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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
differentiation
Employment Factors
STEEP
Cost Leadership
2. 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
international strategy
Methodologies Of Operations
Diversification
Business model
3. 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"
Value network
CLO
Resources
Value chain
4. 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
Critical success factors
Management fit
Maturity
Introduction
5. A value creating strategy that creates more perceived value by primarily reducing costs
external benchmarking
low-cost strategy
Agency
Management fit
6. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Porters Competitive Strategies
Scenarios
Organizing
Core Values
7. 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.
types of competitive strategies for international businesses
Purpose of benchmarks
Strategic business management
Short term Objectives
8. 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.
The law making Process
Secondary Research
Outsourcing
Strategy Development
9. Is the set of internationalization links and relationships that are necessary to create a product or service.
to maximize profits
Financial Measures
Value network
Business Case
10. Ensure that organization's strategy and operations are consistent with each other
Mid term Objectives
To achieve competitive advantage and superior profitability
Off shoring
Financial Measures
11. Identifies stakeholder expectations and power and helps in understanding political priorities.
To achieve competitive advantage and superior profitability
Ethical Behavior
Scenarios
Stakeholder mapping
12. 1. R&D 2. production 3. marketing and sales 4. customer service
Code of Ethics
primary activities of a business
Strategic method
support activities of a business
13. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Blue ocean Strategy
Demographic Factors
Technological Factors
Strategies at three levels
14. 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
Cultural web
differentiation
Takeover
Junk bond
15. 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
types of competitive strategies for international businesses
to maximize profits
Methodologies Of Operations
CLO
16. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Descriptive Statistic
Secondary Research
HR functions that can be outsourced
key to success in strategic planning
17. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Economic Factors
The law making Process
Cost Leadership
Controlling
18. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Ethics
to maximize profits
HR functions that can be outsourced
19. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Corporate social responsibility
differentiation
Resources leverage
Management Functions
20. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Ethics
Strategic business unit (SBU)
PESTEL
Holding company
21. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
benefits of competitor intelligence
Unsystematic risk
Dominant business
22. 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
Junk bond
Mission Statement
To achieve competitive advantage and superior profitability
Business Case
23. 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.
Organization Structure
Generational Difference
Descriptive Statistic
Related diversification
24. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
efficiency frontier
Descriptive Statistic
Corporate social responsibility
Cross-sector diversification
25. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
differentiation
Economic Factors
Strategies at three levels
Balanced scorecards
26. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Balanced scorecards
Demographic Factors
Vertical diversification
Operations
27. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Unsystematic risk
Spin-off
Critical success factors
mentality of MNC
28. Comparing similar functional firms in your industry
functional benchmarking
Stakeholders
types of competitive strategies for international businesses
Focus
29. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
type of responsibilities of a business
Five Forces
Strategic business unit (SBU)
Strategic Planning
30. Value - Exploit - Rare - Imitate - Substitute
Market Penetrati
Spin-off
Holding company
skills businesses need to create competitive advantage
31. 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 a MNC manager
efficiency frontier
Marketing Mix
mentality of MNC
32. primary activities and support activities
Corporate strategy
Cultural web
Methodologies Of Operations
value creating operations in the value chain of operation
33. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Vision Statement
Related diversification
Junk bond
Economic Factors
34. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
to obtain profit growth
bottom-up
Porters Competitive Strategies
International Factors
35. Sell more in existing markets - or enter new markets
Differentiation
to obtain profit growth
Strategic business management
Strategic Information Systems
36. A company in which 70-95% of revenue comes from a single business
Management fit
Dominant business
external benchmarking
mentality of a MNC manager
37. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
SWOT Analysis
Off shoring
Methodologies Of Operations
Environmental Scanning
38. 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
Mid term Objectives
Focus
Decline
Resources leverage
39. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
SPAC
Balanced scorecards
Quantitative Analysis
International Factors
40. Risk associated with macro-economic forces.
Systematic risk
Junk bond
Emergent Strategy
Short term Objectives
41. 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
Descriptive Statistic
Maturity
mentality of MNC
42. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Operations
Critical success factors
Takeover
Generational Difference
43. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Porters Competitive Strategies
SWOT Analysis
Strategic business unit (SBU)
Off shoring
44. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Organization Structure
Planning
Generational Difference
Cultural web
45. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Strategic Planning
Long term Objectives
mentality of MNC
46. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Strategy Development
Performance Measures
PESTEL
HR functions that can be outsourced
47. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Mission Statement
The law making Process
Parts of Business Case
Strategic Planning Phase
48. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Market fit
Cost Leadership
Operations
Methodologies Of Operations
49. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Management fit
Value chain
Ethical Behavior
Strategic Groups
50. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Organizing
Horizontal diversification
Primary Research
common practices when analyzing your competition