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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. 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
Private equity firm
Stakeholders
internal benchmarking
Cost Leadership
2. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Market Penetrati
Strategic Planning Phase
Strategic business unit (SBU)
Holding company
3. 1 Balance Scorecard
Value Statement
Extended Organization
Strategic Groups
Performance Measures
4. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Strategic business unit (SBU)
Extended Organization
Cross-sector diversification
5. 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
Cultural web
Technological Factors
Maturity
Horizontal diversification
6. Is the means by which a strategy can be pursued.
Strategic method
Action Plan
Management fit
Methodologies Of Operations
7. 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
types of competitive strategies for international businesses
Employment Factors
efficiency frontier
Business Case
8. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Operations
Takeover
Leveraged buyout (LBO)
Core competences
9. Acquisition of a company that operates in the same industry using the same value chain.
Economic Factors
Demographic Factors
Horizontal diversification
Market development
10. The categories of activities within and around an organization which together create a product or service.
Growth
Core Values
Economizing
Value chain
11. 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
STEEP
Downscoping
Mid term Objectives
Action Plan
12. 1 Cost Leadership 2 Differentiation 3 Focus
SPAC
Descriptive Statistic
Organizing
Porters Competitive Strategies
13. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.
Core competences
Outsourcing
types of competitive strategies for international businesses
Mission Statement
14. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Value chain
Demographic Factors
Strategic business management
Strategy Evaluation
15. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Strategic business unit
Resources leverage
Merger and Acquisition Process
16. 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
Corporate strategy
bottom-up
Financial Measures
Core Values
17. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
type of responsibilities of a business
Horizontal diversification
Strategy Development
Descriptive Statistic
18. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Market fit
Internal Benchmarks
common practices when analyzing your competition
19. It involves data that is gathered firsthand for the specific evaluation being conduced.
Strategy Formulation
Market Penetrati
Merger and Acquisition Process
Primary Research
20. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Strategic business management
Corporate strategy
Ethics
CLO
21. Specific - Measurable - Attainable - Realistic - Timely
mentality of a MNC manager
SMART Goals
Mission Statement
Extended Organization
22. A value creating strategy that creates more perceived value by primarily reducing costs
Related diversification
Mission Statement
Five Forces
low-cost strategy
23. 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
Strategic business management
Spin-off
Maturity
to obtain profit growth
24. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
benefits of competitor intelligence
Organization Structure
Strategy Evaluation
type of responsibilities of a business
25. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Controlling
Organization Structure
Demographic Factors
The law making Process
26. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
to maximize profits
international strategy
International Factors
Private equity firm
27. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
support activities of a business
Mid term Objectives
Technological Factors
SWOT Analysis
28. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Strategy Implementation
PESTEL
Value Statement
Ethical Behavior
29. Risk associated with macro-economic forces.
Systematic risk
Strategic Groups
Stakeholders
Balanced scorecards
30. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Balanced scorecards
Factors that affect external environment
CLO
31. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Resources leverage
Generational Difference
HR functions that can be outsourced
Scope
32. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Economizing
Holding company
International Factors
Due Diligence
33. 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.
Resources
Porters Competitive Strategies
Operations
Controlling
34. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Mid term Objectives
skills businesses need to create competitive advantage
Cross-sector diversification
Resources leverage
35. A company in which 70-95% of revenue comes from a single business
Dominant business
CLO
Ethical Behavior
Strategic Information Systems
36. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Diversification
Code of Ethics
to increase profitability
37. 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)
Ethical Behavior
Secondary Research
Value Statement
to increase profitability
38. 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
Vision Statement
Strategy Formulation
Technological Factors
Junk bond
39. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
Economic Factors
Mid term Objectives
Stakeholders
40. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
functional benchmarking
SPAC
Market development
Stakeholders
41. Processes and activities used to formulate HR objectives - practices - and policies.
Controlling
Strategic business management
type of responsibilities of a business
Secondary Research
42. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
Secondary Research
Focus
STEEP
Blue ocean Strategy
43. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Leveraged buyout (LBO)
Market Penetrati
Stakeholder mapping
Strategic method
44. 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
mentality of MNC
Strategic capability
Downscoping
Unrelated diversification
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.
Marketing Mix
PESTEL
Purpose of benchmarks
Systematic risk
46. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
SWOT Analysis
HR functions that can be outsourced
Inferential Statistic
PESTEL
47. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Five Forces
Unrelated diversification
Merger and Acquisition Process
Controlling
48. 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
Five Forces
internal benchmarking
International Factors
Strategic Information Systems
49. 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.
Related diversification
Value Statement
Stakeholder mapping
Directing
50. Quality of information and interpretation of it
Merger and Acquisition Process
Economizing
key to success in strategic planning
Strategic method