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Business Strategy
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
benefits of competitor intelligence
Primary Research
To achieve competitive advantage and superior profitability
Strategy Evaluation
2. 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.
top-down
Outsourcing
Off shoring
Strategic business unit
3. 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.
skills businesses need to create competitive advantage
Core competences
Financial Measures
Off shoring
4. 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
Related diversification
Emergent Strategy
Critical success factors
International Factors
5. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Factors that affect external environment
Parts of Business Case
Organizing
Holding company
6. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Mid term Objectives
Inferential Statistic
Market Penetrati
SPAC
7. 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
Decline
key to success in strategic planning
type of responsibilities of a business
primary activities of a business
8. 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.
Strategic Planning Phase
Unrelated diversification
Value network
Unsystematic risk
9. Comparing operations in totally unrelated industries
Management Functions
Directing
generic benchmarking
type of responsibilities of a business
10. 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.
Private equity firm
Business Case
To achieve competitive advantage and superior profitability
Strategic capability
11. 1 Balance Scorecard
Performance Measures
Introduction
Ethical Behavior
Growth
12. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Inferential Statistic
Strategy Evaluation
SPAC
Decline
13. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Scenarios
Value Statement
Mid term Objectives
type of responsibilities of a business
14. Describes the structure of product - service - and information flows and the role of participating parties.
Strategy Implementation
Business model
Business Life Cycle Phases
Merger and Acquisition Process
15. The resources and competences of an organization needed for it to survive and prosper.
Strategic capability
Off shoring
CLO
Short term Objectives
16. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
Strategic business management
Strategic method
Spin-off
Due Diligence
17. Specific - Measurable - Attainable - Realistic - Timely
Strategic method
SMART Goals
Descriptive Statistic
Employment Factors
18. 1 Vision and mission 2 Value Statement
Strategy Formulation
Differentiation
STEEP
Resources
19. 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
Business Case
Related diversification
Maturity
Introduction
20. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Strategy Implementation
Secondary Research
Downscoping
Value network
21. Comparing similar functional firms in your industry
functional benchmarking
mentality of MNC
value creating operations in the value chain of operation
Vertical diversification
22. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Holding company
external benchmarking
Economic Factors
low-cost strategy
23. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Strategic business unit (SBU)
Financial Measures
bottom-up
Ethical Behavior
24. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Operations
Downscoping
Scope
25. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Inferential Statistic
Organization Structure
Agency
support activities of a business
26. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
international strategy
Value network
The law making Process
Extended Organization
27. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
to maximize profits
Ethics
Value Statement
Private equity firm
28. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
low-cost strategy
Operational fit
Factors that affect external environment
skills businesses need to create competitive advantage
29. 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
Economic Factors
Private equity firm
Environmental scanning
STEEP
30. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Blue ocean Strategy
Market development
Code of Ethics
Private equity firm
31. 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
Operational fit
Employment Factors
Dominant business
32. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Off shoring
Takeover
Management Functions
Balanced scorecards
33. 1 Planning 2 Organizing 3 Directing 4 Controlling
Ethics
Resources leverage
Merger and Acquisition Process
Management Functions
34. Value - Exploit - Rare - Imitate - Substitute
Dominant business
functional benchmarking
Cultural web
skills businesses need to create competitive advantage
35. 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.
Outsourcing
common practices when analyzing your competition
The law making Process
Extended Organization
36. 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
Operations
PESTEL
Marketing Mix
Maturity
37. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.
Downscoping
Quantitative Analysis
Cultural web
support activities of a business
38. It is a system of moral principles and values that establish appropriate conduct.
Strategies at three levels
Business Life Cycle Phases
Cultural web
Ethics
39. 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.
Long term Objectives
Operations
SPAC
Code of Ethics
40. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Holding company
International Factors
Conglomerate
41. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Strategy Development
Secondary Research
Corporate governance
42. 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
bottom-up
Descriptive Statistic
external benchmarking
Introduction
43. 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
Code of Ethics
Strategic business unit (SBU)
Primary Research
44. The underlying principles that guide an organization's strategy
Off shoring
Core Values
Strategic business unit (SBU)
Strategic Information Systems
45. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organization Structure
support activities of a business
mentality of MNC
Operational fit
46. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Planning
External Benchmarks
Porters Competitive Strategies
Value chain
47. 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
Strategy Development
Generational Difference
Cost Leadership
48. 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
Outsourcing
STEEP
Long term Objectives
49. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
HR functions that can be outsourced
Financial Measures
PESTEL
SPAC
50. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
External Benchmarks
Purpose of benchmarks
Due Diligence
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