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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. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Growth
value creating operations in the value chain of operation
Primary Research
Generational Difference
2. 1. information systems 2. logistics 3. HR
low-cost strategy
support activities of a business
The law making Process
Technological Factors
3. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Porters Competitive Strategies
Demographic Factors
to obtain profit growth
Vertical diversification
4. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Five Forces
support activities of a business
Strategies at three levels
external benchmarking
5. 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
Cost Leadership
international strategy
Employment Factors
bottom-up
6. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Cross-sector diversification
HR functions that can be outsourced
Market development
Inferential Statistic
7. Economic - legal resp. - ethical - and discretionary
Strategies at three levels
CLO
Resources leverage
type of responsibilities of a business
8. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Organization Structure
Horizontal diversification
Secondary Research
9. 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
The law making Process
Demographic Factors
Parts of Business Case
Growth
10. Identifies stakeholder expectations and power and helps in understanding political priorities.
Leveraged buyout (LBO)
Stakeholder mapping
International Factors
Off shoring
11. A strategy by which an organisation offers existing products to new markets.
Environmental scanning
types of competitive strategies for international businesses
Market development
international strategy
12. 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
Stakeholder mapping
Market Penetrati
Cultural web
Employment Factors
13. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Balanced scorecards
Differentiation
common practices when analyzing your competition
Scope
14. Is the set of internationalization links and relationships that are necessary to create a product or service.
Market Penetrati
External Benchmarks
STEEP
Value network
15. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Strategy Implementation
Controlling
SPAC
Generational Difference
16. 1 Introduction 2 Growth 3 Maturity 4 Decline
mentality of a MNC manager
international strategy
to maximize profits
Business Life Cycle Phases
17. Comparing 1 operation in the firm with another
Decline
Strategic business management
internal benchmarking
Operations
18. Acquisition of a company that operates in the same industry using the same value chain.
Secondary Research
Horizontal diversification
to obtain profit growth
CLO
19. It involves data that is gathered firsthand for the specific evaluation being conduced.
Primary Research
Operational fit
Management Functions
mentality of MNC
20. The types of decisions made and direction created for a single business
Business strategy
value creating operations in the value chain of operation
mentality of MNC
Extended Organization
21. 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.
Descriptive Statistic
Private equity firm
CLO
Focus
22. Ability to broaden a product line or a customer base achieved through an acquisition.
Leveraged buyout (LBO)
Scope
efficiency frontier
Strategy Implementation
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
Strategic business unit
Strategic Planning
mentality of MNC
Unrelated diversification
24. 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.
Strategy Formulation
Value Statement
mentality of a MNC manager
Unrelated diversification
25. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Code of Ethics
Spin-off
Ethical Behavior
bottom-up
26. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Stakeholder mapping
Core Values
Critical success factors
Market development
27. 1 Planning 2 Organizing 3 Directing 4 Controlling
internal benchmarking
generic benchmarking
bottom-up
Management Functions
28. 1 Vision and mission 2 Value Statement
Strategy Formulation
Dominant business
Decline
Organization Structure
29. 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
Mission Statement
PESTEL
Strategic Information Systems
Spin-off
30. 1. R&D 2. production 3. marketing and sales 4. customer service
Quantitative Analysis
support activities of a business
primary activities of a business
Core Values
31. 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
Inferential Statistic
Systematic risk
Employment Factors
Decline
32. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
Market Penetrati
Strategic business unit
Generational Difference
33. Comparing operations in totally unrelated industries
type of responsibilities of a business
generic benchmarking
SPAC
mentality of MNC
34. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Porters Competitive Strategies
functional benchmarking
Holding company
Balanced scorecards
35. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur
Focus
Organizing
top-down
Off shoring
36. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Management Functions
Mission Statement
Strategic method
37. Cut costs - add value - or increase prices
Management Functions
to increase profitability
Vision Statement
Planning
38. 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)
value creating operations in the value chain of operation
Diversification
Strategic business management
Secondary Research
39. 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
Five Forces
Planning
Strategic Planning
40. 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
Business Case
Strategies at three levels
Off shoring
Growth
41. 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
Strategic method
Primary Research
Business strategy
42. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Strategic business management
Action Plan
Performance Measures
Management fit
43. 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
CLO
Action Plan
Strategic Information Systems
Mission Statement
44. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Balanced scorecards
PESTEL
Focus
Strategic Planning
45. 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
Stakeholders
Differentiation
international strategy
Five Forces
46. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Emergent Strategy
Vision Statement
Management Functions
Demographic Factors
47. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Secondary Research
Stakeholders
Blue ocean Strategy
Management Functions
48. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Stakeholder mapping
Resources leverage
Quantitative Analysis
Related diversification
49. 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.
Cross-sector diversification
Descriptive Statistic
Purpose of benchmarks
Factors that affect external environment
50. 1 Balance Scorecard
Performance Measures
benefits of competitor intelligence
differentiation
efficiency frontier