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






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






3. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






5. Comparing 1 operation in the firm with another






6. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






7. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






8. 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. )






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






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






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






12. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






16. 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






17. Cut costs - add value - or increase prices






18. 1. multinational 2. global 3. transnational






19. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






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






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






23. 1 Financial 2 Human 3 Physical 4 Technological






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






25. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






26. 1 Planning 2 Organizing 3 Directing 4 Controlling






27. 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






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






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






30. 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.






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






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






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






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






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






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






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






38. Comparing similar functional firms in your industry






39. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






40. Sell more in existing markets - or enter new markets






41. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






44. 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






45. 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






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






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






48. 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






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






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