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. The categories of activities within and around an organization which together create a product or service.






2. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






3. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






6. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






7. 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.






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






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






10. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






14. 1 Introduction 2 Growth 3 Maturity 4 Decline






15. 1 Financial 2 Human 3 Physical 4 Technological






16. 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.






17. 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.






18. It can be defined as principles of conduct within an organization that guide decision making and behavior.






19. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






20. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






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






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






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






24. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






25. 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.






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






27. 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






28. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






29. 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






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






31. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






32. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






35. 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






36. 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






37. 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






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






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






40. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






41. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






43. 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.






44. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






46. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






47. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






48. 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






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 peruses new product offerings and new markets.