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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. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Environmental scanning
Business model
Corporate social responsibility
Strategy Implementation
2. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Inferential Statistic
Primary Research
Strategy Implementation
Introduction
3. Cost savings accomplished by operating combined companies more efficiently.
Resources
Outsourcing
external benchmarking
Economizing
4. 1 Vision and mission 2 Value Statement
Strategy Formulation
Private equity firm
Diversification
Cost Leadership
5. primary activities and support activities
Market Penetrati
value creating operations in the value chain of operation
low-cost strategy
Management Functions
6. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Strategic business management
Strategic business unit
primary activities of a business
Spin-off
7. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Demographic Factors
differentiation
Employment Factors
generic benchmarking
8. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Technological Factors
support activities of a business
Off shoring
9. 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?
Outsourcing
Strategic Planning
Value chain
Strategy Implementation
10. Cut costs - add value - or increase prices
Management fit
Strategic Planning Phase
to increase profitability
benefits of competitor intelligence
11. 1 Introduction 2 Growth 3 Maturity 4 Decline
SWOT Analysis
international strategy
key to success in strategic planning
Business Life Cycle Phases
12. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
Due Diligence
Strategy Implementation
Related diversification
13. 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.
Off shoring
Differentiation
Downscoping
external benchmarking
14. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Merger and Acquisition Process
Corporate governance
PESTEL
Business Life Cycle Phases
15. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Value network
Extended Organization
skills businesses need to create competitive advantage
Strategic business unit (SBU)
16. Comparing operations in totally unrelated industries
Generational Difference
value creating operations in the value chain of operation
generic benchmarking
Management Functions
17. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Strategy Formulation
Resources leverage
Technological Factors
Organizing
18. 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
Inferential Statistic
Organizing
Primary Research
19. 1 Planning 2 Organizing 3 Directing 4 Controlling
external benchmarking
Management Functions
Ethics
To achieve competitive advantage and superior profitability
20. 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.
Stakeholder mapping
Business Case
Vertical diversification
Internal Benchmarks
21. A value creating strategy that creates more perceived value by primarily reducing costs
support activities of a business
Due Diligence
low-cost strategy
to obtain profit growth
22. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
Strategy Development
types of competitive strategies for international businesses
Business Case
23. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Strategic business management
SPAC
Corporate social responsibility
Extended Organization
24. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
internal benchmarking
Holding company
international strategy
benefits of competitor intelligence
25. The categories of activities within and around an organization which together create a product or service.
Outsourcing
Value chain
Code of Ethics
Primary Research
26. 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
Stakeholders
STEEP
Ethics
Spin-off
27. 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.
Descriptive Statistic
Downscoping
Strategic Groups
Unrelated diversification
28. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Management fit
Methodologies Of Operations
international strategy
29. Comparing 1 operation in the firm with another
Organizing
internal benchmarking
to obtain profit growth
Vertical diversification
30. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
SWOT Analysis
Maturity
Performance Measures
31. 1. multinational 2. global 3. transnational
Differentiation
Decline
types of competitive strategies for international businesses
Vertical diversification
32. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
top-down
SPAC
Quantitative Analysis
Directing
33. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
mentality of MNC
Horizontal diversification
Descriptive Statistic
34. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Porters Competitive Strategies
Off shoring
Planning
Generational Difference
35. Identifies stakeholder expectations and power and helps in understanding political priorities.
functional benchmarking
Stakeholder mapping
Mid term Objectives
Systematic risk
36. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra
Five Forces
Cost Leadership
Ethical Behavior
SPAC
37. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Ethical Behavior
Employment Factors
Management Functions
Value Statement
38. Is the means by which a strategy can be pursued.
Related diversification
Cost Leadership
Strategic method
Emergent Strategy
39. Ability to broaden a product line or a customer base achieved through an acquisition.
Strategic capability
types of competitive strategies for international businesses
Scope
Related diversification
40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Strategic Groups
Mid term Objectives
low-cost strategy
41. Risk associated with macro-economic forces.
Systematic risk
Factors that affect external environment
support activities of a business
Business strategy
42. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
To achieve competitive advantage and superior profitability
Vision Statement
Off shoring
Generational Difference
43. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
HR functions that can be outsourced
Conglomerate
Directing
44. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Short term Objectives
Business Case
Methodologies Of Operations
Focus
45. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Directing
Primary Research
Planning
bottom-up
46. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Generational Difference
Value Statement
Strategy Development
47. 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
Cultural web
Financial Measures
Decline
Internal Benchmarks
48. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.
Code of Ethics
Purpose of benchmarks
Secondary Research
Conglomerate
49. A strategy by which an organisation offers existing products to new markets.
CLO
Market development
Economic Factors
Operations
50. 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
bottom-up
Emergent Strategy
generic benchmarking
support activities of a business