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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 Cost Leadership 2 Differentiation 3 Focus
Market fit
Parts of Business Case
Porters Competitive Strategies
Factors that affect external environment
2. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Cost Leadership
Strategic business unit
Strategic capability
Descriptive Statistic
3. Quality of information and interpretation of it
Scope
key to success in strategic planning
Blue ocean Strategy
Market development
4. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
SPAC
Descriptive Statistic
Demographic Factors
Introduction
5. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic
Due Diligence
Quantitative Analysis
Core competences
Cross-sector diversification
6. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Generational Difference
Market Penetrati
common practices when analyzing your competition
Methodologies Of Operations
7. It is a system of moral principles and values that establish appropriate conduct.
Strategic business unit
Strategic Planning
Ethics
Related diversification
8. 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.
Porters Competitive Strategies
Cultural web
Planning
Blue ocean Strategy
9. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
to obtain profit growth
Secondary Research
Conglomerate
mentality of a MNC manager
10. Comparing 1 operation in the firm with another
Generational Difference
PESTEL
internal benchmarking
Strategic capability
11. 1 Population 2 Sample 3 Normal Distribution
Strategy Formulation
Balanced scorecards
Inferential Statistic
Primary Research
12. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Off shoring
value creating operations in the value chain of operation
Technological Factors
Code of Ethics
13. 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.
Outsourcing
Secondary Research
top-down
differentiation
14. Is the set of internationalization links and relationships that are necessary to create a product or service.
Descriptive Statistic
Value network
Junk bond
Porters Competitive Strategies
15. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Purpose of benchmarks
Diversification
Blue ocean Strategy
16. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategy Formulation
Porters Competitive Strategies
Strategic Groups
Leveraged buyout (LBO)
17. Ability to broaden a product line or a customer base achieved through an acquisition.
to increase profitability
Cross-sector diversification
Emergent Strategy
Scope
18. 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)
Parts of Business Case
efficiency frontier
Value network
Unsystematic risk
19. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Blue ocean Strategy
Environmental scanning
Mid term Objectives
generic benchmarking
20. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Economizing
Vision Statement
CLO
Internal Benchmarks
21. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Performance Measures
Employment Factors
SPAC
Internal Benchmarks
22. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Blue ocean Strategy
benefits of competitor intelligence
Outsourcing
Vertical diversification
23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Strategy Implementation
Demographic Factors
Secondary Research
CLO
24. 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
Internal Benchmarks
Environmental scanning
Off shoring
Long term Objectives
25. Risk associated with macro-economic forces.
efficiency frontier
Stakeholders
Strategy Development
Systematic risk
26. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Related diversification
Strategic Planning Phase
low-cost strategy
common practices when analyzing your competition
27. Comparing operations in totally unrelated industries
value creating operations in the value chain of operation
mentality of MNC
Management Functions
generic benchmarking
28. 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
Differentiation
Spin-off
Controlling
Junk bond
29. A strategy by which an organisation offers existing products to new markets.
Market development
Business strategy
Balanced scorecards
STEEP
30. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Holding company
differentiation
Secondary Research
Inferential Statistic
31. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Methodologies Of Operations
mentality of a MNC manager
Strategic Planning
External Benchmarks
32. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit
Introduction
Planning
Strategic Planning Phase
Scope
33. 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
Mission Statement
Unsystematic risk
Organization Structure
Five Forces
34. They are often based on industry best practice.
Blue ocean Strategy
External Benchmarks
Cross-sector diversification
Spin-off
35. They are used to condense and summarize large quantities of data for quick understanding.
Quantitative Analysis
Descriptive Statistic
Resources leverage
Secondary Research
36. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Management fit
Strategy Evaluation
The law making Process
benefits of competitor intelligence
37. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company
Mission Statement
Focus
Descriptive Statistic
To achieve competitive advantage and superior profitability
38. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Purpose of benchmarks
key to success in strategic planning
Corporate governance
Generational Difference
39. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Strategic business unit (SBU)
Market fit
Marketing Mix
Factors that affect external environment
40. Comparing similar functional firms in your industry
primary activities of a business
functional benchmarking
Balanced scorecards
Extended Organization
41. 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
mentality of MNC
Strategy Development
Scope
Unsystematic risk
42. The categories of activities within and around an organization which together create a product or service.
Generational Difference
Focus
Descriptive Statistic
Value chain
43. 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.
Business model
Strategic capability
Related diversification
Short term Objectives
44. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
STEEP
Off shoring
Holding company
mentality of a MNC manager
45. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
To achieve competitive advantage and superior profitability
Economic Factors
Vertical diversification
Planning
46. Information systems with a charter to achieve competitive superiority.
Financial Measures
Strategy Evaluation
Strategic Information Systems
Vertical diversification
47. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.
Scenarios
top-down
Related diversification
Strategy Implementation
48. Risk associated with a particular business.
Business Life Cycle Phases
Inferential Statistic
Long term Objectives
Unsystematic risk
49. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Stakeholder mapping
Technological Factors
Market Penetrati
Market fit
50. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Internal Benchmarks
Private equity firm
to obtain profit growth
mentality of a MNC manager