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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
Resources leverage
Growth
Economic Factors
2. 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
The law making Process
Outsourcing
Employment Factors
Scenarios
3. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Secondary Research
Extended Organization
Strategy Formulation
HR functions that can be outsourced
4. 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)
Quantitative Analysis
efficiency frontier
primary activities of a business
Takeover
5. 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
type of responsibilities of a business
Introduction
Strategy Formulation
Resources leverage
6. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Methodologies Of Operations
Primary Research
SWOT Analysis
Maturity
7. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
Employment Factors
Related diversification
Economizing
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
Decline
to increase profitability
Agency
9. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Due Diligence
internal benchmarking
Code of Ethics
Market Penetrati
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
Decline
Cultural web
Off shoring
Employment Factors
11. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Operations
Mid term Objectives
Junk bond
12. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Controlling
top-down
Planning
Operations
13. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Operations
benefits of competitor intelligence
Ethics
14. Quality of information and interpretation of it
key to success in strategic planning
functional benchmarking
Holding company
Organizing
15. Acquisition of a company in a different industry - but which employs a similar value chain.
International Factors
Cross-sector diversification
Planning
Value Statement
16. 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.
types of competitive strategies for international businesses
Resources leverage
Off shoring
internal benchmarking
17. 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.
Differentiation
CLO
Value chain
Holding company
18. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
The law making Process
Demographic Factors
Short term Objectives
Value Statement
19. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Descriptive Statistic
Mission Statement
Short term Objectives
20. They are often based on industry best practice.
Strategic business unit (SBU)
mentality of MNC
External Benchmarks
Off shoring
21. Value - Exploit - Rare - Imitate - Substitute
Technological Factors
functional benchmarking
skills businesses need to create competitive advantage
Purpose of benchmarks
22. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
CLO
international strategy
Strategic business unit
Strategies at three levels
23. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Strategic Planning
Market development
Corporate strategy
Mid term Objectives
24. Information systems with a charter to achieve competitive superiority.
Core competences
Diversification
Strategic Information Systems
Parts of Business Case
25. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
Strategic business unit
Core Values
Conglomerate
26. 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
Five Forces
Vertical diversification
Junk bond
Unrelated diversification
27. 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)
Secondary Research
Mission Statement
Operations
Mid term Objectives
28. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Strategic Planning Phase
Resources leverage
Operational fit
PESTEL
29. 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.
Related diversification
functional benchmarking
Value Statement
Strategy Evaluation
30. 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.
Strategies at three levels
Takeover
Generational Difference
Mid term Objectives
31. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Emergent Strategy
Takeover
Strategy Development
32. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Vertical diversification
Management fit
Generational Difference
Long term Objectives
33. 1 Population 2 Sample 3 Normal Distribution
top-down
Growth
Corporate social responsibility
Inferential Statistic
34. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
Quantitative Analysis
Conglomerate
Horizontal diversification
35. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Technological Factors
Critical success factors
value creating operations in the value chain of operation
Strategy Development
36. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Off shoring
International Factors
Controlling
types of competitive strategies for international businesses
37. They are used to condense and summarize large quantities of data for quick understanding.
differentiation
Critical success factors
Emergent Strategy
Descriptive Statistic
38. Risk associated with a particular business.
Business Case
Mid term Objectives
to obtain profit growth
Unsystematic risk
39. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Management fit
Core Values
primary activities of a business
Parts of Business Case
40. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Mission Statement
Stakeholder mapping
Corporate strategy
generic benchmarking
41. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Mid term Objectives
Employment Factors
Agency
efficiency frontier
42. The categories of activities within and around an organization which together create a product or service.
Secondary Research
Generational Difference
Value chain
External Benchmarks
43. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Conglomerate
Junk bond
Market fit
44. It uses data already gathered by others and reported in various sources.
Vision Statement
Secondary Research
Business Case
HR functions that can be outsourced
45. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Code of Ethics
Purpose of benchmarks
Generational Difference
Core competences
46. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Vision Statement
Operational fit
key to success in strategic planning
Decline
47. 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
Controlling
Maturity
top-down
Strategy Evaluation
48. Acquisition of a company that operates in the same industry using the same value chain.
Financial Measures
benefits of competitor intelligence
Horizontal diversification
value creating operations in the value chain of operation
49. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Strategy Development
Inferential Statistic
Systematic risk
50. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
external benchmarking
Demographic Factors
Strategic Planning Phase
Technological Factors