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






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






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






4. Quality of information and interpretation of it






5. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






7. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






8. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






10. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






11. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






13. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






14. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






15. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






16. 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






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






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






19. 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






20. 1 Balance Scorecard






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






22. 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.






23. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






24. 1 Introduction 2 Growth 3 Maturity 4 Decline






25. Comparing 1 operation in the firm with another






26. Cost savings accomplished by operating combined companies more efficiently.






27. Comparing similar functional firms in your industry






28. 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.






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






30. 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.






31. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






33. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






34. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






35. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






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






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






38. 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






39. Risk associated with macro-economic forces.






40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






41. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






42. 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






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






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






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






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






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






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






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






50. 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