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. They are often based on industry best practice.






2. 1 Balance Scorecard






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






4. 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






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






6. Risk associated with a particular business.






7. 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.






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






9. It uses data already gathered by others and reported in various sources.






10. Risk associated with macro-economic forces.






11. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






13. 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.






14. primary activities and support activities






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






16. 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.






17. 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"






18. 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






19. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






20. 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






21. Value - Exploit - Rare - Imitate - Substitute






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






23. 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






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






25. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






26. 1. information systems 2. logistics 3. HR






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






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






29. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






30. 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






31. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






34. 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?






35. 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






36. 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






37. 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






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






39. 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.






40. 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)






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






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






43. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






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






45. 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.






46. Comparing 1 operation in the firm with another






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






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






49. 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






50. Specific - Measurable - Attainable - Realistic - Timely