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






2. 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.






3. 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






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






5. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






6. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






7. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






8. Is the means by which a strategy can be pursued.






9. Comparing similar functional firms in your industry






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






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






12. 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






13. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






16. Quality of information and interpretation of it






17. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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






19. 1. R&D 2. production 3. marketing and sales 4. customer service






20. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






21. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






22. Comparing a the firms operations with a direct competitor






23. 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.






24. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






25. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






29. Cost savings accomplished by operating combined companies more efficiently.






30. 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






31. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






33. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






34. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






35. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






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






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






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






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. Specific - Measurable - Attainable - Realistic - Timely






41. They are often based on industry best practice.






42. 1. multinational 2. global 3. transnational






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






44. A company in which 70-95% of revenue comes from a single business






45. 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






46. 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)






47. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






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






49. It can be defined as principles of conduct within an organization that guide decision making and behavior.






50. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.