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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 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
Scenarios
to maximize profits
Performance Measures
2. Economic - legal resp. - ethical - and discretionary
Code of Ethics
Corporate social responsibility
type of responsibilities of a business
Secondary Research
3. 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.
Agency
international strategy
Ethics
Differentiation
4. 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
Methodologies Of Operations
Introduction
Five Forces
Value network
5. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Vision Statement
Private equity firm
Technological Factors
top-down
6. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Strategic capability
External Benchmarks
Balanced scorecards
7. 1. multinational 2. global 3. transnational
to maximize profits
types of competitive strategies for international businesses
Business model
Vision Statement
8. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Emergent Strategy
Extended Organization
Generational Difference
key to success in strategic planning
9. Risk associated with a particular business.
Core Values
Demographic Factors
efficiency frontier
Unsystematic risk
10. It is a system of moral principles and values that establish appropriate conduct.
Value network
common practices when analyzing your competition
Ethics
Inferential Statistic
11. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Organization Structure
international strategy
Quantitative Analysis
Secondary Research
12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Operations
Economic Factors
Decline
Private equity firm
13. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
Strategic method
Business Case
SPAC
Operations
14. 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
Porters Competitive Strategies
HR functions that can be outsourced
Private equity firm
top-down
15. Acquisition of a company that operates in the same industry using the same value chain.
Related diversification
Secondary Research
international strategy
Horizontal diversification
16. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
mentality of a MNC manager
skills businesses need to create competitive advantage
Employment Factors
Diversification
17. 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
Value network
Maturity
Management Functions
Five Forces
18. 1 Cost Leadership 2 Differentiation 3 Focus
PESTEL
Diversification
Porters Competitive Strategies
Code of Ethics
19. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Spin-off
Off shoring
Outsourcing
Employment Factors
20. 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
Junk bond
Environmental scanning
Descriptive Statistic
Quantitative Analysis
21. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.
Descriptive Statistic
Takeover
Emergent Strategy
Systematic risk
22. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
support activities of a business
Corporate strategy
Strategic Planning Phase
Cost Leadership
23. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
common practices when analyzing your competition
Strategic Planning
Growth
Operational fit
24. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Corporate social responsibility
Downscoping
Off shoring
to increase profitability
25. 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
Code of Ethics
Organization Structure
HR functions that can be outsourced
Spin-off
26. The categories of activities within and around an organization which together create a product or service.
Planning
Value chain
Action Plan
Ethical Behavior
27. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Ethical Behavior
Strategic business unit (SBU)
functional benchmarking
external benchmarking
28. 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.
Internal Benchmarks
Market Penetrati
Off shoring
Core competences
29. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Strategies at three levels
Growth
Junk bond
Conglomerate
30. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
to increase profitability
Demographic Factors
Market fit
Scope
31. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Holding company
Environmental scanning
Strategic method
Business Case
32. 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.
Economic Factors
Business Life Cycle Phases
SMART Goals
Marketing Mix
33. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Strategy Implementation
Management fit
Strategies at three levels
SMART Goals
34. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
efficiency frontier
Employment Factors
Corporate governance
Generational Difference
35. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Growth
Long term Objectives
low-cost strategy
Marketing Mix
36. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Environmental scanning
mentality of a MNC manager
benefits of competitor intelligence
Market fit
37. 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.
value creating operations in the value chain of operation
Inferential Statistic
Holding company
Business Case
38. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategy Development
Strategic Groups
STEEP
Code of Ethics
39. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Strategic Groups
Dominant business
Corporate social responsibility
40. 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
Employment Factors
Business model
Strategic Information Systems
41. Identifies stakeholder expectations and power and helps in understanding political priorities.
Stakeholder mapping
Strategic method
low-cost strategy
Value chain
42. 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
Market fit
Value Statement
mentality of MNC
Technological Factors
43. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Quantitative Analysis
Business Case
International Factors
Mission Statement
44. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Resources
Conglomerate
primary activities of a business
45. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Operational fit
Strategy Evaluation
Strategic capability
Strategic Information Systems
46. They are used to condense and summarize large quantities of data for quick understanding.
support activities of a business
Cultural web
Descriptive Statistic
Five Forces
47. When a corporation is able to combine similar primary value chain activities.
Operational fit
Short term Objectives
SMART Goals
Inferential Statistic
48. 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
efficiency frontier
support activities of a business
Emergent Strategy
CLO
49. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Demographic Factors
Strategic Groups
value creating operations in the value chain of operation
SWOT Analysis
50. Is the set of internationalization links and relationships that are necessary to create a product or service.
Strategic Planning Phase
Value network
Downscoping
Differentiation