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






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






3. 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






4. Specific - Measurable - Attainable - Realistic - Timely






5. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






6. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






7. 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






8. 1 Balance Scorecard






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






10. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






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






15. 1 Cost Leadership 2 Differentiation 3 Focus






16. The resources and competences of an organization needed for it to survive and prosper.






17. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






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






19. They are often based on industry best practice.






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






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






22. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






23. Value - Exploit - Rare - Imitate - Substitute






24. 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






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






26. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






28. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






29. Comparing a the firms operations with a direct competitor






30. Comparing similar functional firms in your industry






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






32. The categories of activities within and around an organization which together create a product or service.






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






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






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






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






37. 1. multinational 2. global 3. transnational






38. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






39. 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.






40. Comparing 1 operation in the firm with another






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






42. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






43. 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.






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






45. Quality of information and interpretation of it






46. 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.






47. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






48. A value creating strategy that creates more perceived value by primarily reducing costs






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






50. 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.