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 types of decisions made and direction created for a single business






2. 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.






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






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






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






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






7. 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.






8. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






11. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






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






15. Specific - Measurable - Attainable - Realistic - Timely






16. 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






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






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






19. Quality of information and interpretation of it






20. 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






21. Processes and activities used to formulate HR objectives - practices - and policies.






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






23. 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.






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






25. 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.






26. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






27. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






28. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






31. They are often based on industry best practice.






32. Cut costs - add value - or increase prices






33. 1 Introduction 2 Growth 3 Maturity 4 Decline






34. Comparing similar functional firms in your industry






35. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






36. Sell more in existing markets - or enter new markets






37. 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"






38. 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.






39. Risk associated with a particular business.






40. 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






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






42. 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.






43. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






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






45. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






46. 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.






47. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






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






49. 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)






50. 1 Balance Scorecard