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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 Introduction 2 Growth 3 Maturity 4 Decline






2. A strategy by which an organisation offers existing products to new markets.






3. Comparing operations in totally unrelated industries






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






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






6. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






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






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






9. 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?






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






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






12. 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






13. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






14. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






15. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






17. 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)






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






19. 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.






20. Comparing similar functional firms in your industry






21. 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.






22. 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.






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






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






25. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






26. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






29. They are often based on industry best practice.






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. 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.






32. Comparing a the firms operations with a direct competitor






33. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






34. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






35. 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)






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






37. Cut costs - add value - or increase prices






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






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






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






41. 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






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






43. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






44. The types of decisions made and direction created for a single business






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






46. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






47. 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.






48. 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






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






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







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