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 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






2. 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






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






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






5. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






7. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






10. 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






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






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






14. 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.






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






16. 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






17. Comparing operations in totally unrelated industries






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






19. 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






20. 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






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






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






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






24. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






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






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






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






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






29. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






30. 1 Cost Leadership 2 Differentiation 3 Focus






31. 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






32. 1 Population 2 Sample 3 Normal Distribution






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






34. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






35. Risk associated with macro-economic forces.






36. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






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






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






39. Comparing 1 operation in the firm with another






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






41. 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. )






42. Information systems with a charter to achieve competitive superiority.






43. 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)






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






45. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






46. 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






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. 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






49. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






50. 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.