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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. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Environmental scanning
Balanced scorecards
Blue ocean Strategy
Merger and Acquisition Process
2. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
Operations
Market development
Resources leverage
3. A value creating strategy that creates more perceived value by primarily reducing costs
Unrelated diversification
PESTEL
low-cost strategy
Value network
4. 1 Cost Leadership 2 Differentiation 3 Focus
Downscoping
Porters Competitive Strategies
Stakeholder mapping
Leveraged buyout (LBO)
5. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Holding company
Extended Organization
Marketing Mix
Market fit
6. 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
Market development
Business Life Cycle Phases
Leveraged buyout (LBO)
7. It is a system of moral principles and values that establish appropriate conduct.
Environmental Scanning
Demographic Factors
key to success in strategic planning
Ethics
8. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Organizing
Conglomerate
Code of Ethics
Leveraged buyout (LBO)
9. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Resources leverage
Value chain
to maximize profits
10. The types of decisions made and direction created for a single business
Off shoring
Business strategy
Strategic Information Systems
Off shoring
11. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
SMART Goals
Agency
Differentiation
12. 1 Introduction 2 Growth 3 Maturity 4 Decline
Stakeholder mapping
Business Life Cycle Phases
To achieve competitive advantage and superior profitability
Controlling
13. 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.
Business Case
Agency
Cost Leadership
Operational fit
14. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Agency
Unrelated diversification
Strategy Formulation
15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Value chain
Employment Factors
mentality of a MNC manager
Technological Factors
16. They are used to condense and summarize large quantities of data for quick understanding.
Spin-off
External Benchmarks
SMART Goals
Descriptive Statistic
17. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Quantitative Analysis
Code of Ethics
Holding company
Management fit
18. 1 Financial 2 Human 3 Physical 4 Technological
Scenarios
skills businesses need to create competitive advantage
Resources
Diversification
19. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
value creating operations in the value chain of operation
Market Penetrati
Stakeholders
benefits of competitor intelligence
20. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
Merger and Acquisition Process
Resources leverage
Porters Competitive Strategies
21. A strategy by which an organisation offers existing products to new markets.
Market development
Strategic business unit (SBU)
Corporate strategy
mentality of a MNC manager
22. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
primary activities of a business
Controlling
Strategy Development
23. Describes the structure of product - service - and information flows and the role of participating parties.
Organizing
Conglomerate
Action Plan
Business model
24. Comparing similar functional firms in your industry
Private equity firm
functional benchmarking
Business strategy
Due Diligence
25. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Factors that affect external environment
international strategy
Decline
Directing
26. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political
Spin-off
to maximize profits
Off shoring
STEEP
27. 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
External Benchmarks
Organization Structure
Inferential Statistic
Introduction
28. 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
Junk bond
benefits of competitor intelligence
Diversification
29. 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.
Related diversification
Differentiation
Mid term Objectives
Short term Objectives
30. The resources and competences of an organization needed for it to survive and prosper.
Market Penetrati
Strategic capability
To achieve competitive advantage and superior profitability
Resources
31. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Focus
Strategic Groups
Related diversification
Strategy Evaluation
32. 1. multinational 2. global 3. transnational
Scenarios
types of competitive strategies for international businesses
Differentiation
Short term Objectives
33. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Economizing
Parts of Business Case
Downscoping
Primary Research
34. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Balanced scorecards
Marketing Mix
Stakeholders
Scenarios
35. 1. R&D 2. production 3. marketing and sales 4. customer service
Internal Benchmarks
key to success in strategic planning
primary activities of a business
Scope
36. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Economizing
Strategic business unit
To achieve competitive advantage and superior profitability
SPAC
37. 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.
Strategy Implementation
Value Statement
STEEP
Core competences
38. 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.
Economizing
Operations
efficiency frontier
Business Case
39. Ensure that organization's strategy and operations are consistent with each other
Strategy Implementation
Management Functions
To achieve competitive advantage and superior profitability
Economic Factors
40. They are often based on industry best practice.
Organization Structure
generic benchmarking
External Benchmarks
Operational fit
41. Ability to broaden a product line or a customer base achieved through an acquisition.
support activities of a business
Secondary Research
Scope
Secondary Research
42. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Outsourcing
SWOT Analysis
Organizing
43. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Strategic business unit (SBU)
Generational Difference
Factors that affect external environment
Emergent Strategy
44. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
mentality of MNC
functional benchmarking
Strategy Development
Management fit
45. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
to obtain profit growth
Business Life Cycle Phases
Vision Statement
Off shoring
46. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Strategic business management
Quantitative Analysis
Environmental Scanning
Extended Organization
47. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.
External Benchmarks
Management Functions
Primary Research
Focus
48. 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
Scenarios
skills businesses need to create competitive advantage
to increase profitability
Ethical Behavior
49. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
SMART Goals
low-cost strategy
Business Case
Mid term Objectives
50. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
Corporate governance
Ethics
Parts of Business Case