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. Value - Exploit - Rare - Imitate - Substitute






2. 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.






3. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






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






5. 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






6. primary activities and support activities






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






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






9. Comparing similar functional firms in your industry






10. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






12. It uses data already gathered by others and reported in various sources.






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






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






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






16. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






17. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






18. The types of decisions made and direction created for a single business






19. 1 Balance Scorecard






20. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






21. Risk associated with macro-economic forces.






22. 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






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






24. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






25. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






29. 1 Financial 2 Human 3 Physical 4 Technological






30. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






31. 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






32. 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






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






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






35. 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.






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






37. 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.






38. 1. multinational 2. global 3. transnational






39. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






42. 1 Cost Leadership 2 Differentiation 3 Focus






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






44. 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)






45. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






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






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






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






49. They are often based on industry best practice.






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