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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 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.
type of responsibilities of a business
Inferential Statistic
Purpose of benchmarks
Holding company
2. 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
Strategy Formulation
Purpose of benchmarks
Decline
3. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Short term Objectives
Vertical diversification
Strategic business unit
Spin-off
4. It uses data already gathered by others and reported in various sources.
Descriptive Statistic
Scenarios
Organizing
Secondary Research
5. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Factors that affect external environment
common practices when analyzing your competition
Internal Benchmarks
Directing
6. 1 Cost Leadership 2 Differentiation 3 Focus
Strategies at three levels
Market development
Porters Competitive Strategies
Factors that affect external environment
7. 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
Quantitative Analysis
Short term Objectives
Dominant business
8. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Employment Factors
Introduction
Diversification
9. 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
Ethical Behavior
Code of Ethics
Unsystematic risk
10. Is the set of internationalization links and relationships that are necessary to create a product or service.
Strategic business unit (SBU)
PESTEL
low-cost strategy
Value network
11. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Descriptive Statistic
Secondary Research
external benchmarking
12. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.
Inferential Statistic
Merger and Acquisition Process
Resources leverage
PESTEL
13. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Strategy Evaluation
Junk bond
Off shoring
Strategic Planning
14. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce
Decline
Primary Research
Outsourcing
Balanced scorecards
15. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Vision Statement
Junk bond
International Factors
SWOT Analysis
16. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
SMART Goals
Business Life Cycle Phases
Stakeholders
Emergent Strategy
17. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
external benchmarking
Employment Factors
Growth
Business model
18. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
SWOT Analysis
external benchmarking
Holding company
Mid term Objectives
19. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Primary Research
Takeover
to maximize profits
Ethical Behavior
20. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
to increase profitability
SWOT Analysis
Horizontal diversification
Strategic business unit (SBU)
21. 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.
Unrelated diversification
top-down
Directing
Management fit
22. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Economic Factors
Management Functions
International Factors
Strategic Planning
23. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Off shoring
Related diversification
Purpose of benchmarks
differentiation
24. A strategy by which an organization peruses new product offerings and new markets.
Strategic Information Systems
Critical success factors
STEEP
Diversification
25. The categories of activities within and around an organization which together create a product or service.
Strategic Planning Phase
Business Case
Value chain
External Benchmarks
26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
Strategies at three levels
Strategic business unit
Generational Difference
Financial Measures
27. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Market Penetrati
Strategies at three levels
Vision Statement
Strategy Development
28. Ensure that organization's strategy and operations are consistent with each other
Scenarios
To achieve competitive advantage and superior profitability
Strategic Information Systems
Outsourcing
29. 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)
Vision Statement
efficiency frontier
Financial Measures
Mid term Objectives
30. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
efficiency frontier
Strategic business unit
International Factors
31. 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
Business Case
Five Forces
Descriptive Statistic
international strategy
32. 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.
Operational fit
mentality of a MNC manager
Operations
Off shoring
33. 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
Core competences
Employment Factors
internal benchmarking
Environmental scanning
34. 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
Stakeholder mapping
Demographic Factors
Unrelated diversification
Mission Statement
35. A company in which 70-95% of revenue comes from a single business
Planning
Ethical Behavior
Dominant business
Corporate governance
36. 1 Population 2 Sample 3 Normal Distribution
Core competences
Five Forces
Inferential Statistic
Generational Difference
37. 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"
Off shoring
CLO
Five Forces
Stakeholders
38. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
benefits of competitor intelligence
Strategic Planning Phase
Controlling
Financial Measures
39. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.
Business Case
low-cost strategy
The law making Process
Marketing Mix
40. primary activities and support activities
Cost Leadership
Organization Structure
SMART Goals
value creating operations in the value chain of operation
41. They are often based on industry best practice.
International Factors
External Benchmarks
Inferential Statistic
Mid term Objectives
42. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Cross-sector diversification
top-down
Vertical diversification
43. 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)
Outsourcing
Market development
Strategic business unit
44. 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.
Decline
Market development
Corporate social responsibility
Takeover
45. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
efficiency frontier
Mid term Objectives
Mission Statement
Conglomerate
46. Ability to broaden a product line or a customer base achieved through an acquisition.
Scope
Strategy Formulation
top-down
Planning
47. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control
Private equity firm
Agency
Methodologies Of Operations
Spin-off
48. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
Resources leverage
To achieve competitive advantage and superior profitability
SWOT Analysis
Marketing Mix
49. The underlying principles that guide an organization's strategy
Vision Statement
External Benchmarks
Core Values
Operations
50. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Planning
Strategic Planning Phase
Financial Measures
Generational Difference