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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. The resources and competences of an organization needed for it to survive and prosper.
Methodologies Of Operations
Primary Research
Strategic capability
Descriptive Statistic
2. It is a system of moral principles and values that establish appropriate conduct.
Purpose of benchmarks
Cross-sector diversification
Ethics
Takeover
3. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Five Forces
CLO
Strategic method
Due Diligence
4. 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
SWOT Analysis
value creating operations in the value chain of operation
Cost Leadership
CLO
5. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
bottom-up
Economic Factors
efficiency frontier
STEEP
6. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
differentiation
Market fit
Controlling
7. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Purpose of benchmarks
Environmental scanning
Controlling
Management Functions
8. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
International Factors
Primary Research
Extended Organization
Controlling
9. A value creating strategy that creates more perceived value by primarily reducing costs
Holding company
low-cost strategy
Environmental scanning
Scenarios
10. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
low-cost strategy
efficiency frontier
Conglomerate
Scope
11. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Economic Factors
Takeover
Growth
Employment Factors
12. 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
Cultural web
Strategies at three levels
Corporate strategy
Blue ocean Strategy
13. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Off shoring
Strategic business management
Market fit
Financial Measures
14. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Factors that affect external environment
Strategy Evaluation
Strategic Groups
Growth
15. 1 Planning 2 Organizing 3 Directing 4 Controlling
to increase profitability
Blue ocean Strategy
Management Functions
Unrelated diversification
16. 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
External Benchmarks
Strategy Implementation
International Factors
17. 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.
Cultural web
Related diversification
Code of Ethics
Business Case
18. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Business Case
Junk bond
common practices when analyzing your competition
19. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Cultural web
Agency
Business strategy
Off shoring
20. Sell more in existing markets - or enter new markets
Private equity firm
to obtain profit growth
Cultural web
international strategy
21. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
types of competitive strategies for international businesses
Dominant business
Unsystematic risk
Action Plan
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
Strategic business management
Strategy Formulation
Cross-sector diversification
23. 1 Vision and mission 2 Value Statement
Strategy Implementation
Junk bond
Strategy Formulation
Market Penetrati
24. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Merger and Acquisition Process
Market Penetrati
Mission Statement
Emergent Strategy
25. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Quantitative Analysis
Leveraged buyout (LBO)
Technological Factors
26. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Due Diligence
Business strategy
Balanced scorecards
Ethical Behavior
27. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Outsourcing
Management fit
SMART Goals
28. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
common practices when analyzing your competition
Long term Objectives
PESTEL
Mid term Objectives
29. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Marketing Mix
Vertical diversification
Market fit
Cross-sector diversification
30. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Short term Objectives
generic benchmarking
functional benchmarking
Corporate strategy
31. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Scope
Secondary Research
Market fit
Ethical Behavior
32. Comparing a the firms operations with a direct competitor
external benchmarking
Business Case
Private equity firm
primary activities of a business
33. Ensure that organization's strategy and operations are consistent with each other
Primary Research
To achieve competitive advantage and superior profitability
Performance Measures
Cost Leadership
34. 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
support activities of a business
top-down
Business strategy
efficiency frontier
35. 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
Strategic business unit (SBU)
mentality of MNC
Horizontal diversification
Value Statement
36. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
Core Values
Strategic business unit
Economic Factors
37. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Systematic risk
Purpose of benchmarks
Off shoring
International Factors
38. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Cost Leadership
to increase profitability
Porters Competitive Strategies
Strategic Planning Phase
39. 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. )
Differentiation
Business strategy
benefits of competitor intelligence
Environmental Scanning
40. Specific - Measurable - Attainable - Realistic - Timely
support activities of a business
SMART Goals
Management fit
Strategies at three levels
41. 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
Demographic Factors
Emergent Strategy
Performance Measures
bottom-up
42. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
Diversification
type of responsibilities of a business
key to success in strategic planning
43. A value creating strategy that primary increases perceived value by increasing attractiveness of product
CLO
differentiation
primary activities of a business
Scope
44. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Decline
Factors that affect external environment
Spin-off
Systematic risk
45. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Controlling
Off shoring
PESTEL
46. Quality of information and interpretation of it
key to success in strategic planning
Strategic Planning
Unsystematic risk
Related diversification
47. 1. multinational 2. global 3. transnational
Downscoping
types of competitive strategies for international businesses
Balanced scorecards
Employment Factors
48. 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.
Strategic capability
Strategic Information Systems
Downscoping
Market development
49. 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.
Focus
Market Penetrati
Extended Organization
Controlling
50. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.
Strategy Implementation
Blue ocean Strategy
Holding company
Maturity