating operations in the value chain of operation
STEEP
common practices when analyzing your competition
Technological Factors
4. Specific - Measurable - Attainable - Realistic - Timely
Ethics
SMART Goals
Strategic Planning Phase
Vision Statement
5. 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.
Resources
Controlling
Outsourcing
internal benchmarking
6. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Emergent Strategy
Strategy Evaluation
Scenarios
Long term Objectives
7. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Mid term Objectives
key to success in strategic planning
Management Functions
8. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
Spin-off
Long term Objectives
Organizing
Junk bond
9. 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
Five Forces
Value network
Junk bond
Focus
10. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Downscoping
Corporate strategy
Takeover
Purpose of benchmarks
11. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Vertical diversification
Primary Research
Extended Organization
12. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Growth
Ethics
Off shoring
13. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
top-down
Differentiation
Strategy Evaluation
Economic Factors
14. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Business Case
Leveraged buyout (LBO)
Strategic capability
15. It involves data that is gathered firsthand for the specific evaluation being conduced.
Controlling
generic benchmarking
efficiency frontier
Primary Research
16. 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.
Business Case
Junk bond
Strategic Groups
Technological Factors
17. 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
mentality of a MNC manager
Emergent Strategy
Inferential Statistic
type of responsibilities of a business
18. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Business Case
HR functions that can be outsourced
Factors that affect external environment
The law making Process
19. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
types of competitive strategies for international businesses
Action Plan
Descriptive Statistic
20. The underlying principles that guide an organization's strategy
Ethical Behavior
Internal Benchmarks
to maximize profits
Core Values
21. Comparing a the firms operations with a direct competitor
Strategic business unit
Growth
external benchmarking
HR functions that can be outsourced
22. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Business model
Strategic business unit (SBU)
Ethical Behavior
STEEP
23. Comparing similar functional firms in your industry
functional benchmarking
PESTEL
Conglomerate
Economizing
24. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Corporate social responsibility
Stakeholder mapping
common practices when analyzing your competition
Directing
25. 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
skills businesses need to create competitive advantage
Market development
External Benchmarks
Introduction
26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Conglomerate
Strategic Planning
Horizontal diversification
27. 1. multinational 2. global 3. transnational
Environmental scanning
Quantitative Analysis
types of competitive strategies for international businesses
Ethical Behavior
28. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Related diversification
top-down
Horizontal diversification
29. Acquisition of a company in a different industry - but which employs a similar value chain.
low-cost strategy
Cross-sector diversification
external benchmarking
Related diversification
30. 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
To achieve competitive advantage and superior profitability
Environmental scanning
Quantitative Analysis
Diversification
31. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
Organizing
Strategy Development
Conglomerate
Code of Ethics
32. 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
Vertical diversification
Corporate governance
Maturity
Strategic Planning
33. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Market Penetrati
Resources leverage
support activities of a business
Diversification
34. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Due Diligence
Operational fit
Inferential Statistic
35. Quality of information and interpretation of it
Economic Factors
Controlling
Outsourcing
key to success in strategic planning
36. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Action Plan
Marketing Mix
Environmental Scanning
Stakeholders
37. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
SMART Goals
Strategic capability
skills businesses need to create competitive advantage
38. 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
Employment Factors
Strategies at three levels
Cultural web
types of competitive strategies for international businesses
39. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
benefits of competitor intelligence
to maximize profits
internal benchmarking
40. 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. )
Environmental Scanning
Maturity
Descriptive Statistic
Market Penetrati
41. 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
External Benchmarks
Management fit
international strategy
Business model
42. 1 Vision and mission 2 Value Statement
Methodologies Of Operations
Strategy Formulation
Long term Objectives
Holding company
43. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Market fit
Planning
Value Statement
to increase profitability
44. 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
Environmental Scanning
Controlling
to obtain profit growth
45. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.
Blue ocean Strategy
bottom-up
Ethics
Maturity
46. Cut costs - add value - or increase prices
to increase profitability
Dominant business
Resources leverage
primary activities of a business
47. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Resources leverage
internal benchmarking
Market fit
common practices when analyzing your competition
48. 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.
common practices when analyzing your competition
mentality of a MNC manager
key to success in strategic planning
Unrelated diversification
49. 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.
Strategic Planning Phase
bottom-up
Technological Factors
Takeover
50. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
mentality of a MNC manager
Strategic method
Short term Objectives