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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 Vision and mission 2 Value Statement
Strategy Formulation
Value Statement
SWOT Analysis
Employment Factors
2. Is the set of internationalization links and relationships that are necessary to create a product or service.
Marketing Mix
Conglomerate
Stakeholder mapping
Value network
3. 1. multinational 2. global 3. transnational
Balanced scorecards
Leveraged buyout (LBO)
Internal Benchmarks
types of competitive strategies for international businesses
4. 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
Short term Objectives
Emergent Strategy
Corporate social responsibility
5. 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
Core competences
Agency
Resources leverage
Business Case
6. Risk associated with macro-economic forces.
Market fit
Quantitative Analysis
Systematic risk
Code of Ethics
7. 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
Stakeholder mapping
Value network
Critical success factors
bottom-up
8. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Organization Structure
Management fit
Conglomerate
Maturity
9. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
types of competitive strategies for international businesses
Unsystematic risk
Descriptive Statistic
HR functions that can be outsourced
10. The categories of activities within and around an organization which together create a product or service.
common practices when analyzing your competition
Internal Benchmarks
Value chain
Resources leverage
11. Comparing similar functional firms in your industry
functional benchmarking
Vertical diversification
Demographic Factors
Outsourcing
12. 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
Holding company
top-down
Critical success factors
13. Describes the structure of product - service - and information flows and the role of participating parties.
Critical success factors
Focus
Junk bond
Business model
14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Descriptive Statistic
Value chain
Downscoping
Primary Research
15. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Diversification
Value Statement
Parts of Business Case
Descriptive Statistic
16. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Holding company
key to success in strategic planning
Factors that affect external environment
SMART Goals
17. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
STEEP
Agency
Introduction
Factors that affect external environment
18. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
to increase profitability
Systematic risk
Mid term Objectives
HR functions that can be outsourced
19. A strategy by which an organisation offers existing products to new markets.
Market Penetrati
Market development
Horizontal diversification
mentality of a MNC manager
20. 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.
Code of Ethics
Business Case
Decline
International Factors
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.
to increase profitability
type of responsibilities of a business
Takeover
bottom-up
22. A value creating strategy that creates more perceived value by primarily reducing costs
common practices when analyzing your competition
low-cost strategy
Management Functions
Resources
23. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
mentality of a MNC manager
Economic Factors
Blue ocean Strategy
PESTEL
24. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Factors that affect external environment
SPAC
Environmental Scanning
support activities of a business
25. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
SMART Goals
The law making Process
Factors that affect external environment
Employment Factors
26. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Vertical diversification
Downscoping
mentality of a MNC manager
Employment Factors
27. Comparing operations in totally unrelated industries
Strategy Evaluation
low-cost strategy
International Factors
generic benchmarking
28. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Cross-sector diversification
Mid term Objectives
Corporate governance
29. 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.
Due Diligence
To achieve competitive advantage and superior profitability
Focus
Business Life Cycle Phases
30. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Generational Difference
external benchmarking
benefits of competitor intelligence
international strategy
31. A company in which 70-95% of revenue comes from a single business
Dominant business
SWOT Analysis
Performance Measures
value creating operations in the value chain of operation
32. Is the means by which a strategy can be pursued.
Strategic method
generic benchmarking
Market development
mentality of MNC
33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Resources
HR functions that can be outsourced
type of responsibilities of a business
34. 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
Outsourcing
Action Plan
Corporate social responsibility
35. Specific - Measurable - Attainable - Realistic - Timely
Off shoring
internal benchmarking
Scenarios
SMART Goals
36. Ensure that organization's strategy and operations are consistent with each other
type of responsibilities of a business
To achieve competitive advantage and superior profitability
Descriptive Statistic
Leveraged buyout (LBO)
37. 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
Scenarios
Market Penetrati
Blue ocean Strategy
to maximize profits
38. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Corporate governance
differentiation
Strategy Evaluation
39. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing
Strategic method
Conglomerate
Primary Research
Scenarios
40. When a corporation is able to combine similar primary value chain activities.
Operational fit
Off shoring
support activities of a business
Takeover
41. The types of decisions made and direction created for a single business
Business Case
Core Values
Mission Statement
Business strategy
42. 1. information systems 2. logistics 3. HR
support activities of a business
Merger and Acquisition Process
The law making Process
Secondary Research
43. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Mission Statement
SPAC
Strategy Development
Stakeholder mapping
44. 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
Economizing
Action Plan
Cultural web
STEEP
45. They are often based on industry best practice.
Financial Measures
skills businesses need to create competitive advantage
External Benchmarks
Horizontal diversification
46. The resources and competences of an organization needed for it to survive and prosper.
Critical success factors
Employment Factors
Strategic capability
to increase profitability
47. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Outsourcing
internal benchmarking
Directing
Systematic risk
48. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra
Cost Leadership
To achieve competitive advantage and superior profitability
types of competitive strategies for international businesses
Focus
49. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
functional benchmarking
Descriptive Statistic
Marketing Mix
50. 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"
Downscoping
top-down
CLO
type of responsibilities of a business