SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Methodologies Of Operations
generic benchmarking
Long term Objectives
CLO
2. Sell more in existing markets - or enter new markets
to obtain profit growth
Leveraged buyout (LBO)
top-down
Focus
3. Value - Exploit - Rare - Imitate - Substitute
Value chain
Short term Objectives
skills businesses need to create competitive advantage
Spin-off
4. 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
Market fit
Secondary Research
Scenarios
Unsystematic risk
5. 1. multinational 2. global 3. transnational
Ethics
Dominant business
mentality of a MNC manager
types of competitive strategies for international businesses
6. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Environmental Scanning
Off shoring
Technological Factors
Strategy Development
7. 1 Balance Scorecard
Performance Measures
Market fit
Planning
Value network
8. 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.
Dominant business
Off shoring
Stakeholders
Growth
9. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Ethics
value creating operations in the value chain of operation
generic benchmarking
HR functions that can be outsourced
10. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Stakeholders
Merger and Acquisition Process
Decline
11. 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.
Mission Statement
low-cost strategy
Outsourcing
Focus
12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
Stakeholder mapping
differentiation
Off shoring
13. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Ethics
Business Case
Value chain
14. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Ethical Behavior
HR functions that can be outsourced
bottom-up
Corporate strategy
15. Risk associated with macro-economic forces.
Systematic risk
Management Functions
Corporate social responsibility
Related diversification
16. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
to obtain profit growth
Stakeholders
Employment Factors
Balanced scorecards
17. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Systematic risk
Purpose of benchmarks
Strategic business unit (SBU)
low-cost strategy
18. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Long term Objectives
To achieve competitive advantage and superior profitability
functional benchmarking
Private equity firm
19. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.
Business model
Operations
Outsourcing
Employment Factors
20. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
SPAC
Long term Objectives
STEEP
Introduction
21. 1. information systems 2. logistics 3. HR
support activities of a business
to maximize profits
common practices when analyzing your competition
Off shoring
22. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Stakeholders
Operations
Planning
Focus
23. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Technological Factors
Purpose of benchmarks
Cross-sector diversification
Descriptive Statistic
24. 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.
Strategic method
Resources leverage
Outsourcing
generic benchmarking
25. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Technological Factors
SPAC
Merger and Acquisition Process
Market fit
26. 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.
Inferential Statistic
Organizing
Related diversification
Decline
27. 1 Population 2 Sample 3 Normal Distribution
Resources leverage
Inferential Statistic
Quantitative Analysis
Secondary Research
28. 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.
Downscoping
Porters Competitive Strategies
CLO
Value Statement
29. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Business Life Cycle Phases
Off shoring
Unrelated diversification
Balanced scorecards
30. Processes and activities used to formulate HR objectives - practices - and policies.
Business Case
Employment Factors
Strategic business management
Corporate strategy
31. 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.
Takeover
Business model
SPAC
Mission Statement
32. 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"
Generational Difference
CLO
Organizing
differentiation
33. 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)
External Benchmarks
Secondary Research
differentiation
International Factors
34. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Secondary Research
SMART Goals
Maturity
Short term Objectives
35. primary activities and support activities
Core Values
value creating operations in the value chain of operation
Purpose of benchmarks
to increase profitability
36. Specific - Measurable - Attainable - Realistic - Timely
Environmental scanning
Factors that affect external environment
Descriptive Statistic
SMART Goals
37. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Internal Benchmarks
Vertical diversification
Secondary Research
Core Values
38. Comparing operations in totally unrelated industries
Organizing
Off shoring
Due Diligence
generic benchmarking
39. Describes the structure of product - service - and information flows and the role of participating parties.
Business model
Demographic Factors
Primary Research
Strategy Evaluation
40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Strategic business unit
Holding company
Value chain
International Factors
41. 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
to maximize profits
Introduction
Vision Statement
Short term Objectives
42. 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
Horizontal diversification
generic benchmarking
Downscoping
43. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Stakeholders
Strategy Implementation
External Benchmarks
Financial Measures
44. Cost savings accomplished by operating combined companies more efficiently.
Methodologies Of Operations
Economizing
Core Values
Code of Ethics
45. Identifies stakeholder expectations and power and helps in understanding political priorities.
efficiency frontier
Stakeholder mapping
Employment Factors
Emergent Strategy
46. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Leveraged buyout (LBO)
internal benchmarking
HR functions that can be outsourced
Takeover
47. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Long term Objectives
Strategic Groups
Cultural web
low-cost strategy
48. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Market development
PESTEL
The law making Process
international strategy
49. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Outsourcing
Introduction
Strategies at three levels
SPAC
50. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
Core Values
Scenarios
Conglomerate
Horizontal diversification