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. 1 Vision and mission 2 Value Statement






2. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






6. 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






7. 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






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






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






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






11. 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?






12. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






13. Describes the structure of product - service - and information flows and the role of participating parties.






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






15. 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.






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. 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






18. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






22. Comparing a the firms operations with a direct competitor






23. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






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






26. Value - Exploit - Rare - Imitate - Substitute






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






28. Comparing similar functional firms in your industry






29. 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






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






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






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






33. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






36. 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.






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






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






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






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






41. 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






42. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






44. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






45. 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.






46. 1 Balance Scorecard






47. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






49. 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






50. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.