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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. Cut costs - add value - or increase prices






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






3. 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.






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






5. 1 Population 2 Sample 3 Normal Distribution






6. Risk associated with a particular business.






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






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






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






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






11. 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.






12. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






13. 1 Planning 2 Organizing 3 Directing 4 Controlling






14. 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






15. Specific - Measurable - Attainable - Realistic - Timely






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






17. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






20. 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.






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






22. 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)






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






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






25. 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.






26. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






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






28. Comparing a the firms operations with a direct competitor






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






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






31. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






32. 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.






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






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






35. 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)






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






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






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






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






40. 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






41. 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






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






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






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






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






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






47. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






48. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






49. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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







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