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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. 1 Financial 2 Human 3 Physical 4 Technological
CLO
Resources
Descriptive Statistic
Agency
2. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Planning
Unsystematic risk
PESTEL
Economic Factors
3. 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.
Unsystematic risk
Blue ocean Strategy
Controlling
Corporate governance
4. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Holding company
Resources
value creating operations in the value chain of operation
5. 1 Balance Scorecard
Performance Measures
Focus
External Benchmarks
Ethical Behavior
6. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Corporate social responsibility
Strategic business unit
Off shoring
Merger and Acquisition Process
7. The types of decisions made and direction created for a single business
types of competitive strategies for international businesses
Employment Factors
Value network
Business strategy
8. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
External Benchmarks
Private equity firm
Stakeholders
Diversification
9. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Maturity
Decline
Planning
10. 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
Primary Research
STEEP
functional benchmarking
Balanced scorecards
11. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Core competences
Strategies at three levels
Descriptive Statistic
Secondary Research
12. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
Strategic business unit (SBU)
Internal Benchmarks
Strategy Development
13. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Introduction
Directing
differentiation
14. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
primary activities of a business
Differentiation
Organization Structure
Corporate social responsibility
15. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Short term Objectives
Scenarios
External Benchmarks
Spin-off
16. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
generic benchmarking
Purpose of benchmarks
Value Statement
Conglomerate
17. They are used to condense and summarize large quantities of data for quick understanding.
Value network
Descriptive Statistic
Factors that affect external environment
Vertical diversification
18. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Strategic business unit
Blue ocean Strategy
Corporate governance
to obtain profit growth
19. 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
Holding company
Organizing
Strategy Implementation
bottom-up
20. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Stakeholders
Strategic Groups
Directing
internal benchmarking
21. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Strategic Planning
Balanced scorecards
Strategic Planning Phase
Planning
22. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Quantitative Analysis
Value network
benefits of competitor intelligence
Factors that affect external environment
23. 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.
Takeover
Vision Statement
Value chain
differentiation
24. Describes the structure of product - service - and information flows and the role of participating parties.
Factors that affect external environment
Business model
Parts of Business Case
bottom-up
25. 1. R&D 2. production 3. marketing and sales 4. customer service
Private equity firm
Growth
Horizontal diversification
primary activities of a business
26. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
HR functions that can be outsourced
Strategic Groups
Strategy Implementation
Purpose of benchmarks
27. A value creating strategy that creates more perceived value by primarily reducing costs
Primary Research
benefits of competitor intelligence
Strategic Planning
low-cost strategy
28. Comparing operations in totally unrelated industries
generic benchmarking
Strategic Groups
Introduction
Emergent Strategy
29. 1 Planning 2 Organizing 3 Directing 4 Controlling
internal benchmarking
Management Functions
primary activities of a business
Cost Leadership
30. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Unsystematic risk
Horizontal diversification
Takeover
Code of Ethics
31. 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 Information Systems
types of competitive strategies for international businesses
HR functions that can be outsourced
Off shoring
32. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Mission Statement
Generational Difference
Maturity
Short term Objectives
33. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Off shoring
Operations
Descriptive Statistic
benefits of competitor intelligence
34. It involves data that is gathered firsthand for the specific evaluation being conduced.
Blue ocean Strategy
Strategy Development
Scope
Primary Research
35. 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.
Decline
Organizing
efficiency frontier
International Factors
36. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Purpose of benchmarks
SWOT Analysis
Value chain
37. 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
Business Case
Strategy Implementation
Strategy Formulation
Secondary Research
38. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Value Statement
mentality of MNC
Vision Statement
Action Plan
39. 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)
STEEP
efficiency frontier
Spin-off
Decline
40. 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
Emergent Strategy
Environmental Scanning
Agency
internal benchmarking
41. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
to increase profitability
Management Functions
Marketing Mix
Controlling
42. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Cross-sector diversification
Corporate social responsibility
Spin-off
Strategy Evaluation
43. 1. multinational 2. global 3. transnational
Management Functions
types of competitive strategies for international businesses
Junk bond
Stakeholders
44. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Purpose of benchmarks
The law making Process
Cost Leadership
Mid term Objectives
45. A strategy by which an organisation offers existing products to new markets.
Factors that affect external environment
Market development
Operations
Due Diligence
46. A strategy by which an organization peruses new product offerings and new markets.
Mid term Objectives
Business Case
Corporate social responsibility
Diversification
47. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Outsourcing
Private equity firm
mentality of a MNC manager
Corporate social responsibility
48. 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?
PESTEL
Employment Factors
Strategic Planning
Unrelated diversification
49. Sell more in existing markets - or enter new markets
SWOT Analysis
to obtain profit growth
Market fit
Junk bond
50. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Descriptive Statistic
Stakeholders
Strategic Groups
Action Plan