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






2. 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






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






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






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






6. Risk associated with macro-economic forces.






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






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






9. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






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






11. 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.






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






13. Ability to broaden a product line or a customer base achieved through an acquisition.






14. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






15. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)






16. 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






17. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






19. 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?






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






21. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






22. 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






23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






24. 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






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






26. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






28. Risk associated with a particular business.






29. 1 Vision and mission 2 Value Statement






30. 1 Cost Leadership 2 Differentiation 3 Focus






31. Value - Exploit - Rare - Imitate - Substitute






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






33. 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






34. 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.






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






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






37. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






38. 1. multinational 2. global 3. transnational






39. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






40. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






41. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






44. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






45. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






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






47. 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






48. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






49. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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