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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 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
To achieve competitive advantage and superior profitability
Private equity firm
Organization Structure
2. 1 Cost Leadership 2 Differentiation 3 Focus
Vertical diversification
Porters Competitive Strategies
Directing
Strategies at three levels
3. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
mentality of MNC
Market Penetrati
Directing
Scope
4. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Corporate governance
STEEP
Environmental scanning
Critical success factors
5. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.
Strategic business management
Operational fit
Differentiation
Introduction
6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Private equity firm
Takeover
Strategic Groups
Merger and Acquisition Process
7. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Ethics
Employment Factors
Management fit
8. A value creating strategy that creates more perceived value by primarily reducing costs
Market Penetrati
Descriptive Statistic
low-cost strategy
Blue ocean Strategy
9. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
benefits of competitor intelligence
Performance Measures
Scope
10. 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.
Action Plan
Introduction
skills businesses need to create competitive advantage
Operations
11. 1 Introduction 2 Growth 3 Maturity 4 Decline
SMART Goals
Blue ocean Strategy
Spin-off
Business Life Cycle Phases
12. The types of decisions made and direction created for a single business
Business strategy
Strategies at three levels
Strategic Planning Phase
type of responsibilities of a business
13. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Market Penetrati
key to success in strategic planning
International Factors
Business strategy
14. Comparing operations in totally unrelated industries
Value chain
HR functions that can be outsourced
generic benchmarking
Decline
15. 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
Strategic business unit
Five Forces
CLO
Outsourcing
16. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Stakeholder mapping
internal benchmarking
Strategic Planning
Porters Competitive Strategies
17. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
low-cost strategy
Operations
Downscoping
18. Comparing 1 operation in the firm with another
Emergent Strategy
Outsourcing
internal benchmarking
Horizontal diversification
19. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategies at three levels
Performance Measures
Management fit
Strategic Planning Phase
20. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
Strategic business unit
Corporate strategy
type of responsibilities of a business
21. 1 Balance Scorecard
Strategy Evaluation
Junk bond
Performance Measures
Holding company
22. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Porters Competitive Strategies
Controlling
Secondary Research
Economizing
23. 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
Primary Research
Cultural web
Value Statement
24. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
type of responsibilities of a business
Code of Ethics
Focus
Environmental scanning
25. A value creating strategy that primary increases perceived value by increasing attractiveness of product
skills businesses need to create competitive advantage
differentiation
type of responsibilities of a business
Parts of Business Case
26. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Technological Factors
common practices when analyzing your competition
Strategic business management
Corporate strategy
27. 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.
type of responsibilities of a business
Blue ocean Strategy
to obtain profit growth
internal benchmarking
28. 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
Strategic Planning
Related diversification
bottom-up
Generational Difference
29. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Blue ocean Strategy
PESTEL
Holding company
Financial Measures
30. Cut costs - add value - or increase prices
To achieve competitive advantage and superior profitability
Strategic method
to increase profitability
Stakeholders
31. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Balanced scorecards
efficiency frontier
Vision Statement
to increase profitability
32. 1 Planning 2 Organizing 3 Directing 4 Controlling
Methodologies Of Operations
Management Functions
key to success in strategic planning
Related diversification
33. Is the means by which a strategy can be pursued.
Strategies at three levels
Strategic method
mentality of a MNC manager
Action Plan
34. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Market development
Junk bond
Resources
35. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Vision Statement
Strategic business management
Descriptive Statistic
36. 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
Private equity firm
Corporate social responsibility
Decline
Secondary Research
37. primary activities and support activities
Merger and Acquisition Process
value creating operations in the value chain of operation
Unrelated diversification
Purpose of benchmarks
38. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Market fit
Action Plan
Economizing
Extended Organization
39. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Business model
Value Statement
Due Diligence
Economizing
40. Processes and activities used to formulate HR objectives - practices - and policies.
Spin-off
Off shoring
Strategic business management
Descriptive Statistic
41. It uses data already gathered by others and reported in various sources.
Business Case
Secondary Research
Resources leverage
Methodologies Of Operations
42. Ability to broaden a product line or a customer base achieved through an acquisition.
Cost Leadership
SWOT Analysis
Demographic Factors
Scope
43. 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
Secondary Research
Balanced scorecards
Primary Research
44. 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
Secondary Research
Business Case
Strategic business unit
Mission Statement
45. 1 Financial 2 Human 3 Physical 4 Technological
Employment Factors
Controlling
external benchmarking
Resources
46. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Economic Factors
Long term Objectives
Quantitative Analysis
Scenarios
47. 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.
Cost Leadership
Unrelated diversification
To achieve competitive advantage and superior profitability
Strategic Planning
48. 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
Long term Objectives
Resources
Junk bond
mentality of MNC
49. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Leveraged buyout (LBO)
Code of Ethics
Market Penetrati
Purpose of benchmarks
50. It involves data that is gathered firsthand for the specific evaluation being conduced.
Related diversification
Market development
Primary Research
Technological Factors