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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. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Inferential Statistic
Outsourcing
Growth
support activities of a business
2. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Resources
Market Penetrati
Planning
Holding company
3. They are used to condense and summarize large quantities of data for quick understanding.
internal benchmarking
Descriptive Statistic
mentality of a MNC manager
common practices when analyzing your competition
4. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Management Functions
Due Diligence
Cost Leadership
Primary Research
5. 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
International Factors
Decline
bottom-up
Introduction
6. Quality of information and interpretation of it
key to success in strategic planning
Strategic business unit
Scope
Strategic Information Systems
7. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Economizing
Value Statement
Purpose of benchmarks
Strategic Groups
8. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Ethical Behavior
Strategic business unit
Operational fit
Decline
9. Information systems with a charter to achieve competitive superiority.
Corporate governance
Secondary Research
Strategic Information Systems
Blue ocean Strategy
10. 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
Mission Statement
Scope
Introduction
Performance Measures
11. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Spin-off
bottom-up
support activities of a business
Strategy Development
12. 1. R&D 2. production 3. marketing and sales 4. customer service
Ethics
Performance Measures
primary activities of a business
Strategic Information Systems
13. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Primary Research
Value Statement
common practices when analyzing your competition
Value chain
14. Specific - Measurable - Attainable - Realistic - Timely
Strategic Planning
Vertical diversification
Organization Structure
SMART Goals
15. 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.
common practices when analyzing your competition
Value network
Cross-sector diversification
Unrelated diversification
16. 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.
Organizing
Off shoring
PESTEL
Marketing Mix
17. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Strategic Information Systems
Private equity firm
Five Forces
Vision Statement
18. 1 Financial 2 Human 3 Physical 4 Technological
Related diversification
Resources
Cultural web
Unrelated diversification
19. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Off shoring
Business Case
Cost Leadership
Corporate governance
20. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Directing
benefits of competitor intelligence
Business Life Cycle Phases
Strategic Planning Phase
21. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
SWOT Analysis
Market fit
Systematic risk
SMART Goals
22. 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
Resources
Factors that affect external environment
type of responsibilities of a business
Cultural web
23. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Controlling
mentality of MNC
Strategies at three levels
Dominant business
24. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Secondary Research
Mid term Objectives
HR functions that can be outsourced
Long term Objectives
25. 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.
Porters Competitive Strategies
Cost Leadership
Strategic business unit
Off shoring
26. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Market development
Quantitative Analysis
Methodologies Of Operations
Business Case
27. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"
Core competences
value creating operations in the value chain of operation
CLO
Directing
28. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Environmental Scanning
Merger and Acquisition Process
Downscoping
Stakeholder mapping
29. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Value network
Purpose of benchmarks
Management Functions
Conglomerate
30. Ability to broaden a product line or a customer base achieved through an acquisition.
Operational fit
Inferential Statistic
skills businesses need to create competitive advantage
Scope
31. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Five Forces
Strategic Planning
Secondary Research
32. Cut costs - add value - or increase prices
to increase profitability
Strategic method
Generational Difference
Mid term Objectives
33. The categories of activities within and around an organization which together create a product or service.
Unrelated diversification
common practices when analyzing your competition
Value chain
Cross-sector diversification
34. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Controlling
Economic Factors
CLO
value creating operations in the value chain of operation
35. A strategy by which an organization peruses new product offerings and new markets.
Environmental scanning
Diversification
Business model
Blue ocean Strategy
36. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Environmental scanning
Business strategy
Blue ocean Strategy
PESTEL
37. 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.
to maximize profits
PESTEL
Core competences
internal benchmarking
38. Sell more in existing markets - or enter new markets
to obtain profit growth
Scope
primary activities of a business
Organization Structure
39. primary activities and support activities
value creating operations in the value chain of operation
Economizing
Porters Competitive Strategies
Primary Research
40. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Strategic Planning
Code of Ethics
Core competences
Strategic Groups
41. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Strategic Planning Phase
Diversification
Quantitative Analysis
42. Describes the structure of product - service - and information flows and the role of participating parties.
Due Diligence
Strategy Implementation
Business model
Cost Leadership
43. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
STEEP
Strategies at three levels
Value network
44. Comparing 1 operation in the firm with another
Economizing
internal benchmarking
Ethical Behavior
Stakeholder mapping
45. 1 Cost Leadership 2 Differentiation 3 Focus
Porters Competitive Strategies
Private equity firm
to obtain profit growth
Strategic Information Systems
46. Acquisition of a company that operates in the same industry using the same value chain.
Horizontal diversification
Porters Competitive Strategies
External Benchmarks
Junk bond
47. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
benefits of competitor intelligence
The law making Process
Directing
Emergent Strategy
48. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
International Factors
HR functions that can be outsourced
Scenarios
49. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
support activities of a business
Business Case
Environmental Scanning
Strategy Evaluation
50. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
common practices when analyzing your competition
International Factors
Systematic risk
Economizing