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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. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Vertical diversification
Critical success factors
Corporate strategy
Resources leverage
2. Specific - Measurable - Attainable - Realistic - Timely
Growth
SMART Goals
Strategic business unit
Marketing Mix
3. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
functional benchmarking
Controlling
to increase profitability
Scenarios
4. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Vision Statement
Decline
Action Plan
Strategies at three levels
5. The resources and competences of an organization needed for it to survive and prosper.
Action Plan
Strategic capability
CLO
Strategic business unit (SBU)
6. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Market fit
Strategic Groups
Corporate strategy
Junk bond
7. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
external benchmarking
Conglomerate
bottom-up
Introduction
8. 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.
mentality of a MNC manager
Unrelated diversification
Downscoping
Financial Measures
9. 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"
Descriptive Statistic
Critical success factors
Performance Measures
CLO
10. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Related diversification
Performance Measures
differentiation
Secondary Research
11. 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
Operational fit
Mission Statement
Value chain
Strategic Planning Phase
12. 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
Market fit
STEEP
mentality of a MNC manager
Decline
13. 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.
Unrelated diversification
Marketing Mix
HR functions that can be outsourced
Value chain
14. Processes and activities used to formulate HR objectives - practices - and policies.
to obtain profit growth
Strategic business management
Parts of Business Case
Strategy Development
15. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
differentiation
Environmental scanning
Strategic business unit
skills businesses need to create competitive advantage
16. The types of decisions made and direction created for a single business
Primary Research
Directing
Extended Organization
Business strategy
17. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Strategy Evaluation
generic benchmarking
Focus
Directing
18. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Systematic risk
low-cost strategy
Strategy Development
Mid term Objectives
19. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Emergent Strategy
Leveraged buyout (LBO)
Holding company
Controlling
20. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
Strategy Evaluation
Parts of Business Case
Strategic business unit (SBU)
21. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
functional benchmarking
Extended Organization
Operational fit
Inferential Statistic
22. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Long term Objectives
Strategic Planning Phase
Strategic business unit (SBU)
Corporate social responsibility
23. It uses data already gathered by others and reported in various sources.
Quantitative Analysis
Secondary Research
types of competitive strategies for international businesses
SWOT Analysis
24. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Operational fit
Resources
Purpose of benchmarks
Market Penetrati
25. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Marketing Mix
Management Functions
Cross-sector diversification
Code of Ethics
26. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
SMART Goals
International Factors
Action Plan
Environmental Scanning
27. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Holding company
Internal Benchmarks
Environmental scanning
Corporate strategy
28. A value creating strategy that creates more perceived value by primarily reducing costs
Scenarios
to obtain profit growth
Stakeholder mapping
low-cost strategy
29. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Inferential Statistic
Blue ocean Strategy
Resources
mentality of a MNC manager
30. 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
Junk bond
mentality of MNC
type of responsibilities of a business
Five Forces
31. Is the set of internationalization links and relationships that are necessary to create a product or service.
Vision Statement
Strategic Information Systems
mentality of MNC
Value network
32. They are used to condense and summarize large quantities of data for quick understanding.
Operational fit
Differentiation
Descriptive Statistic
support activities of a business
33. 1 Vision and mission 2 Value Statement
Five Forces
Strategic Planning
Strategy Formulation
Factors that affect external environment
34. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Controlling
Business Case
Value Statement
mentality of MNC
35. 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
Leveraged buyout (LBO)
Extended Organization
Management Functions
36. They are often based on industry best practice.
Strategic Planning Phase
External Benchmarks
Inferential Statistic
Outsourcing
37. Comparing similar functional firms in your industry
Market Penetrati
functional benchmarking
Descriptive Statistic
Strategies at three levels
38. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Decline
Horizontal diversification
Off shoring
Market fit
39. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
STEEP
Strategic Information Systems
Decline
Strategic business unit
40. 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
Core Values
Cost Leadership
Technological Factors
Introduction
41. Comparing a the firms operations with a direct competitor
SMART Goals
Corporate governance
external benchmarking
Factors that affect external environment
42. 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
The law making Process
Junk bond
international strategy
Differentiation
43. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Strategic Planning
Ethical Behavior
international strategy
functional benchmarking
44. It is a system of moral principles and values that establish appropriate conduct.
Takeover
Environmental Scanning
Ethics
Financial Measures
45. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
To achieve competitive advantage and superior profitability
Primary Research
Cultural web
46. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Porters Competitive Strategies
Junk bond
Core competences
Long term Objectives
47. A strategy by which an organization peruses new product offerings and new markets.
Resources
Value chain
Diversification
Critical success factors
48. Acquisition of a company that operates in the same industry using the same value chain.
Spin-off
Strategic Groups
skills businesses need to create competitive advantage
Horizontal diversification
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
type of responsibilities of a business
Off shoring
CLO
50. primary activities and support activities
International Factors
Purpose of benchmarks
Off shoring
value creating operations in the value chain of operation