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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. 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
Scenarios
Emergent Strategy
Strategy Development
Horizontal diversification
2. 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
Diversification
To achieve competitive advantage and superior profitability
top-down
Corporate governance
3. 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
Parts of Business Case
Cultural web
international strategy
Cross-sector diversification
4. Comparing a the firms operations with a direct competitor
external benchmarking
Strategic method
SPAC
Quantitative Analysis
5. Is the set of internationalization links and relationships that are necessary to create a product or service.
International Factors
Management fit
HR functions that can be outsourced
Value network
6. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Primary Research
Short term Objectives
Technological Factors
differentiation
7. Value - Exploit - Rare - Imitate - Substitute
Management fit
Strategic business management
Downscoping
skills businesses need to create competitive advantage
8. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Strategies at three levels
Horizontal diversification
Internal Benchmarks
Holding company
9. Processes and activities used to formulate HR objectives - practices - and policies.
Primary Research
Strategic business management
Stakeholders
low-cost strategy
10. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Business Case
low-cost strategy
International Factors
SMART Goals
11. 1. multinational 2. global 3. transnational
Purpose of benchmarks
Corporate governance
types of competitive strategies for international businesses
Ethics
12. 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
bottom-up
international strategy
Resources leverage
Economizing
13. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
Directing
Agency
Long term Objectives
14. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Economizing
Quantitative Analysis
Spin-off
primary activities of a business
15. 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.
Operational fit
Downscoping
efficiency frontier
External Benchmarks
16. 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
Performance Measures
Code of Ethics
Methodologies Of Operations
Decline
17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Action Plan
Planning
Corporate social responsibility
Employment Factors
18. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Parts of Business Case
SPAC
Strategy Evaluation
Five Forces
19. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Factors that affect external environment
Blue ocean Strategy
Private equity firm
Strategic business unit (SBU)
20. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Scenarios
Business Case
Employment Factors
21. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Diversification
Operations
Vertical diversification
22. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Strategies at three levels
primary activities of a business
Organization Structure
Demographic Factors
23. 1 Financial 2 Human 3 Physical 4 Technological
Mission Statement
Porters Competitive Strategies
Outsourcing
Resources
24. 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
Porters Competitive Strategies
Strategic business unit
Junk bond
Business Life Cycle Phases
25. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
Action Plan
Scope
Short term Objectives
26. 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 a MNC manager
Environmental Scanning
Agency
Corporate governance
27. 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
Corporate governance
Economizing
mentality of MNC
Economic Factors
28. 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
Focus
Leveraged buyout (LBO)
Unsystematic risk
29. 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)
Employment Factors
Core competences
Secondary Research
Financial Measures
30. Acquisition of a company in a different industry - but which employs a similar value chain.
Methodologies Of Operations
Employment Factors
Cross-sector diversification
mentality of MNC
31. Comparing similar functional firms in your industry
Strategic business unit (SBU)
to obtain profit growth
Porters Competitive Strategies
functional benchmarking
32. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Organizing
Balanced scorecards
Scenarios
33. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Business Case
Junk bond
Secondary Research
Growth
34. Ensure that organization's strategy and operations are consistent with each other
Short term Objectives
To achieve competitive advantage and superior profitability
Cross-sector diversification
Environmental Scanning
35. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Core Values
PESTEL
Junk bond
Demographic Factors
36. 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
Strategies at three levels
Environmental scanning
Value chain
Spin-off
37. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Ethics
Horizontal diversification
Balanced scorecards
top-down
38. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Extended Organization
Strategic Planning
Dominant business
39. Economic - legal resp. - ethical - and discretionary
Off shoring
Quantitative Analysis
type of responsibilities of a business
Core Values
40. Describes the structure of product - service - and information flows and the role of participating parties.
Emergent Strategy
Business model
functional benchmarking
to maximize profits
41. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Descriptive Statistic
Five Forces
Business model
42. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Stakeholders
Strategy Implementation
primary activities of a business
Growth
43. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Employment Factors
Emergent Strategy
Agency
Critical success factors
44. The types of decisions made and direction created for a single business
Junk bond
Ethical Behavior
Business strategy
Strategic business management
45. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Value Statement
Cross-sector diversification
Demographic Factors
Strategic Information Systems
46. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Quantitative Analysis
Environmental scanning
Decline
47. 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.
Unrelated diversification
The law making Process
STEEP
Performance Measures
48. 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.
Purpose of benchmarks
Strategic Groups
Marketing Mix
Dominant business
49. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Management Functions
primary activities of a business
key to success in strategic planning
Corporate social responsibility
50. Is the means by which a strategy can be pursued.
Organization Structure
Primary Research
Strategic method
Employment Factors