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 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.






2. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






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






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






5. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






6. 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






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






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






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






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






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






12. 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






13. They are used to condense and summarize large quantities of data for quick understanding.






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






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






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






17. 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






18. 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






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






20. 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.






21. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






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






25. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






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






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






29. 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.






30. 1 Introduction 2 Growth 3 Maturity 4 Decline






31. 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"






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






33. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






34. 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.






35. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






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






37. 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






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






39. 1 Financial 2 Human 3 Physical 4 Technological






40. 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






41. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






42. Value - Exploit - Rare - Imitate - Substitute






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






44. 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. )






45. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






47. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






48. 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






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






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