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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. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
efficiency frontier
Agency
Quantitative Analysis
Vertical diversification
2. 1. multinational 2. global 3. transnational
to maximize profits
Off shoring
types of competitive strategies for international businesses
Private equity firm
3. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
bottom-up
Demographic Factors
benefits of competitor intelligence
4. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Private equity firm
Primary Research
Market fit
benefits of competitor intelligence
5. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Off shoring
Five Forces
key to success in strategic planning
Strategy Evaluation
6. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
bottom-up
To achieve competitive advantage and superior profitability
SWOT Analysis
common practices when analyzing your competition
7. When a corporation is able to combine similar primary value chain activities.
STEEP
Internal Benchmarks
Operational fit
Strategy Implementation
8. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Performance Measures
Parts of Business Case
support activities of a business
Economic Factors
9. 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.
Corporate governance
Business Case
Descriptive Statistic
efficiency frontier
10. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Internal Benchmarks
Porters Competitive Strategies
Value Statement
Strategic business unit
11. 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.
Strategic Planning
Extended Organization
Operations
Marketing Mix
12. 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.
To achieve competitive advantage and superior profitability
to maximize profits
Strategic business management
Takeover
13. 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
international strategy
Economic Factors
Off shoring
The law making Process
14. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
mentality of MNC
Generational Difference
International Factors
Corporate social responsibility
15. Value - Exploit - Rare - Imitate - Substitute
Strategic Groups
skills businesses need to create competitive advantage
Resources leverage
Employment Factors
16. Sell more in existing markets - or enter new markets
Value network
to obtain profit growth
Vertical diversification
SWOT Analysis
17. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
generic benchmarking
Stakeholder mapping
Organizing
Inferential Statistic
18. 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
Five Forces
Cost Leadership
Dominant business
Leveraged buyout (LBO)
19. Risk associated with a particular business.
Organization Structure
Factors that affect external environment
Methodologies Of Operations
Unsystematic risk
20. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Business Life Cycle Phases
Strategy Development
Methodologies Of Operations
Economizing
21. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Off shoring
Holding company
Takeover
Maturity
22. Cut costs - add value - or increase prices
SWOT Analysis
internal benchmarking
Diversification
to increase profitability
23. 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
Scope
differentiation
Maturity
24. 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)
differentiation
Secondary Research
Financial Measures
primary activities of a business
25. Is the means by which a strategy can be pursued.
Strategic method
Planning
Value chain
Management Functions
26. 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
Horizontal diversification
efficiency frontier
Cultural web
SWOT Analysis
27. 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
Purpose of benchmarks
Marketing Mix
Junk bond
Value network
28. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Cross-sector diversification
external benchmarking
Marketing Mix
29. Information systems with a charter to achieve competitive superiority.
Focus
Strategic Information Systems
value creating operations in the value chain of operation
Management Functions
30. 1 Population 2 Sample 3 Normal Distribution
Parts of Business Case
type of responsibilities of a business
Controlling
Inferential Statistic
31. 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
Cultural web
Stakeholders
Maturity
Code of Ethics
32. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Strategic business unit
Generational Difference
Systematic risk
Corporate governance
33. 1. information systems 2. logistics 3. HR
Market Penetrati
Holding company
support activities of a business
Strategy Formulation
34. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Extended Organization
type of responsibilities of a business
Employment Factors
skills businesses need to create competitive advantage
35. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
key to success in strategic planning
Controlling
mentality of a MNC manager
Strategy Development
36. 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
Demographic Factors
Strategic Planning Phase
Emergent Strategy
Blue ocean Strategy
37. They are often based on industry best practice.
External Benchmarks
Scenarios
Code of Ethics
Strategy Formulation
38. The types of decisions made and direction created for a single business
Business strategy
Private equity firm
To achieve competitive advantage and superior profitability
key to success in strategic planning
39. 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
skills businesses need to create competitive advantage
Extended Organization
40. 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
Internal Benchmarks
external benchmarking
Private equity firm
Spin-off
41. 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
Business Life Cycle Phases
bottom-up
Junk bond
Strategy Development
42. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
To achieve competitive advantage and superior profitability
Due Diligence
Strategy Implementation
Related diversification
43. Processes and activities used to formulate HR objectives - practices - and policies.
Conglomerate
Strategy Formulation
Strategic business management
Strategic Groups
44. 1 Financial 2 Human 3 Physical 4 Technological
external benchmarking
Economic Factors
Resources
Private equity firm
45. A value creating strategy that creates more perceived value by primarily reducing costs
Environmental Scanning
low-cost strategy
Secondary Research
Ethical Behavior
46. 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.
Strategic Groups
Value chain
Blue ocean Strategy
International Factors
47. Describes the structure of product - service - and information flows and the role of participating parties.
Business Life Cycle Phases
Business model
Demographic Factors
Environmental Scanning
48. Ability to broaden a product line or a customer base achieved through an acquisition.
Strategy Evaluation
Corporate social responsibility
Off shoring
Scope
49. 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
Business Case
Scenarios
Merger and Acquisition Process
Business Life Cycle Phases
50. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Cross-sector diversification
differentiation
Environmental Scanning
Merger and Acquisition Process