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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. A company in which 70-95% of revenue comes from a single business
Dominant business
Action Plan
international strategy
Marketing Mix
2. 1 Introduction 2 Growth 3 Maturity 4 Decline
Parts of Business Case
Horizontal diversification
Extended Organization
Business Life Cycle Phases
3. The resources and competences of an organization needed for it to survive and prosper.
Stakeholder mapping
Scenarios
types of competitive strategies for international businesses
Strategic capability
4. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Due Diligence
top-down
Primary Research
Resources leverage
5. Describes the structure of product - service - and information flows and the role of participating parties.
Technological Factors
Marketing Mix
Business model
Strategy Implementation
6. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Unsystematic risk
Critical success factors
SMART Goals
Employment Factors
7. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
External Benchmarks
Employment Factors
Blue ocean Strategy
8. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Management Functions
SWOT Analysis
Strategic business unit
Mid term Objectives
9. 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.
Differentiation
SMART Goals
external benchmarking
Management fit
10. 1. information systems 2. logistics 3. HR
international strategy
Takeover
support activities of a business
external benchmarking
11. They are often based on industry best practice.
Core competences
External Benchmarks
Corporate social responsibility
Business strategy
12. Risk associated with a particular business.
Scenarios
types of competitive strategies for international businesses
Unsystematic risk
Value Statement
13. 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
Employment Factors
differentiation
Growth
Merger and Acquisition Process
14. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
international strategy
to obtain profit growth
International Factors
15. 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
Extended Organization
international strategy
Corporate strategy
Ethics
16. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Controlling
International Factors
Porters Competitive Strategies
to obtain profit growth
17. 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.
Outsourcing
Descriptive Statistic
Short term Objectives
Operations
18. 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.
Strategic business unit (SBU)
Strategy Implementation
Off shoring
Strategies at three levels
19. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Blue ocean Strategy
value creating operations in the value chain of operation
Corporate governance
Internal Benchmarks
20. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
benefits of competitor intelligence
STEEP
Generational Difference
efficiency frontier
21. Cost savings accomplished by operating combined companies more efficiently.
Economizing
Maturity
SPAC
To achieve competitive advantage and superior profitability
22. 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
Vertical diversification
Business strategy
Diversification
23. Comparing a the firms operations with a direct competitor
external benchmarking
SMART Goals
Unsystematic risk
Outsourcing
24. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Factors that affect external environment
Action Plan
Core Values
Generational Difference
25. It uses data already gathered by others and reported in various sources.
Secondary Research
Performance Measures
Environmental scanning
Dominant business
26. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Downscoping
Due Diligence
Systematic risk
27. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
functional benchmarking
HR functions that can be outsourced
Business Case
Vision Statement
28. The categories of activities within and around an organization which together create a product or service.
Core Values
Horizontal diversification
International Factors
Value chain
29. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
HR functions that can be outsourced
functional benchmarking
Corporate strategy
Growth
30. 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.
Environmental Scanning
value creating operations in the value chain of operation
Business Case
top-down
31. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Purpose of benchmarks
Blue ocean Strategy
Secondary Research
32. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Technological Factors
Critical success factors
Operations
Business strategy
33. Quality of information and interpretation of it
Business model
Organizing
primary activities of a business
key to success in strategic planning
34. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Value Statement
Strategic capability
Market fit
35. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Descriptive Statistic
Market Penetrati
support activities of a business
Agency
36. Sell more in existing markets - or enter new markets
Employment Factors
Strategic Information Systems
to obtain profit growth
Operations
37. Risk associated with macro-economic forces.
Market Penetrati
Ethics
Systematic risk
Strategic capability
38. 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.
Strategic Planning Phase
Balanced scorecards
Off shoring
Core competences
39. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Planning
Strategy Implementation
to obtain profit growth
40. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Extended Organization
Private equity firm
External Benchmarks
Five Forces
41. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Quantitative Analysis
Strategic capability
Code of Ethics
differentiation
42. A strategy by which an organization takes increased share of its existing markets with its existing product range.
differentiation
HR functions that can be outsourced
Business Case
Market Penetrati
43. Acquisition of a company that operates in the same industry using the same value chain.
Generational Difference
Economizing
Scope
Horizontal diversification
44. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Emergent Strategy
Strategic Groups
Primary Research
Environmental Scanning
45. The types of decisions made and direction created for a single business
Organization Structure
Off shoring
Management fit
Business strategy
46. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organizing
Systematic risk
Corporate social responsibility
Organization Structure
47. A value creating strategy that creates more perceived value by primarily reducing costs
international strategy
CLO
Strategies at three levels
low-cost strategy
48. 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
Business Case
internal benchmarking
Primary Research
Environmental scanning
49. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
internal benchmarking
Generational Difference
Private equity firm
Economic Factors
50. Comparing 1 operation in the firm with another
Balanced scorecards
internal benchmarking
key to success in strategic planning
Technological Factors