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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. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Diversification
mentality of a MNC manager
Demographic Factors
Porters Competitive Strategies
2. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
benefits of competitor intelligence
CLO
Internal Benchmarks
to obtain profit growth
3. 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
support activities of a business
value creating operations in the value chain of operation
Emergent Strategy
Strategic Groups
4. 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.
Strategic Planning Phase
Market fit
Action Plan
Takeover
5. 1 Vision and mission 2 Value Statement
Strategy Formulation
STEEP
Performance Measures
Takeover
6. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
Porters Competitive Strategies
skills businesses need to create competitive advantage
Outsourcing
7. A strategy by which an organization peruses new product offerings and new markets.
Core Values
Performance Measures
Diversification
Market fit
8. Information systems with a charter to achieve competitive superiority.
Internal Benchmarks
top-down
support activities of a business
Strategic Information Systems
9. 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.
Internal Benchmarks
Strategic Information Systems
Conglomerate
Purpose of benchmarks
10. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
Mid term Objectives
Agency
Private equity firm
11. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
type of responsibilities of a business
Long term Objectives
Extended Organization
Technological Factors
12. 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
Value network
Environmental Scanning
Strategic business unit
13. 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.
Financial Measures
Descriptive Statistic
Organizing
Corporate social responsibility
14. 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
Long term Objectives
bottom-up
Focus
15. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Generational Difference
Spin-off
functional benchmarking
16. 1. information systems 2. logistics 3. HR
Off shoring
Blue ocean Strategy
Factors that affect external environment
support activities of a business
17. 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
mentality of MNC
Core competences
Unrelated diversification
Ethics
18. 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
Methodologies Of Operations
Private equity firm
Decline
Environmental scanning
19. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Long term Objectives
common practices when analyzing your competition
Controlling
Junk bond
20. A value creating strategy that creates more perceived value by primarily reducing costs
Core competences
Economic Factors
low-cost strategy
Stakeholders
21. Risk associated with a particular business.
Performance Measures
Unsystematic risk
Action Plan
Marketing Mix
22. 1. R&D 2. production 3. marketing and sales 4. customer service
Corporate social responsibility
primary activities of a business
to obtain profit growth
Horizontal diversification
23. 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
SMART Goals
Code of Ethics
skills businesses need to create competitive advantage
Mission Statement
24. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Descriptive Statistic
Diversification
PESTEL
Maturity
25. 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
Cost Leadership
Core competences
Leveraged buyout (LBO)
HR functions that can be outsourced
26. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Environmental Scanning
Value Statement
Scope
27. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Cross-sector diversification
CLO
Critical success factors
28. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Planning
common practices when analyzing your competition
Value network
Emergent Strategy
29. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Related diversification
Off shoring
Organization Structure
The law making Process
30. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
To achieve competitive advantage and superior profitability
Primary Research
Value chain
Extended Organization
31. 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)
Resources
Strategic business unit (SBU)
Off shoring
efficiency frontier
32. 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
to obtain profit growth
generic benchmarking
support activities of a business
Junk bond
33. Risk associated with macro-economic forces.
Economic Factors
Technological Factors
Systematic risk
low-cost strategy
34. They are often based on industry best practice.
External Benchmarks
Strategy Implementation
Strategic Planning Phase
Market development
35. Ensure that organization's strategy and operations are consistent with each other
SWOT Analysis
mentality of MNC
Strategic Groups
To achieve competitive advantage and superior profitability
36. The resources and competences of an organization needed for it to survive and prosper.
Emergent Strategy
The law making Process
Strategies at three levels
Strategic capability
37. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Holding company
Growth
Methodologies Of Operations
Balanced scorecards
38. 1. multinational 2. global 3. transnational
Stakeholders
HR functions that can be outsourced
types of competitive strategies for international businesses
Corporate governance
39. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
benefits of competitor intelligence
Short term Objectives
Demographic Factors
SWOT Analysis
40. 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.
Mission Statement
Marketing Mix
Core Values
Strategic business unit (SBU)
41. 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
Spin-off
Growth
Code of Ethics
PESTEL
42. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Holding company
Merger and Acquisition Process
Strategy Development
43. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Purpose of benchmarks
benefits of competitor intelligence
The law making Process
generic benchmarking
44. 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.
Dominant business
Resources leverage
Differentiation
Strategic Planning
45. 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
Marketing Mix
Strategy Implementation
bottom-up
Mid term Objectives
46. 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
Value Statement
Mid term Objectives
CLO
Introduction
47. When a corporation is able to combine similar primary value chain activities.
Operational fit
To achieve competitive advantage and superior profitability
bottom-up
to increase profitability
48. It involves data that is gathered firsthand for the specific evaluation being conduced.
Private equity firm
Primary Research
Core Values
key to success in strategic planning
49. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Five Forces
SPAC
Critical success factors
type of responsibilities of a business
50. It uses data already gathered by others and reported in various sources.
Cost Leadership
to obtain profit growth
Secondary Research
mentality of a MNC manager