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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. Acquisition of a company that operates in the same industry using the same value chain.
Demographic Factors
Strategy Evaluation
Horizontal diversification
International Factors
2. Specific - Measurable - Attainable - Realistic - Timely
Downscoping
Environmental scanning
Value chain
SMART Goals
3. primary activities and support activities
Technological Factors
value creating operations in the value chain of operation
Related diversification
Secondary Research
4. Ability to broaden a product line or a customer base achieved through an acquisition.
To achieve competitive advantage and superior profitability
Unrelated diversification
Scope
Stakeholders
5. 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
Critical success factors
Cultural web
Purpose of benchmarks
Downscoping
6. They are used to condense and summarize large quantities of data for quick understanding.
Descriptive Statistic
types of competitive strategies for international businesses
Marketing Mix
Resources
7. 1 Planning 2 Organizing 3 Directing 4 Controlling
Vertical diversification
to obtain profit growth
Management Functions
Mission Statement
8. A company in which 70-95% of revenue comes from a single business
Employment Factors
Dominant business
Purpose of benchmarks
PESTEL
9. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.
Corporate strategy
Leveraged buyout (LBO)
Five Forces
Operational fit
10. Sell more in existing markets - or enter new markets
to obtain profit growth
Corporate strategy
Business Case
Strategic business unit (SBU)
11. It can be defined as principles of conduct within an organization that guide decision making and behavior.
Code of Ethics
Unrelated diversification
Business Case
Due Diligence
12. 1 Vision and mission 2 Value Statement
Strategy Formulation
Management fit
skills businesses need to create competitive advantage
Unsystematic risk
13. A strategy by which an organisation offers existing products to new markets.
Business model
Business strategy
Market development
Quantitative Analysis
14. The categories of activities within and around an organization which together create a product or service.
Vision Statement
Value network
Strategic Planning Phase
Value chain
15. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU
Strategic business unit
Cost Leadership
mentality of a MNC manager
Value network
16. Value - Exploit - Rare - Imitate - Substitute
skills businesses need to create competitive advantage
Descriptive Statistic
Business strategy
Economizing
17. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty
Dominant business
Strategic Planning
Scenarios
CLO
18. 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
types of competitive strategies for international businesses
Mission Statement
Value network
Decline
19. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y
Generational Difference
STEEP
Code of Ethics
skills businesses need to create competitive advantage
20. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.
Corporate strategy
Mid term Objectives
Introduction
Marketing Mix
21. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force
External Benchmarks
Value network
Balanced scorecards
Demographic Factors
22. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.
Environmental scanning
Value network
Business Case
Corporate social responsibility
23. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.
Code of Ethics
Strategic business unit (SBU)
Junk bond
Emergent Strategy
24. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases
generic benchmarking
Outsourcing
Generational Difference
Strategic Groups
25. 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
Management Functions
Short term Objectives
differentiation
Business Case
26. 1. information systems 2. logistics 3. HR
Value network
CLO
support activities of a business
Internal Benchmarks
27. 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
Strategies at three levels
Junk bond
Parts of Business Case
Purpose of benchmarks
28. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.
Five Forces
Environmental scanning
generic benchmarking
Off shoring
29. It involves data that is gathered firsthand for the specific evaluation being conduced.
Private equity firm
Critical success factors
Primary Research
Leveraged buyout (LBO)
30. 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
Introduction
SMART Goals
Vertical diversification
Quantitative Analysis
31. 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.
Organizing
Inferential Statistic
Outsourcing
Strategy Formulation
32. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)
Agency
Differentiation
Strategic Planning Phase
Value Statement
33. 1. R&D 2. production 3. marketing and sales 4. customer service
Holding company
primary activities of a business
bottom-up
Demographic Factors
34. Describes the structure of product - service - and information flows and the role of participating parties.
Strategy Implementation
Economizing
Business model
differentiation
35. 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
Growth
Environmental Scanning
Value chain
Downscoping
36. Ensure that organization's strategy and operations are consistent with each other
Quantitative Analysis
To achieve competitive advantage and superior profitability
Environmental scanning
Vision Statement
37. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.
mentality of a MNC manager
Vertical diversification
Operational fit
Parts of Business Case
38. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)
efficiency frontier
types of competitive strategies for international businesses
Planning
Secondary Research
39. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.
Critical success factors
Holding company
Takeover
Economic Factors
40. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation
Economic Factors
Decline
Controlling
key to success in strategic planning
41. A strategy by which an organization takes increased share of its existing markets with its existing product range.
Market Penetrati
value creating operations in the value chain of operation
SMART Goals
Performance Measures
42. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.
Market development
SPAC
Off shoring
Strategy Development
43. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.
Due Diligence
Market development
Core Values
Strategic Planning Phase
44. 1 Financial 2 Human 3 Physical 4 Technological
Resources
Junk bond
Extended Organization
Downscoping
45. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.
Parts of Business Case
Management Functions
top-down
Vision Statement
46. 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.
Organizing
Descriptive Statistic
Core Values
Demographic Factors
47. 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
Business Life Cycle Phases
bottom-up
Management Functions
Dominant business
48. Processes and activities used to formulate HR objectives - practices - and policies.
Strategic business management
CLO
Secondary Research
key to success in strategic planning
49. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.
Agency
Value Statement
Directing
Demographic Factors
50. 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.
Off shoring
Downscoping
top-down
Directing