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






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






3. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






5. Specific - Measurable - Attainable - Realistic - Timely






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






7. 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






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






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






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






11. Cut costs - add value - or increase prices






12. 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.






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






14. 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.






15. 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.






16. 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)






17. 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.






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






19. 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






20. 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.






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. 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.






23. 1 Balance Scorecard






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






25. 1 Financial 2 Human 3 Physical 4 Technological






26. 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.






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






28. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






29. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






30. 1 Population 2 Sample 3 Normal Distribution






31. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






32. Comparing 1 operation in the firm with another






33. 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






34. Comparing a the firms operations with a direct competitor






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






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






37. 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






38. 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






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






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






41. Value - Exploit - Rare - Imitate - Substitute






42. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






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






45. 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.






46. 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.






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






48. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






49. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






50. 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.