Test your basic knowledge |

Business Strategy

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 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.






2. When a corporation is able to combine similar primary value chain activities.






3. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






4. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






5. 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)






6. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






7. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






8. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






9. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






10. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






11. Quality of information and interpretation of it






12. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






13. Processes and activities used to formulate HR objectives - practices - and policies.






14. 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. )






15. Sell more in existing markets - or enter new markets






16. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






17. It is a system of moral principles and values that establish appropriate conduct.






18. A strategy by which an organisation offers existing products to new markets.






19. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






20. 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.






21. 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






22. Cut costs - add value - or increase prices






23. Is the set of internationalization links and relationships that are necessary to create a product or service.






24. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






25. primary activities and support activities






26. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






27. It uses data already gathered by others and reported in various sources.






28. 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






29. Acquisition of a company in a different industry - but which employs a similar value chain.






30. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






31. Comparing 1 operation in the firm with another






32. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






33. 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






34. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






35. 1 Financial 2 Human 3 Physical 4 Technological






36. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






37. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






38. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






39. 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.






40. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






41. 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






42. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






43. 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






44. 1 Balance Scorecard






45. A value creating strategy that primary increases perceived value by increasing attractiveness of product






46. A value creating strategy that creates more perceived value by primarily reducing costs






47. 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"






48. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






49. 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






50. 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.