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Business Strategy
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Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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 concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Directing
Vertical diversification
mentality of MNC
2. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
skills businesses need to create competitive advantage
Parts of Business Case
Systematic risk
External Benchmarks
3. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
Ethics
Controlling
mentality of MNC
4. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Systematic risk
Marketing Mix
Leveraged buyout (LBO)
Private equity firm
5. 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
Introduction
Strategies at three levels
Focus
Parts of Business Case
6. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Performance Measures
Economic Factors
Strategic capability
7. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
To achieve competitive advantage and superior profitability
Vision Statement
Strategic Planning Phase
Critical success factors
8. 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. )
benefits of competitor intelligence
Organization Structure
Maturity
Environmental Scanning
9. 1 Vision and mission 2 Value Statement
PESTEL
Strategy Formulation
Downscoping
Strategic Information Systems
10. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Corporate strategy
Market Penetrati
Business Case
HR functions that can be outsourced
11. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Value chain
Holding company
Mid term Objectives
type of responsibilities of a business
12. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategic method
Value Statement
types of competitive strategies for international businesses
internal benchmarking
13. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Diversification
Operational fit
Descriptive Statistic
Short term Objectives
14. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Strategic business unit (SBU)
Growth
Strategic Groups
Action Plan
15. Cost savings accomplished by operating combined companies more efficiently.
Action Plan
Critical success factors
Economizing
Market fit
16. 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.
Blue ocean Strategy
Internal Benchmarks
low-cost strategy
Growth
17. 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
Strategic Groups
Environmental scanning
Factors that affect external environment
Inferential Statistic
18. 1 Population 2 Sample 3 Normal Distribution
Downscoping
SWOT Analysis
Spin-off
Inferential Statistic
19. A value creating strategy that creates more perceived value by primarily reducing costs
Controlling
Private equity firm
Action Plan
low-cost strategy
20. Comparing operations in totally unrelated industries
type of responsibilities of a business
Porters Competitive Strategies
generic benchmarking
Core Values
21. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Organizing
Code of Ethics
benefits of competitor intelligence
Performance Measures
22. 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)
efficiency frontier
Systematic risk
Balanced scorecards
Scenarios
23. 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
Scenarios
mentality of MNC
Vision Statement
Core Values
24. It involves data that is gathered firsthand for the specific evaluation being conduced.
Core competences
Code of Ethics
Five Forces
Primary Research
25. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
PESTEL
Strategic business unit (SBU)
Internal Benchmarks
Corporate governance
26. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Quantitative Analysis
bottom-up
Critical success factors
Cultural web
27. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Off shoring
SMART Goals
Balanced scorecards
28. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Cross-sector diversification
to maximize profits
Management Functions
Internal Benchmarks
29. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
International Factors
Economic Factors
Secondary Research
Due Diligence
30. 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.
Marketing Mix
Focus
Strategy Evaluation
Stakeholders
31. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Secondary Research
Strategic method
Controlling
Economic Factors
32. It uses data already gathered by others and reported in various sources.
Strategy Development
Secondary Research
Resources leverage
Primary Research
33. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Organization Structure
Primary Research
internal benchmarking
34. 1 Balance Scorecard
Unrelated diversification
to increase profitability
Planning
Performance Measures
35. They are often based on industry best practice.
Junk bond
bottom-up
External Benchmarks
Core competences
36. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Management Functions
Cost Leadership
skills businesses need to create competitive advantage
Strategy Development
37. A strategy by which an organisation offers existing products to new markets.
efficiency frontier
Parts of Business Case
Value Statement
Market development
38. 1 Cost Leadership 2 Differentiation 3 Focus
internal benchmarking
Porters Competitive Strategies
Secondary Research
Strategic business unit (SBU)
39. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Agency
Descriptive Statistic
Demographic Factors
Off shoring
40. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
SMART Goals
Strategic business unit (SBU)
Outsourcing
HR functions that can be outsourced
41. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Focus
Controlling
Value chain
Primary Research
42. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Economizing
Methodologies Of Operations
Marketing Mix
Business Case
43. 1. R&D 2. production 3. marketing and sales 4. customer service
Due Diligence
primary activities of a business
Systematic risk
Critical success factors
44. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategic Planning Phase
Demographic Factors
Strategic Planning
Strategy Formulation
45. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Dominant business
Differentiation
Focus
Management fit
46. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Secondary Research
Merger and Acquisition Process
Directing
Descriptive Statistic
47. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Technological Factors
Strategic Information Systems
Methodologies Of Operations
Market fit
48. Specific - Measurable - Attainable - Realistic - Timely
SMART Goals
Ethics
Cross-sector diversification
Value chain
49. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Business Case
Leveraged buyout (LBO)
Vertical diversification
mentality of a MNC manager
50. 1. information systems 2. logistics 3. HR
Holding company
Demographic Factors
support activities of a business
to maximize profits
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