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. Comparing 1 operation in the firm with another






2. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






3. 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?






4. Value - Exploit - Rare - Imitate - Substitute






5. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






7. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






8. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






9. 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.






10. Cut costs - add value - or increase prices






11. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






12. Acquisition of a company that operates in the same industry using the same value chain.






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






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






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






16. 1 Population 2 Sample 3 Normal Distribution






17. Comparing operations in totally unrelated industries






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






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






20. 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






21. 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.






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






23. 1 Cost Leadership 2 Differentiation 3 Focus






24. 1 Planning 2 Organizing 3 Directing 4 Controlling






25. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






27. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






28. 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.






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






30. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






31. 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






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






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






34. 1. R&D 2. production 3. marketing and sales 4. customer service






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






36. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






37. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






38. Comparing similar functional firms in your industry






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






40. 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.






41. Quality of information and interpretation of it






42. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






44. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






45. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






47. 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.






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






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