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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. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Five Forces
Mission Statement
Strategic Planning
Holding company
2. 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.
Value network
Marketing Mix
Economizing
Organizing
3. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Merger and Acquisition Process
differentiation
Primary Research
Leveraged buyout (LBO)
4. 1 Financial 2 Human 3 Physical 4 Technological
Unrelated diversification
Resources
Strategy Implementation
Corporate governance
5. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Ethical Behavior
external benchmarking
Parts of Business Case
6. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Resources leverage
Porters Competitive Strategies
Differentiation
common practices when analyzing your competition
7. Comparing similar functional firms in your industry
The law making Process
Unsystematic risk
functional benchmarking
Secondary Research
8. 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
mentality of MNC
Strategic method
Introduction
functional benchmarking
9. 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
Economic Factors
Long term Objectives
Outsourcing
10. 1. information systems 2. logistics 3. HR
Secondary Research
support activities of a business
Leveraged buyout (LBO)
Introduction
11. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Related diversification
Management Functions
Strategic Planning Phase
12. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
international strategy
Dominant business
PESTEL
Vertical diversification
13. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
generic benchmarking
primary activities of a business
Primary Research
Stakeholders
14. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Economic Factors
HR functions that can be outsourced
Strategic Planning Phase
Diversification
15. 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
Marketing Mix
Value chain
Junk bond
SPAC
16. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
Core competences
to maximize profits
Value network
Employment Factors
17. 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
Cultural web
Primary Research
Extended Organization
18. Identifies stakeholder expectations and power and helps in understanding political priorities.
benefits of competitor intelligence
Decline
Stakeholder mapping
Five Forces
19. 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.
Private equity firm
Organizing
internal benchmarking
Methodologies Of Operations
20. Is the set of internationalization links and relationships that are necessary to create a product or service.
Descriptive Statistic
Planning
Value network
CLO
21. It can be defined as principles of conduct within an organization that guide decision making and behavior.
The law making Process
Cultural web
Code of Ethics
Related diversification
22. 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.
Decline
Strategic business unit
Downscoping
Market fit
23. Comparing operations in totally unrelated industries
generic benchmarking
Five Forces
differentiation
Business Case
24. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Purpose of benchmarks
bottom-up
key to success in strategic planning
25. Acquisition of a company that operates in the same industry using the same value chain.
Factors that affect external environment
Horizontal diversification
Strategy Evaluation
Code of Ethics
26. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Parts of Business Case
Downscoping
Mission Statement
27. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Decline
Primary Research
Agency
28. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Primary Research
Related diversification
Critical success factors
29. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Related diversification
Secondary Research
Market Penetrati
Conglomerate
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
Environmental scanning
CLO
Focus
Scenarios
31. Cost savings accomplished by operating combined companies more efficiently.
Economizing
Environmental scanning
International Factors
Directing
32. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Diversification
Secondary Research
Strategies at three levels
Business Case
33. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
Extended Organization
support activities of a business
Strategic capability
34. 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
Ethical Behavior
Conglomerate
HR functions that can be outsourced
35. 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
international strategy
Value Statement
SWOT Analysis
Extended Organization
36. 1. R&D 2. production 3. marketing and sales 4. customer service
SMART Goals
primary activities of a business
benefits of competitor intelligence
Strategic Planning
37. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Ethical Behavior
Controlling
Marketing Mix
Business Life Cycle Phases
38. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
internal benchmarking
Maturity
Planning
Ethics
39. 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
Junk bond
international strategy
Strategic Groups
Introduction
40. A value creating strategy that creates more perceived value by primarily reducing costs
Planning
Environmental Scanning
low-cost strategy
Value network
41. 1 Introduction 2 Growth 3 Maturity 4 Decline
Systematic risk
Merger and Acquisition Process
Off shoring
Business Life Cycle Phases
42. The underlying principles that guide an organization's strategy
Core Values
Quantitative Analysis
Balanced scorecards
Leveraged buyout (LBO)
43. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Core competences
Off shoring
Parts of Business Case
44. When a corporation is able to combine similar primary value chain activities.
HR functions that can be outsourced
Value chain
Directing
Operational fit
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.
primary activities of a business
Blue ocean Strategy
Stakeholder mapping
top-down
46. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Five Forces
value creating operations in the value chain of operation
Corporate governance
Purpose of benchmarks
47. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"
CLO
value creating operations in the value chain of operation
Critical success factors
Management Functions
48. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
External Benchmarks
key to success in strategic planning
Parts of Business Case
Business strategy
49. 1 Planning 2 Organizing 3 Directing 4 Controlling
key to success in strategic planning
Operations
Management Functions
Controlling
50. 1 Vision and mission 2 Value Statement
HR functions that can be outsourced
Strategy Formulation
Systematic risk
Management fit