Test your basic knowledge |

Business Strategy

Subject : business-skills
  • 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. 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.

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

3. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit

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

5. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.

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

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

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

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

10. 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

11. 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?

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

13. 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.

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

15. Describes the structure of product - service - and information flows and the role of participating parties.

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

17. Risk associated with a particular business.

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

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

20. 1 Balance Scorecard

21. 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

22. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing

23. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control

24. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.

25. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued

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

27. primary activities and support activities

28. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi

29. 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

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

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

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

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

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

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

36. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y

37. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political

38. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association

39. 1 Planning 2 Organizing 3 Directing 4 Controlling

40. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.

41. 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)

42. Comparing 1 operation in the firm with another

43. Comparing a the firms operations with a direct competitor

44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization

45. Economic - legal resp. - ethical - and discretionary

46. Specific - Measurable - Attainable - Realistic - Timely

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

48. 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.

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

50. 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. )