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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. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Strategy Evaluation
Scope
Purpose of benchmarks
Private equity firm
2. 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.
Introduction
Critical success factors
Technological Factors
Business Case
3. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
Vertical diversification
Off shoring
Organization Structure
4. 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.
SMART Goals
Generational Difference
Purpose of benchmarks
Strategic capability
5. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
to increase profitability
Management Functions
Systematic risk
Planning
6. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
key to success in strategic planning
Critical success factors
Strategic business management
Business Case
7. 1 Cost Leadership 2 Differentiation 3 Focus
Strategic Groups
Short term Objectives
Cost Leadership
Porters Competitive Strategies
8. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Core Values
Vertical diversification
Business Case
9. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Mid term Objectives
Action Plan
Strategies at three levels
Off shoring
10. 1 Population 2 Sample 3 Normal Distribution
differentiation
Junk bond
Inferential Statistic
Strategic capability
11. 1 Planning 2 Organizing 3 Directing 4 Controlling
Strategic method
Management Functions
skills businesses need to create competitive advantage
Performance Measures
12. Cost savings accomplished by operating combined companies more efficiently.
top-down
to increase profitability
differentiation
Economizing
13. 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
Economizing
Cross-sector diversification
Emergent Strategy
International Factors
14. 1. multinational 2. global 3. transnational
international strategy
Primary Research
Quantitative Analysis
types of competitive strategies for international businesses
15. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi
Vision Statement
Maturity
Holding company
Mission Statement
16. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Technological Factors
efficiency frontier
Related diversification
Parts of Business Case
17. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Vertical diversification
Leveraged buyout (LBO)
Strategy Evaluation
Core Values
18. 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
SPAC
to obtain profit growth
Private equity firm
Business Case
19. Specific - Measurable - Attainable - Realistic - Timely
Conglomerate
Resources leverage
SMART Goals
Emergent Strategy
20. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Strategic capability
Due Diligence
Leveraged buyout (LBO)
21. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Short term Objectives
Strategies at three levels
Strategic Information Systems
support activities of a business
22. Quality of information and interpretation of it
Primary Research
Business Case
key to success in strategic planning
Technological Factors
23. 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
Management Functions
Introduction
Scenarios
Leveraged buyout (LBO)
24. They are used to condense and summarize large quantities of data for quick understanding.
Economic Factors
Off shoring
Descriptive Statistic
Corporate governance
25. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Strategic Information Systems
Generational Difference
Off shoring
26. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Differentiation
Agency
Business model
Long term Objectives
27. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
to obtain profit growth
Long term Objectives
Holding company
Economic Factors
28. It is a system of moral principles and values that establish appropriate conduct.
Organization Structure
Ethics
Private equity firm
SPAC
29. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
international strategy
low-cost strategy
Business model
30. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Management Functions
Methodologies Of Operations
mentality of MNC
SWOT Analysis
31. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
low-cost strategy
Differentiation
External Benchmarks
32. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Economic Factors
Strategy Development
mentality of MNC
Porters Competitive Strategies
33. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Takeover
type of responsibilities of a business
Value Statement
Demographic Factors
34. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
Methodologies Of Operations
CLO
Vision Statement
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.
Management Functions
Outsourcing
Performance Measures
Emergent Strategy
36. Acquisition of a company in a different industry - but which employs a similar value chain.
Mid term Objectives
Cross-sector diversification
Ethical Behavior
low-cost strategy
37. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
benefits of competitor intelligence
Spin-off
Organizing
Strategy Formulation
38. Ensure that organization's strategy and operations are consistent with each other
Off shoring
Inferential Statistic
Conglomerate
To achieve competitive advantage and superior profitability
39. 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.
Action Plan
Growth
Economizing
Downscoping
40. primary activities and support activities
internal benchmarking
Holding company
Controlling
value creating operations in the value chain of operation
41. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Introduction
Corporate strategy
Strategies at three levels
Five Forces
42. 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
Downscoping
Scenarios
Decline
Takeover
43. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
to increase profitability
Code of Ethics
benefits of competitor intelligence
44. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
skills businesses need to create competitive advantage
Quantitative Analysis
Business model
Agency
45. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
CLO
Extended Organization
functional benchmarking
Long term Objectives
46. 1. R&D 2. production 3. marketing and sales 4. customer service
Business strategy
Resources leverage
primary activities of a business
Action Plan
47. 1 Introduction 2 Growth 3 Maturity 4 Decline
Long term Objectives
Business Life Cycle Phases
Employment Factors
To achieve competitive advantage and superior profitability
48. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Dominant business
Environmental Scanning
Spin-off
Market Penetrati
49. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.
Strategic Information Systems
Business strategy
Generational Difference
Unrelated diversification
50. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Horizontal diversification
Primary Research
Ethics