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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 describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value Statement
Introduction
Descriptive Statistic
types of competitive strategies for international businesses
2. Economic - legal resp. - ethical - and discretionary
Balanced scorecards
Strategic Planning Phase
Resources leverage
type of responsibilities of a business
3. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Value network
Mid term Objectives
Agency
To achieve competitive advantage and superior profitability
4. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
bottom-up
Core Values
To achieve competitive advantage and superior profitability
Financial Measures
5. 1 Introduction 2 Growth 3 Maturity 4 Decline
Purpose of benchmarks
Business Life Cycle Phases
Due Diligence
Ethics
6. 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. )
Descriptive Statistic
types of competitive strategies for international businesses
Environmental Scanning
SWOT Analysis
7. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Employment Factors
Balanced scorecards
Outsourcing
CLO
8. 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.
internal benchmarking
Holding company
Long term Objectives
Business Case
9. The types of decisions made and direction created for a single business
Business strategy
Value Statement
Strategic Groups
Descriptive Statistic
10. Risk associated with macro-economic forces.
Ethics
Off shoring
Secondary Research
Systematic risk
11. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
functional benchmarking
Strategic business unit
Financial Measures
Market development
12. It involves data that is gathered firsthand for the specific evaluation being conduced.
Cross-sector diversification
Downscoping
Strategic capability
Primary Research
13. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Business model
To achieve competitive advantage and superior profitability
efficiency frontier
14. Quality of information and interpretation of it
Inferential Statistic
key to success in strategic planning
Economic Factors
Organizing
15. 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
Extended Organization
international strategy
Strategic business management
Quantitative Analysis
16. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Organizing
value creating operations in the value chain of operation
SMART Goals
Economic Factors
17. 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.
Core competences
Controlling
Downscoping
Organization Structure
18. 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
Introduction
Resources
Controlling
Mission Statement
19. Cut costs - add value - or increase prices
mentality of MNC
Strategic method
Value Statement
to increase profitability
20. A value creating strategy that creates more perceived value by primarily reducing costs
low-cost strategy
Operational fit
Strategic business unit
mentality of MNC
21. Is the set of internationalization links and relationships that are necessary to create a product or service.
types of competitive strategies for international businesses
Off shoring
Value network
Parts of Business Case
22. 1. R&D 2. production 3. marketing and sales 4. customer service
Primary Research
Extended Organization
to obtain profit growth
primary activities of a business
23. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
value creating operations in the value chain of operation
Action Plan
The law making Process
24. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Corporate social responsibility
Merger and Acquisition Process
Inferential Statistic
Resources leverage
25. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
differentiation
Long term Objectives
internal benchmarking
26. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Quantitative Analysis
Descriptive Statistic
Strategy Evaluation
27. 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
Strategy Development
Strategy Evaluation
Business Case
common practices when analyzing your competition
28. 1 Balance Scorecard
Quantitative Analysis
skills businesses need to create competitive advantage
Performance Measures
international strategy
29. They are often based on industry best practice.
Related diversification
SMART Goals
Directing
External Benchmarks
30. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Value network
bottom-up
mentality of a MNC manager
Financial Measures
31. Is the means by which a strategy can be pursued.
Directing
Technological Factors
Strategic method
Action Plan
32. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Corporate governance
Off shoring
Employment Factors
Organizing
33. When a corporation is able to combine similar primary value chain activities.
Market Penetrati
Operational fit
Stakeholders
Methodologies Of Operations
34. 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.
Critical success factors
Demographic Factors
Strategic Planning
Related diversification
35. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Maturity
differentiation
Strategy Development
36. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Core competences
Strategic Groups
Value network
Business strategy
37. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Vision Statement
Internal Benchmarks
Strategic method
Code of Ethics
38. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Mid term Objectives
Emergent Strategy
Stakeholder mapping
Ethical Behavior
39. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Parts of Business Case
Strategic business unit (SBU)
Purpose of benchmarks
Strategic Planning
40. The underlying principles that guide an organization's strategy
Core Values
Performance Measures
Strategic Groups
Stakeholder mapping
41. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Strategic Planning Phase
Action Plan
Strategy Formulation
Agency
42. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Value Statement
Core Values
Spin-off
43. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Cross-sector diversification
Action Plan
skills businesses need to create competitive advantage
Descriptive Statistic
44. 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
Strategic Information Systems
Scope
Takeover
Five Forces
45. primary activities and support activities
Environmental scanning
value creating operations in the value chain of operation
Short term Objectives
Market development
46. Ensure that organization's strategy and operations are consistent with each other
Secondary Research
To achieve competitive advantage and superior profitability
Blue ocean Strategy
The law making Process
47. 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
common practices when analyzing your competition
Market development
Strategic business unit
48. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Demographic Factors
Stakeholder mapping
Business Case
Leveraged buyout (LBO)
49. 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)
Secondary Research
Due Diligence
Economic Factors
Junk bond
50. 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.
Organizing
International Factors
Parts of Business Case
Primary Research