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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. A strategy by which an organisation offers existing products to new markets.
Market development
Cost Leadership
Scenarios
STEEP
2. 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.
Unrelated diversification
Strategic Planning Phase
STEEP
Resources
3. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Porters Competitive Strategies
low-cost strategy
Leveraged buyout (LBO)
Strategic Planning Phase
4. Sell more in existing markets - or enter new markets
Strategic business management
to obtain profit growth
Introduction
Factors that affect external environment
5. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Mission Statement
Corporate governance
Market Penetrati
STEEP
6. 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.
Operations
Resources leverage
mentality of MNC
primary activities of a business
7. Quality of information and interpretation of it
key to success in strategic planning
international strategy
Code of Ethics
Business strategy
8. 1 Financial 2 Human 3 Physical 4 Technological
Introduction
Strategic Planning
Resources
Holding company
9. Acquisition of a company that operates in the same industry using the same value chain.
Growth
mentality of MNC
Horizontal diversification
support activities of a business
10. 1 Vision and mission 2 Value Statement
Strategy Formulation
Cultural web
Primary Research
Leveraged buyout (LBO)
11. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
HR functions that can be outsourced
Business Life Cycle Phases
Primary Research
Cultural web
12. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Differentiation
SWOT Analysis
Balanced scorecards
13. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Organizing
Performance Measures
Value Statement
14. A value creating strategy that creates more perceived value by primarily reducing costs
differentiation
Balanced scorecards
low-cost strategy
Strategic Planning Phase
15. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Corporate strategy
International Factors
Conglomerate
Unrelated diversification
16. The resources and competences of an organization needed for it to survive and prosper.
Value chain
Strategic capability
Decline
Organizing
17. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Strategic Groups
Introduction
Business Life Cycle Phases
18. 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
Stakeholder mapping
Scenarios
Corporate social responsibility
Business Life Cycle Phases
19. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Business Life Cycle Phases
Performance Measures
Mission Statement
20. primary activities and support activities
Business strategy
International Factors
value creating operations in the value chain of operation
Strategy Development
21. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
international strategy
SWOT Analysis
to maximize profits
22. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
SWOT Analysis
Management fit
Cultural web
Vision Statement
23. 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
Corporate governance
Short term Objectives
Emergent Strategy
support activities of a business
24. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Performance Measures
Environmental Scanning
Business Case
benefits of competitor intelligence
25. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Performance Measures
Strategic Planning
PESTEL
Strategies at three levels
26. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Scope
mentality of MNC
common practices when analyzing your competition
Parts of Business Case
27. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Marketing Mix
Focus
Scenarios
Management fit
28. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Strategic Planning Phase
Diversification
common practices when analyzing your competition
29. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Descriptive Statistic
Strategy Development
Value Statement
CLO
30. 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
Mission Statement
Corporate strategy
SPAC
to obtain profit growth
31. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Organizing
external benchmarking
Short term Objectives
Economizing
32. The underlying principles that guide an organization's strategy
Employment Factors
Core Values
Secondary Research
CLO
33. 1. R&D 2. production 3. marketing and sales 4. customer service
Strategic business management
primary activities of a business
Demographic Factors
Market fit
34. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Business model
Controlling
Merger and Acquisition Process
Generational Difference
35. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Five Forces
mentality of a MNC manager
Quantitative Analysis
Generational Difference
36. Comparing a the firms operations with a direct competitor
Strategic method
Balanced scorecards
support activities of a business
external benchmarking
37. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Secondary Research
Focus
External Benchmarks
38. A company in which 70-95% of revenue comes from a single business
Financial Measures
Purpose of benchmarks
Mid term Objectives
Dominant business
39. Processes and activities used to formulate HR objectives - practices - and policies.
SMART Goals
Strategic business management
Scope
generic benchmarking
40. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Secondary Research
Resources
Stakeholders
Descriptive Statistic
41. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
bottom-up
Demographic Factors
Financial Measures
42. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
SMART Goals
HR functions that can be outsourced
Value Statement
Planning
43. 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.
support activities of a business
Descriptive Statistic
Strategic Groups
Blue ocean Strategy
44. It uses data already gathered by others and reported in various sources.
top-down
Secondary Research
Business model
SMART Goals
45. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
International Factors
Diversification
Strategies at three levels
46. 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
Ethics
Off shoring
Strategic Planning Phase
Cost Leadership
47. 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
Environmental scanning
Unrelated diversification
Long term Objectives
48. 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
Operational fit
Junk bond
to obtain profit growth
Inferential Statistic
49. 1 Balance Scorecard
Performance Measures
external benchmarking
Leveraged buyout (LBO)
Growth
50. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategy Development
Cross-sector diversification
PESTEL
Strategic Groups