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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. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Porters Competitive Strategies
skills businesses need to create competitive advantage
Growth
Private equity firm
2. 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
international strategy
Merger and Acquisition Process
Spin-off
STEEP
3. 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
Critical success factors
Business Life Cycle Phases
Market Penetrati
4. Identifies stakeholder expectations and power and helps in understanding political priorities.
Ethical Behavior
type of responsibilities of a business
Stakeholder mapping
Strategic Information Systems
5. Information systems with a charter to achieve competitive superiority.
Outsourcing
Strategic Information Systems
Five Forces
low-cost strategy
6. Comparing operations in totally unrelated industries
generic benchmarking
Mid term Objectives
value creating operations in the value chain of operation
STEEP
7. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Leveraged buyout (LBO)
Maturity
Corporate social responsibility
8. 1 Introduction 2 Growth 3 Maturity 4 Decline
Strategic business management
Business Life Cycle Phases
Directing
Strategic business unit
9. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
STEEP
Parts of Business Case
Horizontal diversification
Methodologies Of Operations
10. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Short term Objectives
Corporate strategy
Demographic Factors
Employment Factors
11. 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
to maximize profits
Related diversification
Value chain
Secondary Research
12. Cost savings accomplished by operating combined companies more efficiently.
Introduction
Generational Difference
Economizing
Marketing Mix
13. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Strategic Planning Phase
Due Diligence
Vision Statement
14. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Focus
Cost Leadership
to maximize profits
Action Plan
15. The underlying principles that guide an organization's strategy
Core Values
Ethics
Market fit
mentality of a MNC manager
16. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Corporate social responsibility
Technological Factors
Strategy Formulation
Employment Factors
17. 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.
Private equity firm
to obtain profit growth
Operations
Market Penetrati
18. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Management fit
Growth
Performance Measures
Due Diligence
19. 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
Decline
key to success in strategic planning
Emergent Strategy
Generational Difference
20. 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
SMART Goals
Holding company
Corporate strategy
21. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Descriptive Statistic
Strategy Formulation
Environmental Scanning
22. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Organizing
Financial Measures
Maturity
Conglomerate
23. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Controlling
The law making Process
Value chain
bottom-up
24. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Ethics
International Factors
Conglomerate
Strategies at three levels
25. Ability to broaden a product line or a customer base achieved through an acquisition.
generic benchmarking
Business model
Scope
Environmental Scanning
26. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Quantitative Analysis
Introduction
Ethical Behavior
SWOT Analysis
27. 1 Vision and mission 2 Value Statement
Market development
Related diversification
Strategy Formulation
Strategic business unit (SBU)
28. 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
Employment Factors
Economizing
Introduction
29. 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
Secondary Research
Parts of Business Case
Financial Measures
30. 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.
Environmental Scanning
Horizontal diversification
Corporate governance
Organizing
31. A company in which 70-95% of revenue comes from a single business
Maturity
Dominant business
Factors that affect external environment
Organization Structure
32. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Ethical Behavior
Organization Structure
Corporate social responsibility
Horizontal diversification
33. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Primary Research
Conglomerate
HR functions that can be outsourced
To achieve competitive advantage and superior profitability
34. 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
Operations
Five Forces
international strategy
Downscoping
35. Risk associated with a particular business.
Takeover
Strategy Formulation
STEEP
Unsystematic risk
36. They are often based on industry best practice.
Outsourcing
skills businesses need to create competitive advantage
Economic Factors
External Benchmarks
37. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Ethical Behavior
Primary Research
Maturity
38. primary activities and support activities
value creating operations in the value chain of operation
functional benchmarking
primary activities of a business
Primary Research
39. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Business strategy
Internal Benchmarks
Outsourcing
Diversification
40. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Resources leverage
skills businesses need to create competitive advantage
Organizing
41. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Unrelated diversification
Strategic Information Systems
Junk bond
42. They are used to condense and summarize large quantities of data for quick understanding.
Strategic Planning Phase
Off shoring
Descriptive Statistic
support activities of a business
43. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Environmental scanning
Downscoping
Dominant business
Strategic Groups
44. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
SMART Goals
Off shoring
Cross-sector diversification
Long term Objectives
45. 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
internal benchmarking
primary activities of a business
bottom-up
Parts of Business Case
46. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Parts of Business Case
Planning
Ethics
47. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Strategic business management
Core Values
Strategic business unit (SBU)
48. 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)
efficiency frontier
Economic Factors
External Benchmarks
Strategic Planning
49. 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. )
Vision Statement
Environmental Scanning
international strategy
Business strategy
50. Ensure that organization's strategy and operations are consistent with each other
Management fit
Strategic capability
To achieve competitive advantage and superior profitability
Horizontal diversification