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






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






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






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






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






7. 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.






8. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






9. 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)






10. 1 Balance Scorecard






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






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






13. primary activities and support activities






14. 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?






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






16. Comparing operations in totally unrelated industries






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






18. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






20. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






22. 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






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






24. 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






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






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






27. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






29. 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.






30. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






31. 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






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






33. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






34. 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






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






36. 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.






37. 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






38. Cut costs - add value - or increase prices






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






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






41. 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






42. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






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






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






45. 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.






46. 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. )






47. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






49. Comparing a the firms operations with a direct competitor






50. They are often based on industry best practice.