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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. A strategy by which an organization takes increased share of its existing markets with its existing product range.
HR functions that can be outsourced
functional benchmarking
Market Penetrati
Strategy Development
2. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.
Critical success factors
type of responsibilities of a business
Corporate social responsibility
Scenarios
3. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes
skills businesses need to create competitive advantage
Technological Factors
key to success in strategic planning
Economizing
4. 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
international strategy
Value Statement
Resources
5. The types of decisions made and direction created for a single business
Off shoring
Scenarios
Private equity firm
Business strategy
6. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively
Strategic business unit
Growth
differentiation
Private equity firm
7. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Employment Factors
Action Plan
Methodologies Of Operations
Marketing Mix
8. 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.
Ethical Behavior
Stakeholders
SPAC
Business Case
9. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.
Market fit
Resources
Directing
mentality of MNC
10. 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
Demographic Factors
Maturity
differentiation
11. Comparing operations in totally unrelated industries
Organization Structure
Growth
differentiation
generic benchmarking
12. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Strategy Implementation
Business strategy
Dominant business
Merger and Acquisition Process
13. 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.
Environmental scanning
key to success in strategic planning
Emergent Strategy
Focus
14. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Long term Objectives
Critical success factors
Organization Structure
Horizontal diversification
15. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
Vertical diversification
mentality of MNC
Corporate social responsibility
Secondary Research
16. A company in which 70-95% of revenue comes from a single business
Demographic Factors
Market fit
Dominant business
Business Life Cycle Phases
17. 1. R&D 2. production 3. marketing and sales 4. customer service
Focus
primary activities of a business
Short term Objectives
support activities of a business
18. Ability to broaden a product line or a customer base achieved through an acquisition.
Strategic business unit (SBU)
Emergent Strategy
Scope
Strategic Planning
19. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
Strategic Groups
Porters Competitive Strategies
Descriptive Statistic
Introduction
20. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political
The law making Process
STEEP
To achieve competitive advantage and superior profitability
Vertical diversification
21. 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.
Vision Statement
Technological Factors
Ethical Behavior
Blue ocean Strategy
22. It involves data that is gathered firsthand for the specific evaluation being conduced.
Market Penetrati
Five Forces
Primary Research
Extended Organization
23. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation
Growth
Secondary Research
Cultural web
to obtain profit growth
24. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl
bottom-up
Leveraged buyout (LBO)
Core Values
Value network
25. Comparing similar functional firms in your industry
functional benchmarking
Technological Factors
Scope
Strategic business management
26. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
Off shoring
Business strategy
Demographic Factors
SWOT Analysis
27. 1 Balance Scorecard
PESTEL
to increase profitability
Performance Measures
Internal Benchmarks
28. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
Conglomerate
Dominant business
Balanced scorecards
Cost Leadership
29. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.
Business Life Cycle Phases
Leveraged buyout (LBO)
Critical success factors
Employment Factors
30. Quality of information and interpretation of it
Junk bond
Value Statement
Marketing Mix
key to success in strategic planning
31. 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
Management Functions
Operations
Environmental scanning
Strategy Implementation
32. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.
types of competitive strategies for international businesses
Strategic method
Business model
HR functions that can be outsourced
33. Comparing a the firms operations with a direct competitor
Diversification
external benchmarking
Stakeholders
Economizing
34. A value creating strategy that primary increases perceived value by increasing attractiveness of product
differentiation
common practices when analyzing your competition
Emergent Strategy
Demographic Factors
35. It uses data already gathered by others and reported in various sources.
value creating operations in the value chain of operation
types of competitive strategies for international businesses
Secondary Research
Quantitative Analysis
36. 1 Introduction 2 Growth 3 Maturity 4 Decline
Internal Benchmarks
Dominant business
Business Life Cycle Phases
bottom-up
37. 1 Vision and mission 2 Value Statement
top-down
Ethics
Vision Statement
Strategy Formulation
38. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Resources
Takeover
Management fit
SWOT Analysis
39. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
SMART Goals
Financial Measures
key to success in strategic planning
Controlling
40. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Cost Leadership
Planning
mentality of a MNC manager
Resources
41. 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.
Strategic business management
Employment Factors
Core competences
support activities of a business
42. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
The law making Process
Business Case
Growth
Demographic Factors
43. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
mentality of MNC
Porters Competitive Strategies
Private equity firm
Purpose of benchmarks
44. 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
Strategic method
skills businesses need to create competitive advantage
Five Forces
Stakeholder mapping
45. Comparing 1 operation in the firm with another
internal benchmarking
Off shoring
Parts of Business Case
Porters Competitive Strategies
46. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined
Internal Benchmarks
Generational Difference
Strategy Development
Factors that affect external environment
47. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
differentiation
Business strategy
Market Penetrati
48. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Stakeholders
internal benchmarking
Strategic Planning Phase
SPAC
49. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Systematic risk
Strategies at three levels
Ethical Behavior
Leveraged buyout (LBO)
50. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association
Economizing
primary activities of a business
Economic Factors
Descriptive Statistic