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. 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






2. Risk associated with macro-economic forces.






3. 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






4. Comparing operations in totally unrelated industries






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






6. They are used to condense and summarize large quantities of data for quick understanding.






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. 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.






9. primary activities and support activities






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






11. 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.






12. 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






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






14. 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






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






16. 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






17. 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






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






19. 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.






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






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






23. The resources and competences of an organization needed for it to survive and prosper.






24. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






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






26. Ability to broaden a product line or a customer base achieved through an acquisition.






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






28. 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.






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






30. 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






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






32. Cut costs - add value - or increase prices






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






34. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






37. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






39. 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






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






41. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






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






44. Specific - Measurable - Attainable - Realistic - Timely






45. Comparing 1 operation in the firm with another






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






47. 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






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






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






50. 1 Planning 2 Organizing 3 Directing 4 Controlling