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






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






3. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






4. 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






5. 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.






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






7. They are often based on industry best practice.






8. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






9. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






10. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






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






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






13. 1 Vision and mission 2 Value Statement






14. 1. information systems 2. logistics 3. HR






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






16. Risk associated with a particular business.






17. Comparing 1 operation in the firm with another






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






19. 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






20. 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






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






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






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






24. 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






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






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






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






28. 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.






29. 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






30. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






31. It involves data that is gathered firsthand for the specific evaluation being conduced.






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






33. 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.






34. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






35. 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.






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






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






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






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






40. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






43. Cut costs - add value - or increase prices






44. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






46. 1 Introduction 2 Growth 3 Maturity 4 Decline






47. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






48. Risk associated with macro-economic forces.






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






50. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.