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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. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Leveraged buyout (LBO)
functional benchmarking
Cost Leadership
2. The types of decisions made and direction created for a single business
Business strategy
Critical success factors
mentality of a MNC manager
Strategy Evaluation
3. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Blue ocean Strategy
Primary Research
International Factors
Demographic Factors
4. Specific - Measurable - Attainable - Realistic - Timely
Employment Factors
Internal Benchmarks
SMART Goals
key to success in strategic planning
5. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
top-down
Economizing
Spin-off
6. 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.
Descriptive Statistic
Directing
Purpose of benchmarks
Methodologies Of Operations
7. 1. information systems 2. logistics 3. HR
support activities of a business
bottom-up
Financial Measures
value creating operations in the value chain of operation
8. Comparing a the firms operations with a direct competitor
Critical success factors
top-down
CLO
external benchmarking
9. 1 Balance Scorecard
Value Statement
types of competitive strategies for international businesses
Performance Measures
Outsourcing
10. Acquisition of a company that operates in the same industry using the same value chain.
PESTEL
Horizontal diversification
Corporate social responsibility
Strategic business unit (SBU)
11. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Strategic Planning
Balanced scorecards
efficiency frontier
Long term Objectives
12. 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.
Operational fit
Financial Measures
Organizing
external benchmarking
13. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
to increase profitability
Stakeholders
Performance Measures
Dominant business
14. 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
Scenarios
international strategy
internal benchmarking
Agency
15. 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
Five Forces
Market development
Business model
top-down
16. 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
Strategic Information Systems
Strategic Groups
Differentiation
17. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Strategic Planning Phase
Strategic business management
internal benchmarking
Value Statement
18. 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.
Inferential Statistic
Unrelated diversification
Differentiation
Strategic business unit
19. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
Strategy Evaluation
Agency
Marketing Mix
Strategic business unit
20. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
top-down
Vertical diversification
Market Penetrati
Merger and Acquisition Process
21. Is the means by which a strategy can be pursued.
Off shoring
Porters Competitive Strategies
Technological Factors
Strategic method
22. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Decline
bottom-up
CLO
Planning
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
Value Statement
Scenarios
Market fit
to obtain profit growth
24. Value - Exploit - Rare - Imitate - Substitute
differentiation
Off shoring
Operations
skills businesses need to create competitive advantage
25. Comparing 1 operation in the firm with another
Strategy Evaluation
international strategy
internal benchmarking
Operational fit
26. 1. multinational 2. global 3. transnational
Corporate social responsibility
types of competitive strategies for international businesses
Secondary Research
Leveraged buyout (LBO)
27. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
Value chain
Corporate governance
Strategic business management
28. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Balanced scorecards
Marketing Mix
STEEP
29. A strategy by which an organization peruses new product offerings and new markets.
Parts of Business Case
Diversification
Ethical Behavior
key to success in strategic planning
30. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.
Related diversification
Market Penetrati
To achieve competitive advantage and superior profitability
Strategies at three levels
31. A value creating strategy that creates more perceived value by primarily reducing costs
top-down
Strategic business management
The law making Process
low-cost strategy
32. 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.
Generational Difference
Unrelated diversification
Environmental scanning
common practices when analyzing your competition
33. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
benefits of competitor intelligence
Technological Factors
Horizontal diversification
Resources
34. 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"
CLO
Agency
Resources
Secondary Research
35. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Code of Ethics
Strategic Information Systems
Mid term Objectives
36. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Core competences
Core Values
Holding company
Corporate governance
37. 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
Cost Leadership
Value network
Strategy Development
Critical success factors
38. They are often based on industry best practice.
functional benchmarking
external benchmarking
External Benchmarks
Corporate governance
39. Is the set of internationalization links and relationships that are necessary to create a product or service.
Long term Objectives
Strategy Implementation
Parts of Business Case
Value network
40. 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
Downscoping
Core competences
Differentiation
41. 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
Dominant business
Market development
type of responsibilities of a business
Mission Statement
42. It is a system of moral principles and values that establish appropriate conduct.
Planning
Ethics
Technological Factors
Business Case
43. 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
type of responsibilities of a business
Internal Benchmarks
Strategy Implementation
44. 1 Cost Leadership 2 Differentiation 3 Focus
Economic Factors
Resources
Off shoring
Porters Competitive Strategies
45. 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
SWOT Analysis
Cultural web
to increase profitability
mentality of a MNC manager
46. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Merger and Acquisition Process
SPAC
Core Values
Resources leverage
47. Describes the structure of product - service - and information flows and the role of participating parties.
Business Case
Business model
Ethics
Directing
48. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Business Case
differentiation
Short term Objectives
Strategies at three levels
49. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Focus
Strategic Groups
External Benchmarks
Due Diligence
50. Comparing operations in totally unrelated industries
SWOT Analysis
generic benchmarking
Strategy Development
Related diversification