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Business Strategy
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Resources
Action Plan
external benchmarking
Strategies at three levels
2. Is the set of internationalization links and relationships that are necessary to create a product or service.
Corporate social responsibility
STEEP
Value network
Planning
3. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Directing
Parts of Business Case
Organization Structure
Demographic Factors
4. 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
efficiency frontier
STEEP
Vertical diversification
Extended Organization
5. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Strategy Implementation
Business model
Outsourcing
6. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Business model
Related diversification
Vision Statement
Corporate strategy
7. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Value network
Demographic Factors
Stakeholders
Off shoring
8. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Porters Competitive Strategies
International Factors
Organization Structure
HR functions that can be outsourced
9. 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
Methodologies Of Operations
Cost Leadership
Performance Measures
To achieve competitive advantage and superior profitability
10. The underlying principles that guide an organization's strategy
Core Values
International Factors
Merger and Acquisition Process
value creating operations in the value chain of operation
11. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
skills businesses need to create competitive advantage
common practices when analyzing your competition
The law making Process
Strategic Groups
12. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Factors that affect external environment
benefits of competitor intelligence
Secondary Research
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
Merger and Acquisition Process
Vision Statement
Environmental scanning
14. 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.
Directing
Marketing Mix
Mid term Objectives
Systematic risk
15. 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
Porters Competitive Strategies
Long term Objectives
Action Plan
16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Strategy Evaluation
Environmental Scanning
Mission Statement
17. Is the means by which a strategy can be pursued.
Market Penetrati
skills businesses need to create competitive advantage
Strategy Evaluation
Strategic method
18. 1. R&D 2. production 3. marketing and sales 4. customer service
Scenarios
Secondary Research
Primary Research
primary activities of a business
19. Cut costs - add value - or increase prices
to increase profitability
Scenarios
SWOT Analysis
common practices when analyzing your competition
20. 1. information systems 2. logistics 3. HR
Strategic Planning
common practices when analyzing your competition
support activities of a business
primary activities of a business
21. 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
Value Statement
to maximize profits
Five Forces
Business Life Cycle Phases
22. 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.
Business model
Strategy Evaluation
Vision Statement
Takeover
23. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Secondary Research
mentality of a MNC manager
value creating operations in the value chain of operation
Corporate social responsibility
24. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Balanced scorecards
Financial Measures
Business Case
Descriptive Statistic
25. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Core Values
Marketing Mix
Scenarios
26. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
PESTEL
Scenarios
key to success in strategic planning
Corporate strategy
27. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Quantitative Analysis
Strategies at three levels
Corporate strategy
28. primary activities and support activities
Organization Structure
Related diversification
value creating operations in the value chain of operation
Strategic Information Systems
29. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
Introduction
SPAC
Economic Factors
30. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Agency
Mission Statement
Takeover
Strategy Implementation
31. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
To achieve competitive advantage and superior profitability
Value chain
Strategic Planning
primary activities of a business
32. It uses data already gathered by others and reported in various sources.
Value Statement
Secondary Research
Leveraged buyout (LBO)
low-cost strategy
33. 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
Strategy Development
Marketing Mix
value creating operations in the value chain of operation
Mission Statement
34. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
Generational Difference
HR functions that can be outsourced
Strategy Development
35. 1 Cost Leadership 2 Differentiation 3 Focus
Management fit
Balanced scorecards
Porters Competitive Strategies
Corporate strategy
36. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
key to success in strategic planning
Merger and Acquisition Process
Purpose of benchmarks
Resources leverage
37. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit
skills businesses need to create competitive advantage
External Benchmarks
Five Forces
low-cost strategy
38. Comparing a the firms operations with a direct competitor
external benchmarking
Due Diligence
Financial Measures
Corporate social responsibility
39. 1 Introduction 2 Growth 3 Maturity 4 Decline
key to success in strategic planning
Introduction
Business Life Cycle Phases
Strategic Planning Phase
40. Specific - Measurable - Attainable - Realistic - Timely
to obtain profit growth
SMART Goals
Strategic capability
Value chain
41. 1 Balance Scorecard
Performance Measures
Parts of Business Case
Value network
Growth
42. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
support activities of a business
Scenarios
mentality of a MNC manager
Demographic Factors
43. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
functional benchmarking
Holding company
Purpose of benchmarks
Generational Difference
44. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Cross-sector diversification
Decline
differentiation
Extended Organization
45. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Descriptive Statistic
Purpose of benchmarks
Strategic business unit (SBU)
Corporate governance
46. 1. multinational 2. global 3. transnational
Business Case
Five Forces
types of competitive strategies for international businesses
Methodologies Of Operations
47. 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
key to success in strategic planning
Spin-off
type of responsibilities of a business
bottom-up
48. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
skills businesses need to create competitive advantage
Dominant business
Off shoring
Critical success factors
49. 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
Purpose of benchmarks
Parts of Business Case
Emergent Strategy
Spin-off
50. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Strategy Development
Strategic Groups
Controlling
Financial Measures
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