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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 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.
Market development
Spin-off
Strategic business unit
Outsourcing
2. Ability to broaden a product line or a customer base achieved through an acquisition.
Action Plan
Systematic risk
Scope
Employment Factors
3. Describes the structure of product - service - and information flows and the role of participating parties.
HR functions that can be outsourced
Business model
Agency
The law making Process
4. 1 Balance Scorecard
Holding company
Organizing
common practices when analyzing your competition
Performance Measures
5. Risk associated with macro-economic forces.
Unrelated diversification
Systematic risk
The law making Process
Short term Objectives
6. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Diversification
mentality of MNC
Management Functions
Stakeholders
7. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Long term Objectives
Market Penetrati
Financial Measures
Differentiation
8. It uses data already gathered by others and reported in various sources.
Junk bond
Secondary Research
Strategic business unit
Strategic Planning
9. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Descriptive Statistic
to maximize profits
SWOT Analysis
Marketing Mix
10. 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.
Balanced scorecards
Related diversification
Core Values
Economizing
11. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
low-cost strategy
Systematic risk
Dominant business
12. The underlying principles that guide an organization's strategy
Decline
Core Values
Operations
HR functions that can be outsourced
13. 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
functional benchmarking
Agency
The law making Process
top-down
14. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Decline
to increase profitability
Financial Measures
15. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
Employment Factors
Value chain
Factors that affect external environment
16. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Ethical Behavior
Corporate governance
top-down
17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Cross-sector diversification
Employment Factors
Strategic method
Conglomerate
18. 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.
Focus
Long term Objectives
bottom-up
SPAC
19. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Cost Leadership
Parts of Business Case
SPAC
Leveraged buyout (LBO)
20. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Blue ocean Strategy
Value Statement
Unsystematic risk
Operational fit
21. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
internal benchmarking
Leveraged buyout (LBO)
Parts of Business Case
Strategy Development
22. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Blue ocean Strategy
Strategy Evaluation
Technological Factors
SWOT Analysis
23. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Marketing Mix
Cost Leadership
Agency
efficiency frontier
24. Sell more in existing markets - or enter new markets
Takeover
to obtain profit growth
Action Plan
Five Forces
25. 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
Strategic Groups
Resources
26. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
value creating operations in the value chain of operation
Methodologies Of Operations
benefits of competitor intelligence
to obtain profit growth
27. Processes and activities used to formulate HR objectives - practices - and policies.
Decline
Strategic business management
benefits of competitor intelligence
Primary Research
28. Ensure that organization's strategy and operations are consistent with each other
Value network
Quantitative Analysis
External Benchmarks
To achieve competitive advantage and superior profitability
29. 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.
Value Statement
Takeover
SMART Goals
Junk bond
30. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Operations
Financial Measures
SWOT Analysis
Primary Research
31. 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
Mission Statement
Secondary Research
Descriptive Statistic
Financial Measures
32. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Strategy Evaluation
Blue ocean Strategy
Ethics
Controlling
33. 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
Organization Structure
Growth
Business Case
Generational Difference
34. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Strategic business unit
Differentiation
Corporate social responsibility
Leveraged buyout (LBO)
35. 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
value creating operations in the value chain of operation
Business Case
mentality of MNC
Blue ocean Strategy
36. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Emergent Strategy
Off shoring
key to success in strategic planning
Private equity firm
37. 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
STEEP
Business Case
Operations
Strategic business unit
38. 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
Scenarios
Off shoring
Environmental scanning
External Benchmarks
39. 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
Short term Objectives
Junk bond
Secondary Research
STEEP
40. Cost savings accomplished by operating combined companies more efficiently.
Business Case
Junk bond
Economizing
Unrelated diversification
41. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Strategic Information Systems
Business Life Cycle Phases
Value chain
Growth
42. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
PESTEL
internal benchmarking
to increase profitability
43. 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.
Marketing Mix
Off shoring
Emergent Strategy
Differentiation
44. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
Strategic Planning Phase
Marketing Mix
Differentiation
45. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Off shoring
generic benchmarking
Management Functions
Technological Factors
46. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Resources
PESTEL
Economic Factors
Business model
47. Comparing a the firms operations with a direct competitor
Critical success factors
Conglomerate
Environmental scanning
external benchmarking
48. 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.
Market Penetrati
Operations
Strategy Formulation
Dominant business
49. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Employment Factors
Generational Difference
Maturity
50. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Horizontal diversification
Action Plan
value creating operations in the value chain of operation
Inferential Statistic