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 merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






2. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






5. 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.






6. 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)






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






8. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






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






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






11. 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.






12. It can be defined as principles of conduct within an organization that guide decision making and behavior.






13. 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.






14. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






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






17. Comparing operations in totally unrelated industries






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. 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.






21. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






22. 1 Planning 2 Organizing 3 Directing 4 Controlling






23. 1 Balance Scorecard






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






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






26. Cut costs - add value - or increase prices






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






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






29. 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






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






31. 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






32. 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






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






34. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






35. 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"






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






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






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






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






40. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






43. 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.






44. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






45. 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.






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






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






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






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






50. 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?