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Business Strategy

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. 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






2. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






3. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






4. 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.






5. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






6. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






7. Cut costs - add value - or increase prices






8. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






9. 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)






10. 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.






11. Comparing similar functional firms in your industry






12. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






13. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






14. Acquisition of a company that operates in the same industry using the same value chain.






15. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






16. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






17. 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






18. The categories of activities within and around an organization which together create a product or service.






19. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






20. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






21. 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






22. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






23. A strategy by which an organisation offers existing products to new markets.






24. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






25. It can be defined as principles of conduct within an organization that guide decision making and behavior.






26. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






27. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






28. 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.






29. 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.






30. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






31. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






32. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






33. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






34. 1 Balance Scorecard






35. Comparing 1 operation in the firm with another






36. Cost savings accomplished by operating combined companies more efficiently.






37. Risk associated with macro-economic forces.






38. 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






39. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






40. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






41. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






42. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






43. 1 Planning 2 Organizing 3 Directing 4 Controlling






44. 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)






45. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






46. A value creating strategy that creates more perceived value by primarily reducing costs






47. The resources and competences of an organization needed for it to survive and prosper.






48. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






49. Is the set of internationalization links and relationships that are necessary to create a product or service.






50. 1 Cost Leadership 2 Differentiation 3 Focus







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