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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. Is the means by which a strategy can be pursued.
Primary Research
Strategic method
Organizing
external benchmarking
2. The types of decisions made and direction created for a single business
Strategies at three levels
Cost Leadership
Organization Structure
Business strategy
3. 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
Critical success factors
External Benchmarks
primary activities of a business
4. The resources and competences of an organization needed for it to survive and prosper.
Strategic capability
Stakeholder mapping
Strategic method
Spin-off
5. Cost savings accomplished by operating combined companies more efficiently.
Private equity firm
Strategy Evaluation
Growth
Economizing
6. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Maturity
SPAC
differentiation
SMART Goals
7. 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
Leveraged buyout (LBO)
Strategic business unit (SBU)
Introduction
Ethics
8. 1. information systems 2. logistics 3. HR
support activities of a business
Cost Leadership
International Factors
Cross-sector diversification
9. It involves data that is gathered firsthand for the specific evaluation being conduced.
Financial Measures
Leveraged buyout (LBO)
Environmental Scanning
Primary Research
10. 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
Generational Difference
Controlling
Environmental scanning
Strategy Implementation
11. 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.
Ethics
Market fit
Operations
bottom-up
12. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Mission Statement
Economic Factors
The law making Process
13. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Strategy Evaluation
Organizing
PESTEL
Secondary Research
14. 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
top-down
Management fit
STEEP
external benchmarking
15. 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.
Corporate strategy
Business Case
Five Forces
Agency
16. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Strategy Formulation
mentality of a MNC manager
External Benchmarks
Vertical diversification
17. 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
Off shoring
Internal Benchmarks
international strategy
Business Case
18. A strategy by which an organisation offers existing products to new markets.
Market development
functional benchmarking
Ethics
Cultural web
19. The categories of activities within and around an organization which together create a product or service.
Value chain
The law making Process
Primary Research
Cross-sector diversification
20. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
International Factors
Holding company
to obtain profit growth
Business Life Cycle Phases
21. Comparing operations in totally unrelated industries
generic benchmarking
Business model
Differentiation
Off shoring
22. 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.
Factors that affect external environment
Strategic business unit
Stakeholder mapping
Differentiation
23. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Descriptive Statistic
Agency
Holding company
Strategic Information Systems
24. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
HR functions that can be outsourced
Vision Statement
Organizing
Unsystematic risk
25. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Planning
Methodologies Of Operations
Strategy Formulation
Balanced scorecards
26. 1 Cost Leadership 2 Differentiation 3 Focus
Corporate governance
Diversification
Porters Competitive Strategies
Cost Leadership
27. Risk associated with a particular business.
Management fit
Unsystematic risk
Dominant business
Outsourcing
28. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
The law making Process
mentality of a MNC manager
Environmental Scanning
29. 1 Balance Scorecard
Performance Measures
Environmental scanning
Strategy Development
mentality of a MNC manager
30. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Market fit
Corporate strategy
Organizing
generic benchmarking
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)
internal benchmarking
Short term Objectives
Spin-off
efficiency frontier
32. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Business model
Management fit
Due Diligence
33. Sell more in existing markets - or enter new markets
value creating operations in the value chain of operation
Economic Factors
to obtain profit growth
mentality of a MNC manager
34. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
generic benchmarking
Blue ocean Strategy
Environmental Scanning
common practices when analyzing your competition
35. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.
Core competences
Core Values
Business Life Cycle Phases
Outsourcing
36. 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.
Core competences
Economic Factors
Strategy Development
Secondary Research
37. 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.
Internal Benchmarks
Off shoring
mentality of MNC
Balanced scorecards
38. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Performance Measures
Mid term Objectives
Critical success factors
Scope
39. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Business Case
Descriptive Statistic
Resources
40. Value - Exploit - Rare - Imitate - Substitute
Controlling
Strategic Information Systems
skills businesses need to create competitive advantage
Secondary Research
41. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Extended Organization
External Benchmarks
Economic Factors
42. 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
top-down
Strategic business management
Unrelated diversification
Spin-off
43. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Descriptive Statistic
Value Statement
Action Plan
Value network
44. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Unsystematic risk
Economic Factors
Code of Ethics
Cultural web
45. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Management Functions
key to success in strategic planning
Purpose of benchmarks
46. 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
Strategy Formulation
Corporate social responsibility
Controlling
47. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Financial Measures
Environmental Scanning
Strategic Planning Phase
SMART Goals
48. 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
Primary Research
Spin-off
Holding company
49. Is the set of internationalization links and relationships that are necessary to create a product or service.
Financial Measures
mentality of a MNC manager
key to success in strategic planning
Value network
50. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
mentality of a MNC manager
Unrelated diversification
Inferential Statistic
Off shoring