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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. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Strategy Evaluation
key to success in strategic planning
benefits of competitor intelligence
to maximize profits
2. It involves data that is gathered firsthand for the specific evaluation being conduced.
Technological Factors
Primary Research
SMART Goals
international strategy
3. 1. information systems 2. logistics 3. HR
Dominant business
support activities of a business
Stakeholders
Outsourcing
4. 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
Operations
Primary Research
Environmental scanning
Strategies at three levels
5. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Strategies at three levels
Technological Factors
Operational fit
Code of Ethics
6. Cost savings accomplished by operating combined companies more efficiently.
benefits of competitor intelligence
common practices when analyzing your competition
Economizing
Dominant business
7. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Internal Benchmarks
mentality of a MNC manager
benefits of competitor intelligence
Scope
8. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Emergent Strategy
Internal Benchmarks
SMART Goals
Horizontal diversification
9. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
common practices when analyzing your competition
Long term Objectives
Management fit
HR functions that can be outsourced
10. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
CLO
Primary Research
Marketing Mix
Planning
11. 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.
Related diversification
Blue ocean Strategy
Downscoping
Maturity
12. Identifies stakeholder expectations and power and helps in understanding political priorities.
Management fit
Stakeholder mapping
Corporate social responsibility
Off shoring
13. 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
Growth
Value chain
Private equity firm
Strategy Development
14. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
value creating operations in the value chain of operation
Generational Difference
international strategy
Marketing Mix
15. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Scenarios
SWOT Analysis
Secondary Research
Balanced scorecards
16. 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
Introduction
Operations
Spin-off
Employment Factors
17. 1 Population 2 Sample 3 Normal Distribution
value creating operations in the value chain of operation
generic benchmarking
Inferential Statistic
Demographic Factors
18. 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
Quantitative Analysis
Generational Difference
Purpose of benchmarks
Scenarios
19. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy
Horizontal diversification
Stakeholder mapping
Strategic Groups
to maximize profits
20. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Descriptive Statistic
Financial Measures
Descriptive Statistic
21. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
The law making Process
Management fit
Market Penetrati
22. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Demographic Factors
Secondary Research
Balanced scorecards
Off shoring
23. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
Strategy Evaluation
Extended Organization
Five Forces
24. 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
common practices when analyzing your competition
Five Forces
Operational fit
International Factors
25. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Factors that affect external environment
Performance Measures
Diversification
Strategy Development
26. Value - Exploit - Rare - Imitate - Substitute
Management fit
International Factors
Growth
skills businesses need to create competitive advantage
27. A strategy by which an organization peruses new product offerings and new markets.
Vertical diversification
Business Life Cycle Phases
Diversification
Code of Ethics
28. 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
Strategic Information Systems
international strategy
Primary Research
Operations
29. A value creating strategy that primary increases perceived value by increasing attractiveness of product
SWOT Analysis
Focus
International Factors
differentiation
30. 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
Long term Objectives
Unsystematic risk
Stakeholder mapping
31. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Strategic business management
Porters Competitive Strategies
value creating operations in the value chain of operation
Employment Factors
32. A company in which 70-95% of revenue comes from a single business
Primary Research
Dominant business
Extended Organization
Vertical diversification
33. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Scope
Strategic Planning Phase
Code of Ethics
Porters Competitive Strategies
34. 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.
Dominant business
Corporate strategy
Differentiation
Core competences
35. 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
Cost Leadership
bottom-up
Business model
Value network
36. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
low-cost strategy
Balanced scorecards
Vision Statement
Corporate social responsibility
37. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Strategy Development
SPAC
Balanced scorecards
Off shoring
38. 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.
Due Diligence
Stakeholder mapping
Vision Statement
Core competences
39. 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.
Business Case
generic benchmarking
Business strategy
Descriptive Statistic
40. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Organizing
skills businesses need to create competitive advantage
Leveraged buyout (LBO)
41. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Strategic method
Directing
Environmental Scanning
External Benchmarks
42. Risk associated with macro-economic forces.
Merger and Acquisition Process
Unrelated diversification
Strategy Evaluation
Systematic risk
43. 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
Marketing Mix
mentality of MNC
Junk bond
Off shoring
44. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Strategic business unit
Balanced scorecards
Unrelated diversification
international strategy
45. Processes and activities used to formulate HR objectives - practices - and policies.
Due Diligence
Balanced scorecards
Critical success factors
Strategic business management
46. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
mentality of a MNC manager
to maximize profits
Introduction
Leveraged buyout (LBO)
47. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Generational Difference
Primary Research
Secondary Research
Management fit
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
Strategic Planning
Market fit
Emergent Strategy
Factors that affect external environment
49. 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
mentality of MNC
primary activities of a business
The law making Process
50. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Ethical Behavior
Management Functions
Code of Ethics
Merger and Acquisition Process