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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. 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
Value network
Introduction
Focus
Balanced scorecards
2. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss
Corporate strategy
Spin-off
Generational Difference
Core Values
3. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Business Case
mentality of a MNC manager
Directing
Primary Research
4. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Economizing
Strategy Implementation
value creating operations in the value chain of operation
5. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs
Strategic business unit (SBU)
Descriptive Statistic
mentality of MNC
Purpose of benchmarks
6. 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
Strategic Information Systems
Business Case
Blue ocean Strategy
Environmental scanning
7. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.
functional benchmarking
Performance Measures
Stakeholders
skills businesses need to create competitive advantage
8. 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
Secondary Research
Marketing Mix
Focus
9. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.
Scenarios
Market Penetrati
Controlling
Decline
10. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Value network
Maturity
Long term Objectives
Blue ocean Strategy
11. 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
Stakeholder mapping
Decline
Core competences
Short term Objectives
12. It is a system of moral principles and values that establish appropriate conduct.
SWOT Analysis
Strategic business management
Strategic Groups
Ethics
13. Value - Exploit - Rare - Imitate - Substitute
Corporate governance
skills businesses need to create competitive advantage
Business model
to maximize profits
14. 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
Stakeholder mapping
top-down
Corporate social responsibility
Market fit
15. 1 Cost Leadership 2 Differentiation 3 Focus
Corporate governance
Off shoring
Porters Competitive Strategies
benefits of competitor intelligence
16. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.
Factors that affect external environment
Parts of Business Case
Management fit
Ethics
17. 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.
Blue ocean Strategy
CLO
Stakeholders
Strategy Formulation
18. 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
Critical success factors
Market fit
common practices when analyzing your competition
19. 1. R&D 2. production 3. marketing and sales 4. customer service
Porters Competitive Strategies
primary activities of a business
Primary Research
Spin-off
20. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors
Operational fit
Operations
Mid term Objectives
Factors that affect external environment
21. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
Action Plan
Primary Research
Conglomerate
22. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors
SWOT Analysis
Takeover
Financial Measures
benefits of competitor intelligence
23. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
key to success in strategic planning
Market fit
Balanced scorecards
value creating operations in the value chain of operation
24. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Porters Competitive Strategies
Parts of Business Case
Cost Leadership
Controlling
25. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
Descriptive Statistic
Business Case
Related diversification
common practices when analyzing your competition
26. 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
common practices when analyzing your competition
Emergent Strategy
Inferential Statistic
Core Values
27. 1 Introduction 2 Growth 3 Maturity 4 Decline
Planning
Business Life Cycle Phases
Value chain
Environmental Scanning
28. A company in which 70-95% of revenue comes from a single business
type of responsibilities of a business
Holding company
Dominant business
Unsystematic risk
29. 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
International Factors
Merger and Acquisition Process
internal benchmarking
to maximize profits
30. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Junk bond
to maximize profits
Merger and Acquisition Process
Agency
31. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Strategic Planning
generic benchmarking
Junk bond
Vision Statement
32. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation
Focus
Porters Competitive Strategies
Strategic Planning Phase
Outsourcing
33. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.
Strategy Implementation
differentiation
bottom-up
Extended Organization
34. Sell more in existing markets - or enter new markets
Five Forces
Unrelated diversification
to obtain profit growth
Maturity
35. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement
Off shoring
Merger and Acquisition Process
International Factors
Strategy Implementation
36. 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
Methodologies Of Operations
Decline
Critical success factors
Mission Statement
37. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
to obtain profit growth
International Factors
Strategic Planning Phase
SMART Goals
38. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.
Parts of Business Case
Factors that affect external environment
Performance Measures
Ethical Behavior
39. 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
Off shoring
Secondary Research
common practices when analyzing your competition
Five Forces
40. Comparing 1 operation in the firm with another
Operational fit
Corporate social responsibility
Business strategy
internal benchmarking
41. Is the set of internationalization links and relationships that are necessary to create a product or service.
Vision Statement
Balanced scorecards
Value network
Unsystematic risk
42. 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
Business Case
Critical success factors
Junk bond
43. Information systems with a charter to achieve competitive superiority.
Technological Factors
Strategic Information Systems
Strategies at three levels
international strategy
44. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
STEEP
Environmental Scanning
Resources
45. The underlying principles that guide an organization's strategy
Core Values
Marketing Mix
Cost Leadership
Technological Factors
46. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.
internal benchmarking
Conglomerate
Primary Research
Spin-off
47. The categories of activities within and around an organization which together create a product or service.
Corporate governance
to increase profitability
Value chain
Due Diligence
48. 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.
Strategy Implementation
Focus
Parts of Business Case
Technological Factors
49. They are often based on industry best practice.
Purpose of benchmarks
Strategic business unit (SBU)
Maturity
External Benchmarks
50. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.
Parts of Business Case
internal benchmarking
SWOT Analysis
Business strategy