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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 The rule is proposed 2 Public comment is invited 3 The final rule is issued






2. 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






3. 1 Cost Leadership 2 Differentiation 3 Focus






4. 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






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






6. 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






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






8. 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.






9. 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






10. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






13. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






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






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






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






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






18. 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?






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






20. Quality of information and interpretation of it






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






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






23. A value creating strategy that primary increases perceived value by increasing attractiveness of product






24. 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.






25. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






26. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






29. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






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






31. 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






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






33. 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






34. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






35. It involves data that is gathered firsthand for the specific evaluation being conduced.






36. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






37. 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.






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






39. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






41. 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.






42. 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)






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






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






45. 1 Financial 2 Human 3 Physical 4 Technological






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






47. 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)






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






49. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






50. A strategy by which an organization takes increased share of its existing markets with its existing product range.







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