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. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






2. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






3. 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.






4. The underlying principles that guide an organization's strategy






5. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






6. 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






7. 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)






8. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






9. 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






10. Identifies stakeholder expectations and power and helps in understanding political priorities.






11. Ensure that organization's strategy and operations are consistent with each other






12. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






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






14. 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.






15. 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






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






17. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






18. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






20. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






21. 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.






22. Risk associated with a particular business.






23. 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.






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






25. 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.






26. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






27. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






28. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






29. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






30. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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. Acquisition of a company that operates in the same industry using the same value chain.






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






35. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






37. 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






38. A strategy by which an organization peruses new product offerings and new markets.






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






40. 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






41. 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.






42. 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.






43. 1 Balance Scorecard






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






45. The categories of activities within and around an organization which together create a product or service.






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






47. 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






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






49. Value - Exploit - Rare - Imitate - Substitute






50. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control