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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 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
Unrelated diversification
SPAC
Strategic method
2. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Strategic Planning
Ethical Behavior
Extended Organization
Scope
3. 1. multinational 2. global 3. transnational
HR functions that can be outsourced
types of competitive strategies for international businesses
mentality of a MNC manager
bottom-up
4. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Parts of Business Case
Strategy Evaluation
Internal Benchmarks
PESTEL
5. 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
benefits of competitor intelligence
Strategic Planning
Cultural web
Emergent Strategy
6. 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
Stakeholder mapping
Core Values
Strategic Planning
Business Case
7. 1. R&D 2. production 3. marketing and sales 4. customer service
primary activities of a business
Ethical Behavior
Strategy Development
Secondary Research
8. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Employment Factors
common practices when analyzing your competition
Business Case
functional benchmarking
9. 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.
types of competitive strategies for international businesses
Stakeholder mapping
Focus
to increase profitability
10. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Balanced scorecards
SWOT Analysis
Cultural web
Value Statement
11. The underlying principles that guide an organization's strategy
Core Values
Value network
Cross-sector diversification
Core competences
12. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Demographic Factors
Critical success factors
Descriptive Statistic
Stakeholders
13. A value creating strategy that creates more perceived value by primarily reducing costs
Ethics
low-cost strategy
Private equity firm
Agency
14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Diversification
Unrelated diversification
common practices when analyzing your competition
Descriptive Statistic
15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Organizing
Core competences
mentality of a MNC manager
Employment Factors
16. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Secondary Research
Value chain
common practices when analyzing your competition
Balanced scorecards
17. Sell more in existing markets - or enter new markets
Merger and Acquisition Process
HR functions that can be outsourced
to obtain profit growth
Generational Difference
18. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization
Environmental scanning
Due Diligence
internal benchmarking
Strategic business unit
19. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Long term Objectives
Agency
Business Case
Downscoping
20. Comparing similar functional firms in your industry
functional benchmarking
internal benchmarking
Spin-off
Downscoping
21. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Strategic business unit (SBU)
to obtain profit growth
Market fit
Resources leverage
22. 1. information systems 2. logistics 3. HR
Downscoping
support activities of a business
Employment Factors
Business strategy
23. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Value Statement
differentiation
Value network
Strategy Formulation
24. The categories of activities within and around an organization which together create a product or service.
generic benchmarking
Economizing
Resources
Value chain
25. 1 Introduction 2 Growth 3 Maturity 4 Decline
Management fit
Stakeholders
Spin-off
Business Life Cycle Phases
26. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Market fit
Core competences
Value network
Environmental Scanning
27. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
top-down
Internal Benchmarks
Employment Factors
28. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Balanced scorecards
Business Case
Long term Objectives
Due Diligence
29. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Related diversification
Holding company
Operations
bottom-up
30. Risk associated with a particular business.
Introduction
to maximize profits
Inferential Statistic
Unsystematic risk
31. 1 Population 2 Sample 3 Normal Distribution
Inferential Statistic
Value chain
Operational fit
Quantitative Analysis
32. 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
to maximize profits
Business Case
Quantitative Analysis
33. 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
Strategy Evaluation
Introduction
Business strategy
Quantitative Analysis
34. Quality of information and interpretation of it
Five Forces
mentality of a MNC manager
Spin-off
key to success in strategic planning
35. 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.
Blue ocean Strategy
Environmental Scanning
Strategy Formulation
Technological Factors
36. 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.
Vision Statement
to maximize profits
Strategic business unit
Marketing Mix
37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
type of responsibilities of a business
Core competences
Strategy Development
Environmental scanning
38. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Operational fit
Outsourcing
PESTEL
Diversification
39. Information systems with a charter to achieve competitive superiority.
Market fit
Strategy Implementation
Strategic Information Systems
low-cost strategy
40. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Directing
to increase profitability
Resources
Mission Statement
41. 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
Strategic method
Secondary Research
To achieve competitive advantage and superior profitability
42. The resources and competences of an organization needed for it to survive and prosper.
Corporate social responsibility
Value chain
Strategic capability
Business model
43. Value - Exploit - Rare - Imitate - Substitute
Primary Research
Growth
Scope
skills businesses need to create competitive advantage
44. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Strategic Planning
Long term Objectives
Holding company
Corporate social responsibility
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
differentiation
Five Forces
Strategic capability
Outsourcing
46. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Junk bond
Performance Measures
Quantitative Analysis
Strategy Evaluation
47. It is a system of moral principles and values that establish appropriate conduct.
Ethics
International Factors
Business Life Cycle Phases
Strategy Implementation
48. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Emergent Strategy
Internal Benchmarks
Off shoring
49. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Leveraged buyout (LBO)
Demographic Factors
Extended Organization
Private equity firm
50. A strategy by which an organisation offers existing products to new markets.
Cross-sector diversification
Primary Research
Market development
Operations