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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. 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
STEEP
SPAC
Agency
Strategic Planning
2. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
benefits of competitor intelligence
Off shoring
Market fit
Junk bond
3. Value - Exploit - Rare - Imitate - Substitute
Cultural web
skills businesses need to create competitive advantage
Directing
Maturity
4. 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.
Spin-off
Blue ocean Strategy
Balanced scorecards
Downscoping
5. 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.
Long term Objectives
The law making Process
Downscoping
Demographic Factors
6. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
top-down
Holding company
Controlling
Financial Measures
7. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
Internal Benchmarks
Business model
top-down
8. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Value chain
Ethical Behavior
Management Functions
Market development
9. Ability to broaden a product line or a customer base achieved through an acquisition.
Strategy Implementation
Resources leverage
Scope
Internal Benchmarks
10. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
to maximize profits
Strategy Development
Technological Factors
Leveraged buyout (LBO)
11. 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
Private equity firm
Leveraged buyout (LBO)
Primary Research
12. Acquisition of a company in a different industry - but which employs a similar value chain.
Value Statement
Cross-sector diversification
Economic Factors
Parts of Business Case
13. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Factors that affect external environment
Secondary Research
Strategy Formulation
International Factors
14. Acquisition of a company that operates in the same industry using the same value chain.
Strategy Implementation
Horizontal diversification
Growth
Spin-off
15. Information systems with a charter to achieve competitive superiority.
mentality of MNC
Conglomerate
Strategic Information Systems
support activities of a business
16. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit
Spin-off
Mission Statement
Five Forces
Strategic method
17. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Strategic Planning Phase
external benchmarking
Off shoring
Extended Organization
18. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Primary Research
Purpose of benchmarks
Secondary Research
Financial Measures
19. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Unsystematic risk
Unrelated diversification
Vertical diversification
Strategic business unit
20. Describes the structure of product - service - and information flows and the role of participating parties.
types of competitive strategies for international businesses
Business model
Organizing
Scope
21. The resources and competences of an organization needed for it to survive and prosper.
value creating operations in the value chain of operation
Introduction
Strategic capability
Balanced scorecards
22. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Related diversification
Systematic risk
Business strategy
23. A value creating strategy that creates more perceived value by primarily reducing costs
Holding company
Stakeholder mapping
Management fit
low-cost strategy
24. 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.
functional benchmarking
Strategic capability
Business Case
Unrelated diversification
25. Identifies stakeholder expectations and power and helps in understanding political priorities.
Strategic method
value creating operations in the value chain of operation
Scenarios
Stakeholder mapping
26. 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
key to success in strategic planning
functional benchmarking
generic benchmarking
Spin-off
27. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
to increase profitability
Operations
Critical success factors
key to success in strategic planning
28. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
internal benchmarking
to maximize profits
Due Diligence
Management fit
29. 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
CLO
Economizing
HR functions that can be outsourced
bottom-up
30. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Horizontal diversification
Code of Ethics
Strategy Evaluation
Strategic Planning Phase
31. 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
Business Life Cycle Phases
Internal Benchmarks
Ethics
32. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra
Dominant business
Cost Leadership
Market Penetrati
to maximize profits
33. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Strategic Planning
Action Plan
primary activities of a business
Core competences
34. Sell more in existing markets - or enter new markets
Strategic method
Quantitative Analysis
Action Plan
to obtain profit growth
35. 1 Cost Leadership 2 Differentiation 3 Focus
Introduction
Porters Competitive Strategies
skills businesses need to create competitive advantage
mentality of a MNC manager
36. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
CLO
HR functions that can be outsourced
mentality of a MNC manager
Corporate governance
37. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Unrelated diversification
Descriptive Statistic
Spin-off
Economic Factors
38. 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
Scenarios
Differentiation
SWOT Analysis
Unrelated diversification
39. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
SWOT Analysis
Extended Organization
Directing
40. Is the set of internationalization links and relationships that are necessary to create a product or service.
Value network
mentality of a MNC manager
differentiation
CLO
41. When a corporation is able to combine similar primary value chain activities.
Value network
mentality of MNC
Private equity firm
Operational fit
42. 1 Population 2 Sample 3 Normal Distribution
Merger and Acquisition Process
Private equity firm
Strategic business unit
Inferential Statistic
43. 1 Planning 2 Organizing 3 Directing 4 Controlling
Cost Leadership
Corporate governance
Management Functions
Diversification
44. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
bottom-up
Strategic business unit (SBU)
Short term Objectives
Primary Research
45. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market
Factors that affect external environment
Value Statement
international strategy
Scope
46. They are often based on industry best practice.
Dominant business
Strategic Groups
External Benchmarks
Business Case
47. 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
International Factors
Market development
Merger and Acquisition Process
Maturity
48. 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.
Outsourcing
Balanced scorecards
Focus
Due Diligence
49. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company
Cultural web
Blue ocean Strategy
Marketing Mix
Mission Statement
50. 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
Core competences
Business Case
Demographic Factors
Leveraged buyout (LBO)