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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 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Value chain
types of competitive strategies for international businesses
Financial Measures
2. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
Diversification
Strategic business unit (SBU)
Market development
3. Value - Exploit - Rare - Imitate - Substitute
Systematic risk
Mid term Objectives
The law making Process
skills businesses need to create competitive advantage
4. When a corporation is able to combine similar primary value chain activities.
Parts of Business Case
Business Case
Operational fit
Agency
5. Comparing operations in totally unrelated industries
generic benchmarking
Corporate social responsibility
Strategic Groups
Ethical Behavior
6. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
STEEP
Economic Factors
Agency
Resources
7. 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
Spin-off
bottom-up
top-down
Demographic Factors
8. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
International Factors
Business Case
Internal Benchmarks
Economic Factors
9. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
benefits of competitor intelligence
Action Plan
Scenarios
Introduction
10. 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
Strategic capability
key to success in strategic planning
Environmental Scanning
Mission Statement
11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
STEEP
Merger and Acquisition Process
Core Values
Cultural web
12. Is the set of internationalization links and relationships that are necessary to create a product or service.
Employment Factors
Due Diligence
Value network
Technological Factors
13. 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)
Strategy Formulation
Business Life Cycle Phases
The law making Process
efficiency frontier
14. 1 Vision and mission 2 Value Statement
Organization Structure
Strategy Formulation
STEEP
bottom-up
15. A strategy by which an organization peruses new product offerings and new markets.
Stakeholders
Emergent Strategy
Spin-off
Diversification
16. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Planning
Spin-off
Strategy Implementation
Ethical Behavior
17. 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
Outsourcing
Stakeholders
Management fit
Spin-off
18. Risk associated with a particular business.
Critical success factors
Primary Research
value creating operations in the value chain of operation
Unsystematic risk
19. Acquisition of a company that operates in the same industry using the same value chain.
Off shoring
efficiency frontier
Horizontal diversification
Introduction
20. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Economic Factors
Related diversification
generic benchmarking
Strategy Implementation
21. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
generic benchmarking
top-down
Dominant business
22. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Holding company
Secondary Research
Unsystematic risk
Code of Ethics
23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Environmental scanning
Operations
Core competences
24. Processes and activities used to formulate HR objectives - practices - and policies.
Unrelated diversification
International Factors
Strategic business management
Corporate social responsibility
25. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Strategic Planning
Ethics
Environmental Scanning
26. 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.
Environmental scanning
Generational Difference
Operations
mentality of a MNC manager
27. The categories of activities within and around an organization which together create a product or service.
Market Penetrati
Marketing Mix
Market development
Value chain
28. 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
Junk bond
Operations
Porters Competitive Strategies
Secondary Research
29. 1 Balance Scorecard
functional benchmarking
Strategic business unit (SBU)
Market fit
Performance Measures
30. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
primary activities of a business
Focus
benefits of competitor intelligence
functional benchmarking
31. 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
Unrelated diversification
Introduction
Spin-off
mentality of MNC
32. 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.
Related diversification
Long term Objectives
Economic Factors
Controlling
33. 1. multinational 2. global 3. transnational
Porters Competitive Strategies
Private equity firm
types of competitive strategies for international businesses
Introduction
34. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Business Case
Critical success factors
internal benchmarking
Corporate strategy
35. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Critical success factors
Strategic method
Descriptive Statistic
36. 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
Blue ocean Strategy
Balanced scorecards
Five Forces
SPAC
37. 1. R&D 2. production 3. marketing and sales 4. customer service
Purpose of benchmarks
efficiency frontier
primary activities of a business
Spin-off
38. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Blue ocean Strategy
Strategic business unit
Cross-sector diversification
Demographic Factors
39. Describes the structure of product - service - and information flows and the role of participating parties.
Business Life Cycle Phases
Leveraged buyout (LBO)
internal benchmarking
Business model
40. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Dominant business
SWOT Analysis
Operations
to maximize profits
41. 1 Cost Leadership 2 Differentiation 3 Focus
Corporate strategy
international strategy
low-cost strategy
Porters Competitive Strategies
42. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Cross-sector diversification
Related diversification
Strategies at three levels
Corporate governance
43. A company in which 70-95% of revenue comes from a single business
Vertical diversification
Controlling
Dominant business
Junk bond
44. 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
Short term Objectives
Horizontal diversification
Stakeholder mapping
Emergent Strategy
45. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Off shoring
Strategy Implementation
PESTEL
Decline
46. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
common practices when analyzing your competition
Cross-sector diversification
Market development
47. It involves data that is gathered firsthand for the specific evaluation being conduced.
To achieve competitive advantage and superior profitability
Primary Research
Strategic business unit
Strategic Planning Phase
48. 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
Resources leverage
Short term Objectives
Management Functions
Scenarios
49. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Stakeholder mapping
differentiation
value creating operations in the value chain of operation
SWOT Analysis
50. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
Demographic Factors
Vision Statement
Diversification