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Business Strategy

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. They are often based on industry best practice.

3. 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.

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

5. 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

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

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

8. 1 Population 2 Sample 3 Normal Distribution

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

10. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.

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

12. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.

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

14. 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

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

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

17. 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.

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

19. 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

20. 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.

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

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

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

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

26. 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.

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

28. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)

29. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.

30. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation

31. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined

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

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

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

35. 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

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

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

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

39. 1 Financial 2 Human 3 Physical 4 Technological

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

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

42. 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.

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

44. 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.

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

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

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

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

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

50. 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