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. 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






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






3. Is the means by which a strategy can be pursued.






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






5. 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






6. Cut costs - add value - or increase prices






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






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






9. 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






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






11. A value creating strategy that creates more perceived value by primarily reducing costs






12. 1 Financial 2 Human 3 Physical 4 Technological






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






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






15. 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)






16. 1 Planning 2 Organizing 3 Directing 4 Controlling






17. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






18. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






19. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






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






23. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






25. Comparing similar functional firms in your industry






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






27. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






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






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






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






32. 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






33. 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.






34. Value - Exploit - Rare - Imitate - Substitute






35. 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.






36. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






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






39. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






40. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






41. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






43. primary activities and support activities






44. 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.






45. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






48. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






49. A company in which 70-95% of revenue comes from a single business






50. Comparing a the firms operations with a direct competitor