SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Risk associated with macro-economic forces.
Systematic risk
Emergent Strategy
Strategic Planning
Dominant business
2. The types of decisions made and direction created for a single business
Secondary Research
Differentiation
Strategic Planning
Business strategy
3. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
bottom-up
Strategic Planning Phase
to obtain profit growth
Business Case
4. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Due Diligence
Employment Factors
Dominant business
Stakeholders
5. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Operational fit
Unsystematic risk
type of responsibilities of a business
6. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Demographic Factors
primary activities of a business
Descriptive Statistic
7. 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
Organizing
Outsourcing
mentality of MNC
Strategic business unit
8. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
generic benchmarking
Business Life Cycle Phases
Junk bond
9. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Systematic risk
Strategies at three levels
Operational fit
Generational Difference
10. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Mission Statement
Conglomerate
functional benchmarking
Market Penetrati
11. The categories of activities within and around an organization which together create a product or service.
Balanced scorecards
Business Case
Financial Measures
Value chain
12. 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.
Emergent Strategy
Related diversification
Employment Factors
To achieve competitive advantage and superior profitability
13. 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.
Organization Structure
Takeover
Agency
Strategy Development
14. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Business strategy
To achieve competitive advantage and superior profitability
Resources leverage
External Benchmarks
15. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
Business Case
Marketing Mix
Focus
Balanced scorecards
16. Identifies stakeholder expectations and power and helps in understanding political priorities.
Business strategy
Stakeholder mapping
SWOT Analysis
Market Penetrati
17. 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.
Unsystematic risk
to maximize profits
Internal Benchmarks
Blue ocean Strategy
18. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
mentality of MNC
Corporate strategy
Corporate governance
Junk bond
19. It is a system of moral principles and values that establish appropriate conduct.
Employment Factors
Ethics
Cost Leadership
Core competences
20. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Ethical Behavior
Organization Structure
Market development
Corporate strategy
21. 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
Strategy Evaluation
Introduction
external benchmarking
Business strategy
22. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
benefits of competitor intelligence
Operational fit
to obtain profit growth
to maximize profits
23. 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
Corporate strategy
Five Forces
Inferential Statistic
24. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
Economic Factors
Parts of Business Case
Management fit
25. 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
Demographic Factors
bottom-up
Holding company
External Benchmarks
26. 1 Planning 2 Organizing 3 Directing 4 Controlling
Differentiation
Management Functions
Corporate strategy
skills businesses need to create competitive advantage
27. 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
Junk bond
Scenarios
Dominant business
bottom-up
28. 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.
Porters Competitive Strategies
mentality of MNC
Off shoring
Primary Research
29. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Business Life Cycle Phases
Long term Objectives
Quantitative Analysis
30. A strategy by which an organisation offers existing products to new markets.
Vision Statement
international strategy
Market development
Strategy Formulation
31. Ability to broaden a product line or a customer base achieved through an acquisition.
Factors that affect external environment
External Benchmarks
Scope
Stakeholders
32. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
value creating operations in the value chain of operation
to increase profitability
International Factors
Vision Statement
33. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Cultural web
Related diversification
Differentiation
34. Comparing 1 operation in the firm with another
HR functions that can be outsourced
Strategy Development
Action Plan
internal benchmarking
35. It involves data that is gathered firsthand for the specific evaluation being conduced.
Business strategy
Strategy Evaluation
Management Functions
Primary Research
36. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Resources
Secondary Research
Vertical diversification
37. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Action Plan
mentality of a MNC manager
Conglomerate
Holding company
38. 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
Internal Benchmarks
Growth
Strategic Planning Phase
39. 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.
Balanced scorecards
Methodologies Of Operations
Descriptive Statistic
Outsourcing
40. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Unsystematic risk
Cross-sector diversification
Market fit
Merger and Acquisition Process
41. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Descriptive Statistic
Porters Competitive Strategies
Financial Measures
Strategic method
42. Acquisition of a company in a different industry - but which employs a similar value chain.
CLO
Cross-sector diversification
Factors that affect external environment
Strategic business unit
43. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Private equity firm
Value chain
Critical success factors
key to success in strategic planning
44. Quality of information and interpretation of it
key to success in strategic planning
Five Forces
Stakeholder mapping
Management Functions
45. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
value creating operations in the value chain of operation
Cross-sector diversification
Leveraged buyout (LBO)
External Benchmarks
46. Value - Exploit - Rare - Imitate - Substitute
Due Diligence
top-down
skills businesses need to create competitive advantage
Extended Organization
47. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Internal Benchmarks
Purpose of benchmarks
Scenarios
48. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Internal Benchmarks
Strategy Evaluation
skills businesses need to create competitive advantage
Downscoping
49. 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.
Off shoring
Unrelated diversification
Value network
common practices when analyzing your competition
50. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation
Environmental scanning
Generational Difference
Cultural web
efficiency frontier