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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.
External Benchmarks
Value Statement
mentality of MNC
mentality of a MNC manager
2. 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
Cost Leadership
benefits of competitor intelligence
Short term Objectives
Employment Factors
3. 1 Financial 2 Human 3 Physical 4 Technological
mentality of MNC
Agency
Decline
Resources
4. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Cost Leadership
bottom-up
Primary Research
Generational Difference
5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Operations
Strategic business management
Scenarios
International Factors
6. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Business Life Cycle Phases
Code of Ethics
Due Diligence
Strategic Groups
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
Business Case
To achieve competitive advantage and superior profitability
Operational fit
Maturity
8. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Off shoring
value creating operations in the value chain of operation
Junk bond
9. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
value creating operations in the value chain of operation
Business Case
Business Case
10. 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.
Market fit
key to success in strategic planning
Blue ocean Strategy
external benchmarking
11. Comparing similar functional firms in your industry
Spin-off
functional benchmarking
Private equity firm
Environmental Scanning
12. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
mentality of a MNC manager
benefits of competitor intelligence
Unrelated diversification
13. 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
Business model
international strategy
Critical success factors
Related diversification
14. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Short term Objectives
SWOT Analysis
Management fit
Business Life Cycle Phases
15. 1. multinational 2. global 3. transnational
Management fit
types of competitive strategies for international businesses
External Benchmarks
Strategy Formulation
16. 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"
Technological Factors
Decline
CLO
Strategic Groups
17. 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
Mid term Objectives
to maximize profits
Strategic Planning
Balanced scorecards
18. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Operations
Takeover
Market Penetrati
SMART Goals
19. 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
Economizing
Corporate strategy
Business Case
Cultural web
20. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
types of competitive strategies for international businesses
Quantitative Analysis
Internal Benchmarks
Critical success factors
21. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
Inferential Statistic
Environmental scanning
Takeover
22. Ensure that organization's strategy and operations are consistent with each other
Financial Measures
Resources leverage
Systematic risk
To achieve competitive advantage and superior profitability
23. 1. information systems 2. logistics 3. HR
Strategy Development
Five Forces
Mid term Objectives
support activities of a business
24. The underlying principles that guide an organization's strategy
Strategic Planning
Controlling
Economic Factors
Core Values
25. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Unrelated diversification
Employment Factors
Primary Research
Strategy Implementation
26. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
to increase profitability
skills businesses need to create competitive advantage
Business Life Cycle Phases
27. 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.
Cultural web
Outsourcing
Strategic method
Organization Structure
28. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Economic Factors
Strategy Formulation
Ethical Behavior
Market development
29. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha
Spin-off
Emergent Strategy
Critical success factors
Vision Statement
30. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Scope
Strategic Information Systems
Vertical diversification
31. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Operational fit
Management fit
Stakeholders
to increase profitability
32. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Core competences
Secondary Research
The law making Process
33. Describes the structure of product - service - and information flows and the role of participating parties.
Operations
Outsourcing
Internal Benchmarks
Business model
34. 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.
Purpose of benchmarks
Value network
Factors that affect external environment
Environmental Scanning
35. Comparing 1 operation in the firm with another
internal benchmarking
Vision Statement
Code of Ethics
generic benchmarking
36. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Unsystematic risk
mentality of a MNC manager
Scenarios
37. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Cross-sector diversification
Factors that affect external environment
Planning
Generational Difference
38. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
SMART Goals
Core Values
HR functions that can be outsourced
efficiency frontier
39. 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.
Cross-sector diversification
Related diversification
Business Case
Operations
40. 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.
Operational fit
Business Case
Market fit
Methodologies Of Operations
41. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.
Strategic business unit (SBU)
Operational fit
Off shoring
Strategic method
42. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Value Statement
Strategic method
Junk bond
Strategic business unit (SBU)
43. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Diversification
mentality of MNC
Financial Measures
Core competences
44. 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
Maturity
Scenarios
Long term Objectives
Resources
45. The categories of activities within and around an organization which together create a product or service.
Unrelated diversification
Value chain
Cross-sector diversification
Internal Benchmarks
46. 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.
Focus
Cross-sector diversification
Growth
Agency
47. 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
International Factors
Internal Benchmarks
STEEP
Strategic Planning
48. 1 Introduction 2 Growth 3 Maturity 4 Decline
Business Life Cycle Phases
Critical success factors
Factors that affect external environment
SMART Goals
49. 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
Controlling
Cross-sector diversification
Introduction
Market fit
50. Is the means by which a strategy can be pursued.
Strategy Evaluation
Corporate strategy
Short term Objectives
Strategic method