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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. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
efficiency frontier
Resources leverage
Balanced scorecards
Economizing
2. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
Business Case
Technological Factors
Organizing
Balanced scorecards
3. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Strategy Development
Strategies at three levels
Organization Structure
Directing
4. The benefits that develop through the extension and application of corporate resources to a newly acquired company.
SWOT Analysis
Resources leverage
Action Plan
Off shoring
5. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
type of responsibilities of a business
Private equity firm
Outsourcing
Strategic capability
6. It is a system of moral principles and values that establish appropriate conduct.
Ethics
Cultural web
Five Forces
Resources leverage
7. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
Off shoring
Controlling
to increase profitability
8. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Management Functions
Porters Competitive Strategies
Strategy Implementation
Vision Statement
9. 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"
Business strategy
CLO
Organization Structure
generic benchmarking
10. The categories of activities within and around an organization which together create a product or service.
Economic Factors
Business Case
Business Life Cycle Phases
Value chain
11. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Balanced scorecards
The law making Process
Organization Structure
Generational Difference
12. primary activities and support activities
Private equity firm
Strategy Evaluation
value creating operations in the value chain of operation
Controlling
13. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )
Cost Leadership
To achieve competitive advantage and superior profitability
Environmental Scanning
Short term Objectives
14. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Dominant business
to maximize profits
Corporate strategy
Junk bond
15. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Controlling
Long term Objectives
Technological Factors
Market Penetrati
16. 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
support activities of a business
Economic Factors
Differentiation
17. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.
Introduction
Mission Statement
Strategy Implementation
Short term Objectives
18. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?
Strategic Planning
top-down
Resources leverage
internal benchmarking
19. 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
Environmental scanning
Private equity firm
Stakeholders
Market Penetrati
20. They are often based on industry best practice.
Vertical diversification
Dominant business
to obtain profit growth
External Benchmarks
21. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.
Action Plan
differentiation
Financial Measures
bottom-up
22. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
Downscoping
Economic Factors
benefits of competitor intelligence
Parts of Business Case
23. Sell more in existing markets - or enter new markets
types of competitive strategies for international businesses
Descriptive Statistic
Focus
to obtain profit growth
24. Comparing similar functional firms in your industry
Methodologies Of Operations
functional benchmarking
Related diversification
Controlling
25. Risk associated with a particular business.
Balanced scorecards
Junk bond
Unsystematic risk
Spin-off
26. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Strategic Planning
skills businesses need to create competitive advantage
Vertical diversification
Unrelated diversification
27. Value - Exploit - Rare - Imitate - Substitute
international strategy
skills businesses need to create competitive advantage
external benchmarking
type of responsibilities of a business
28. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Five Forces
Cost Leadership
external benchmarking
Extended Organization
29. 1 Planning 2 Organizing 3 Directing 4 Controlling
Environmental scanning
Management Functions
SMART Goals
Descriptive Statistic
30. 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.
To achieve competitive advantage and superior profitability
Outsourcing
Takeover
bottom-up
31. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Descriptive Statistic
Private equity firm
Holding company
primary activities of a business
32. 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
Emergent Strategy
Off shoring
Corporate governance
Blue ocean Strategy
33. 1. multinational 2. global 3. transnational
Action Plan
internal benchmarking
types of competitive strategies for international businesses
Environmental Scanning
34. A strategy by which an organization peruses new product offerings and new markets.
Systematic risk
common practices when analyzing your competition
Long term Objectives
Diversification
35. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
Outsourcing
HR functions that can be outsourced
Stakeholders
SWOT Analysis
36. 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.
Related diversification
Strategic capability
Descriptive Statistic
types of competitive strategies for international businesses
37. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.
Corporate governance
Focus
Off shoring
Junk bond
38. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Merger and Acquisition Process
Downscoping
Off shoring
Environmental scanning
39. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Demographic Factors
Due Diligence
functional benchmarking
generic benchmarking
40. 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.
differentiation
Downscoping
Dominant business
International Factors
41. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Marketing Mix
Business Life Cycle Phases
Descriptive Statistic
SPAC
42. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Differentiation
Internal Benchmarks
External Benchmarks
Strategic business unit (SBU)
43. Information systems with a charter to achieve competitive superiority.
Corporate strategy
Corporate governance
Cross-sector diversification
Strategic Information Systems
44. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis
international strategy
CLO
Financial Measures
functional benchmarking
45. Describes the structure of product - service - and information flows and the role of participating parties.
primary activities of a business
Mid term Objectives
Conglomerate
Business model
46. Comparing 1 operation in the firm with another
internal benchmarking
Descriptive Statistic
Stakeholder mapping
Porters Competitive Strategies
47. The resources and competences of an organization needed for it to survive and prosper.
Systematic risk
Strategic capability
Blue ocean Strategy
Secondary Research
48. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Strategy Development
Unrelated diversification
Extended Organization
Differentiation
49. Is the set of internationalization links and relationships that are necessary to create a product or service.
Vertical diversification
Organization Structure
Short term Objectives
Value network
50. 1 Balance Scorecard
Dominant business
Performance Measures
Value network
Unsystematic risk