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. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






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






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






5. 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)






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






7. Specific - Measurable - Attainable - Realistic - Timely






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






9. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






10. 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.






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






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






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






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






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






16. Value - Exploit - Rare - Imitate - Substitute






17. 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






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






19. Comparing 1 operation in the firm with another






20. 1 Planning 2 Organizing 3 Directing 4 Controlling






21. 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.






22. 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






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






24. 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






25. 1. multinational 2. global 3. transnational






26. 1 Vision and mission 2 Value Statement






27. Acquisition of a company that operates in the same industry using the same value chain.






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






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






30. 1 Introduction 2 Growth 3 Maturity 4 Decline






31. 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






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. Quality of information and interpretation of it






34. Risk associated with a particular business.






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






36. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






37. 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.






38. They are often based on industry best practice.






39. 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.






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






41. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






42. Cut costs - add value - or increase prices






43. 1 Cost Leadership 2 Differentiation 3 Focus






44. 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.






45. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






46. 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






47. 1 Population 2 Sample 3 Normal Distribution






48. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






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