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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. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






2. 1. multinational 2. global 3. transnational






3. The underlying principles that guide an organization's strategy






4. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






5. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






6. 1. R&D 2. production 3. marketing and sales 4. customer service






7. 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






8. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






9. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






10. 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






11. Risk associated with a particular business.






12. A value creating strategy that primary increases perceived value by increasing attractiveness of product






13. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






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






16. Sell more in existing markets - or enter new markets






17. 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.






18. 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






19. 1 Balance Scorecard






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






21. A strategy by which an organization peruses new product offerings and new markets.






22. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






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






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






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






26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






29. 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.






30. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






31. 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.






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






33. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






34. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






36. Cut costs - add value - or increase prices






37. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






38. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






39. Value - Exploit - Rare - Imitate - Substitute






40. 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






41. 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






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






43. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






44. 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






45. 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?






46. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






47. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






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






49. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






50. They are often based on industry best practice.







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