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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. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu
Junk bond
value creating operations in the value chain of operation
To achieve competitive advantage and superior profitability
to obtain profit growth
2. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law
International Factors
Strategic Information Systems
bottom-up
Decline
3. A value creating strategy that primary increases perceived value by increasing attractiveness of product
Core Values
differentiation
Resources leverage
Maturity
4. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.
mentality of MNC
international strategy
Balanced scorecards
Blue ocean Strategy
5. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.
Internal Benchmarks
Off shoring
international strategy
Scenarios
6. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)
Secondary Research
Takeover
low-cost strategy
Strategic Planning
7. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
top-down
Vision Statement
Strategy Evaluation
Operations
8. Quality of information and interpretation of it
key to success in strategic planning
Agency
Unrelated diversification
functional benchmarking
9. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.
Employment Factors
Stakeholder mapping
Long term Objectives
Systematic risk
10. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation
Strategic business unit
Conglomerate
Employment Factors
differentiation
11. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment
Mission Statement
Agency
mentality of a MNC manager
Strategic Groups
12. They are used to condense and summarize large quantities of data for quick understanding.
Value chain
Descriptive Statistic
Stakeholders
Ethical Behavior
13. 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.
Core Values
Value chain
Related diversification
bottom-up
14. 1 Balance Scorecard
Agency
STEEP
Performance Measures
benefits of competitor intelligence
15. Information systems with a charter to achieve competitive superiority.
Strategic Information Systems
Strategic Groups
Off shoring
PESTEL
16. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
primary activities of a business
benefits of competitor intelligence
Strategic business management
17. 1. R&D 2. production 3. marketing and sales 4. customer service
Unrelated diversification
Scope
Merger and Acquisition Process
primary activities of a business
18. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Maturity
generic benchmarking
Generational Difference
Parts of Business Case
19. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows
external benchmarking
Operations
Unsystematic risk
common practices when analyzing your competition
20. A value creating strategy that creates more perceived value by primarily reducing costs
Private equity firm
Outsourcing
low-cost strategy
Performance Measures
21. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.
Core competences
Private equity firm
Strategic business unit
Code of Ethics
22. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.
Differentiation
Economic Factors
External Benchmarks
PESTEL
23. 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
Market Penetrati
Maturity
support activities of a business
24. A strategy by which an organisation offers existing products to new markets.
Market development
Generational Difference
Due Diligence
Maturity
25. Describes the structure of product - service - and information flows and the role of participating parties.
STEEP
external benchmarking
Business model
Cross-sector diversification
26. Identifies stakeholder expectations and power and helps in understanding political priorities.
Ethical Behavior
Purpose of benchmarks
Stakeholder mapping
Extended Organization
27. 1 Cost Leadership 2 Differentiation 3 Focus
bottom-up
International Factors
Porters Competitive Strategies
Inferential Statistic
28. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
efficiency frontier
Corporate social responsibility
Strategy Development
Strategic Planning Phase
29. Ensure that organization's strategy and operations are consistent with each other
To achieve competitive advantage and superior profitability
Inferential Statistic
Blue ocean Strategy
Strategy Implementation
30. When a corporation is able to combine similar primary value chain activities.
Decline
Operational fit
Performance Measures
low-cost strategy
31. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.
Parts of Business Case
Marketing Mix
Resources leverage
SMART Goals
32. 1 Planning 2 Organizing 3 Directing 4 Controlling
Management Functions
Differentiation
to obtain profit growth
Strategy Development
33. 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
SWOT Analysis
Strategy Formulation
skills businesses need to create competitive advantage
top-down
34. 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.
mentality of MNC
Porters Competitive Strategies
HR functions that can be outsourced
Purpose of benchmarks
35. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.
Controlling
Strategies at three levels
Planning
bottom-up
36. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Parts of Business Case
Mid term Objectives
Value Statement
Strategy Implementation
37. Acquisition of a company in a different industry - but which employs a similar value chain.
Cross-sector diversification
Takeover
Performance Measures
Code of Ethics
38. 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.
Marketing Mix
Systematic risk
Financial Measures
mentality of a MNC manager
39. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.
Descriptive Statistic
Scope
Methodologies Of Operations
Market fit
40. Ability to broaden a product line or a customer base achieved through an acquisition.
support activities of a business
Porters Competitive Strategies
Scope
Systematic risk
41. 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.
Code of Ethics
Operations
Demographic Factors
Core Values
42. 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
Resources
mentality of MNC
types of competitive strategies for international businesses
common practices when analyzing your competition
43. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued
Organization Structure
Vision Statement
The law making Process
Horizontal diversification
44. The underlying principles that guide an organization's strategy
Core Values
Balanced scorecards
Agency
Internal Benchmarks
45. 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. )
Environmental Scanning
to obtain profit growth
Unrelated diversification
primary activities of a business
46. 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
Strategy Implementation
Purpose of benchmarks
STEEP
Quantitative Analysis
47. Comparing a the firms operations with a direct competitor
Systematic risk
Downscoping
external benchmarking
Controlling
48. 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
Business Case
Primary Research
Scenarios
49. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe
Business Case
to increase profitability
skills businesses need to create competitive advantage
functional benchmarking
50. 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
top-down
Strategic business unit
Parts of Business Case
international strategy