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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. 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.
Maturity
Downscoping
Blue ocean Strategy
Performance Measures
2. A value creating strategy that creates more perceived value by primarily reducing costs
Methodologies Of Operations
Business Case
Mission Statement
low-cost strategy
3. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Cost Leadership
Systematic risk
common practices when analyzing your competition
Operational fit
4. 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
Management fit
Focus
Mission Statement
external benchmarking
5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
Performance Measures
International Factors
Strategic Groups
Scope
6. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
Strategy Implementation
HR functions that can be outsourced
key to success in strategic planning
Unrelated diversification
7. The categories of activities within and around an organization which together create a product or service.
Value chain
to maximize profits
Diversification
Decline
8. A company in which 70-95% of revenue comes from a single business
Diversification
mentality of MNC
Dominant business
Methodologies Of Operations
9. Ensure that organization's strategy and operations are consistent with each other
Business Case
Scope
Introduction
To achieve competitive advantage and superior profitability
10. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Introduction
The law making Process
generic benchmarking
type of responsibilities of a business
11. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Merger and Acquisition Process
Vision Statement
Planning
Junk bond
12. 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
Long term Objectives
External Benchmarks
Introduction
Scope
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.
Unrelated diversification
Outsourcing
low-cost strategy
Emergent Strategy
14. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Market fit
Resources leverage
bottom-up
Emergent Strategy
15. They are used to condense and summarize large quantities of data for quick understanding.
Off shoring
support activities of a business
Descriptive Statistic
Focus
16. Acquisition of a company in a different industry - but which employs a similar value chain.
Secondary Research
Strategy Formulation
Cross-sector diversification
SPAC
17. It can be defined as principles of conduct within an organization that guide decision making and behavior.
to obtain profit growth
Economizing
Management fit
Code of Ethics
18. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken
Mission Statement
Strategy Evaluation
Environmental Scanning
Introduction
19. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Five Forces
Short term Objectives
Core competences
Business model
20. 1 Population 2 Sample 3 Normal Distribution
low-cost strategy
Blue ocean Strategy
primary activities of a business
Inferential Statistic
21. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.
Business Life Cycle Phases
top-down
Factors that affect external environment
Organizing
22. 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
benefits of competitor intelligence
Agency
to maximize profits
Diversification
23. Specific - Measurable - Attainable - Realistic - Timely
Porters Competitive Strategies
SMART Goals
To achieve competitive advantage and superior profitability
Private equity firm
24. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy
Employment Factors
Strategies at three levels
benefits of competitor intelligence
Factors that affect external environment
25. When a corporation is able to combine similar primary value chain activities.
Cross-sector diversification
Performance Measures
Operational fit
Vision Statement
26. A strategy by which an organization peruses new product offerings and new markets.
Diversification
Strategic business management
efficiency frontier
Descriptive Statistic
27. 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.
Leveraged buyout (LBO)
Strategic capability
Operations
Value chain
28. 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"
primary activities of a business
CLO
Unrelated diversification
Focus
29. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Technological Factors
primary activities of a business
Primary Research
SPAC
30. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
to obtain profit growth
Business Case
Strategic business unit (SBU)
External Benchmarks
31. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Dominant business
to obtain profit growth
Private equity firm
Technological Factors
32. 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.
Generational Difference
Business Case
Purpose of benchmarks
Management Functions
33. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Management Functions
CLO
Critical success factors
Directing
34. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.
Strategy Evaluation
STEEP
Off shoring
differentiation
35. Economic - legal resp. - ethical - and discretionary
type of responsibilities of a business
Outsourcing
Operations
Holding company
36. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.
Differentiation
The law making Process
Core competences
skills businesses need to create competitive advantage
37. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Differentiation
Value Statement
Economizing
Corporate social responsibility
38. 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.
STEEP
Porters Competitive Strategies
Blue ocean Strategy
Extended Organization
39. Comparing a the firms operations with a direct competitor
Inferential Statistic
Corporate strategy
external benchmarking
Cross-sector diversification
40. 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.
Strategic Information Systems
Takeover
Market Penetrati
to maximize profits
41. 1. multinational 2. global 3. transnational
types of competitive strategies for international businesses
Resources leverage
SPAC
Strategic Information Systems
42. 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
Introduction
top-down
Private equity firm
Corporate governance
43. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Dominant business
Secondary Research
Resources leverage
Parts of Business Case
44. 1 Balance Scorecard
Descriptive Statistic
Business Case
Strategy Development
Performance Measures
45. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Purpose of benchmarks
Conglomerate
differentiation
Strategic method
46. Processes and activities used to formulate HR objectives - practices - and policies.
benefits of competitor intelligence
Strategic business management
Long term Objectives
Leveraged buyout (LBO)
47. 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.
Strategic capability
Related diversification
Strategy Development
mentality of MNC
48. 1. information systems 2. logistics 3. HR
primary activities of a business
Balanced scorecards
top-down
support activities of a business
49. Cut costs - add value - or increase prices
Technological Factors
to increase profitability
SPAC
international strategy
50. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization
Organization Structure
Short term Objectives
generic benchmarking
Code of Ethics