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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. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Planning
mentality of MNC
Controlling
2. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
primary activities of a business
Cost Leadership
key to success in strategic planning
3. 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
bottom-up
Emergent Strategy
Business strategy
Introduction
4. 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
low-cost strategy
Critical success factors
Mid term Objectives
Scenarios
5. 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
Factors that affect external environment
to obtain profit growth
Due Diligence
6. 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.
bottom-up
Porters Competitive Strategies
Core competences
Strategy Development
7. 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
Stakeholders
Value network
international strategy
mentality of MNC
8. 1. R&D 2. production 3. marketing and sales 4. customer service
types of competitive strategies for international businesses
Inferential Statistic
Unrelated diversification
primary activities of a business
9. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Methodologies Of Operations
Business strategy
Planning
Holding company
10. 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
Value chain
Secondary Research
Porters Competitive Strategies
Decline
11. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Short term Objectives
Corporate strategy
Controlling
Strategies at three levels
12. 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
Strategic business unit
Introduction
Strategic Planning Phase
to maximize profits
13. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Descriptive Statistic
Balanced scorecards
Market development
14. 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
Code of Ethics
Technological Factors
Core competences
15. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Strategy Development
Strategic method
skills businesses need to create competitive advantage
16. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Market Penetrati
Vertical diversification
Holding company
Purpose of benchmarks
17. Acquisition of a company in a different industry - but which employs a similar value chain.
Strategic method
Unrelated diversification
Cross-sector diversification
Parts of Business Case
18. Acquisition of a company that operates in the same industry using the same value chain.
international strategy
Internal Benchmarks
Holding company
Horizontal diversification
19. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
to obtain profit growth
Operational fit
skills businesses need to create competitive advantage
20. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
SWOT Analysis
Marketing Mix
functional benchmarking
HR functions that can be outsourced
21. 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.
SPAC
Purpose of benchmarks
generic benchmarking
Core Values
22. 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.
Porters Competitive Strategies
Strategic Information Systems
Outsourcing
Internal Benchmarks
23. Is the means by which a strategy can be pursued.
SMART Goals
Secondary Research
Strategic method
Internal Benchmarks
24. Comparing operations in totally unrelated industries
generic benchmarking
Spin-off
STEEP
Vertical diversification
25. 1 Planning 2 Organizing 3 Directing 4 Controlling
Vision Statement
Controlling
Value chain
Management Functions
26. Specific - Measurable - Attainable - Realistic - Timely
Management fit
SMART Goals
SPAC
top-down
27. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Extended Organization
Strategy Formulation
Off shoring
28. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Related diversification
to increase profitability
Employment Factors
Cost Leadership
29. 1 Financial 2 Human 3 Physical 4 Technological
Spin-off
common practices when analyzing your competition
Resources
Strategic business unit (SBU)
30. 1 Balance Scorecard
common practices when analyzing your competition
Performance Measures
mentality of a MNC manager
Off shoring
31. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Business Case
Conglomerate
Due Diligence
32. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Differentiation
CLO
Agency
Corporate strategy
33. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Value Statement
Agency
Factors that affect external environment
Corporate strategy
34. 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
Maturity
differentiation
Strategic Planning
Strategic method
35. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur
Strategy Evaluation
Resources leverage
top-down
Cost Leadership
36. 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
Cultural web
types of competitive strategies for international businesses
CLO
Junk bond
37. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Market Penetrati
Code of Ethics
Technological Factors
Ethical Behavior
38. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Mid term Objectives
Code of Ethics
Cultural web
39. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Management Functions
Strategy Development
Generational Difference
type of responsibilities of a business
40. 1 Vision and mission 2 Value Statement
Stakeholders
differentiation
Strategy Formulation
Scope
41. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Emergent Strategy
Technological Factors
To achieve competitive advantage and superior profitability
Leveraged buyout (LBO)
42. Information systems with a charter to achieve competitive superiority.
Descriptive Statistic
mentality of MNC
Strategic Information Systems
Porters Competitive Strategies
43. 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 governance
Blue ocean Strategy
bottom-up
skills businesses need to create competitive advantage
44. 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.
Cross-sector diversification
Ethics
Management fit
Unrelated diversification
45. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Growth
Descriptive Statistic
Short term Objectives
46. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
SMART Goals
Stakeholders
Strategic business unit (SBU)
Environmental scanning
47. Processes and activities used to formulate HR objectives - practices - and policies.
Agency
to maximize profits
Strategic business management
Controlling
48. 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)
Related diversification
Primary Research
efficiency frontier
Strategic Information Systems
49. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
external benchmarking
Due Diligence
Organization Structure
Strategic Planning Phase
50. It uses data already gathered by others and reported in various sources.
Strategic Information Systems
Purpose of benchmarks
Operational fit
Secondary Research