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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. They are used to condense and summarize large quantities of data for quick understanding.
Leveraged buyout (LBO)
Descriptive Statistic
Ethical Behavior
common practices when analyzing your competition
2. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Secondary Research
Marketing Mix
mentality of a MNC manager
Downscoping
3. It uses data already gathered by others and reported in various sources.
Cultural web
Strategic capability
Secondary Research
common practices when analyzing your competition
4. 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
Focus
Decline
Strategic capability
Ethical Behavior
5. A strategy by which an organization peruses new product offerings and new markets.
Strategy Formulation
to maximize profits
Diversification
International Factors
6. 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
Diversification
Core competences
STEEP
Strategy Formulation
7. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
Emergent Strategy
bottom-up
Resources leverage
8. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Market Penetrati
Value Statement
Strategic business management
Critical success factors
9. It involves data that is gathered firsthand for the specific evaluation being conduced.
skills businesses need to create competitive advantage
Primary Research
Cross-sector diversification
Growth
10. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi
CLO
Maturity
Planning
Scope
11. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Financial Measures
Strategy Implementation
Employment Factors
Directing
12. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Strategic Planning Phase
Code of Ethics
Scope
differentiation
13. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Conglomerate
Organization Structure
Strategy Evaluation
Internal Benchmarks
14. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Demographic Factors
bottom-up
Methodologies Of Operations
Organizing
15. The types of decisions made and direction created for a single business
Strategic Planning
Business strategy
Secondary Research
common practices when analyzing your competition
16. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Spin-off
Five Forces
Code of Ethics
17. Information systems with a charter to achieve competitive superiority.
low-cost strategy
Ethical Behavior
Descriptive Statistic
Strategic Information Systems
18. Sell more in existing markets - or enter new markets
to obtain profit growth
key to success in strategic planning
Technological Factors
Business model
19. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Agency
differentiation
Systematic risk
20. Quality of information and interpretation of it
Conglomerate
Business Case
Value network
key to success in strategic planning
21. 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.
International Factors
Related diversification
Corporate strategy
international strategy
22. 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
external benchmarking
to maximize profits
Unsystematic risk
Action Plan
23. 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
Vertical diversification
mentality of MNC
Junk bond
Environmental Scanning
24. 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?
Management Functions
Strategic Planning
Porters Competitive Strategies
PESTEL
25. Value - Exploit - Rare - Imitate - Substitute
Purpose of benchmarks
Cross-sector diversification
Diversification
skills businesses need to create competitive advantage
26. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Action Plan
Stakeholder mapping
Inferential Statistic
27. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Resources leverage
generic benchmarking
Strategy Development
PESTEL
28. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Value Statement
Five Forces
Parts of Business Case
mentality of MNC
29. They are often based on industry best practice.
Factors that affect external environment
Corporate governance
Strategies at three levels
External Benchmarks
30. A strategy by which an organisation offers existing products to new markets.
Employment Factors
Market development
Cultural web
Value Statement
31. 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
Action Plan
Ethics
Organizing
32. Comparing similar functional firms in your industry
functional benchmarking
Internal Benchmarks
common practices when analyzing your competition
Ethical Behavior
33. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic business management
Strategic Planning Phase
Strategic Groups
Inferential Statistic
34. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
low-cost strategy
Holding company
Differentiation
Strategic Groups
35. 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
Outsourcing
Mission Statement
Cost Leadership
Controlling
36. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Controlling
Focus
Emergent Strategy
37. Processes and activities used to formulate HR objectives - practices - and policies.
Economic Factors
Junk bond
Strategic business management
SMART Goals
38. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
Strategy Formulation
mentality of MNC
Mid term Objectives
Spin-off
39. Specific - Measurable - Attainable - Realistic - Timely
Takeover
Organizing
Strategy Implementation
SMART Goals
40. 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
Strategic Groups
Critical success factors
international strategy
Strategic capability
41. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Vision Statement
external benchmarking
Technological Factors
42. Is the means by which a strategy can be pursued.
to increase profitability
Management fit
bottom-up
Strategic method
43. A company in which 70-95% of revenue comes from a single business
SWOT Analysis
Dominant business
top-down
Methodologies Of Operations
44. 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.
Holding company
Value Statement
Downscoping
Systematic risk
45. 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
Downscoping
Code of Ethics
46. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Systematic risk
Leveraged buyout (LBO)
Vertical diversification
Action Plan
47. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation
Resources leverage
Code of Ethics
Cultural web
Maturity
48. When a corporation is able to combine similar primary value chain activities.
Downscoping
Operational fit
Decline
Value network
49. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Mid term Objectives
Management fit
Market development
International Factors
50. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Secondary Research
value creating operations in the value chain of operation
Strategic Information Systems