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. 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






2. 1 Financial 2 Human 3 Physical 4 Technological






3. 1 Vision and mission 2 Value Statement






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






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






6. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






7. 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.






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






9. Is the set of internationalization links and relationships that are necessary to create a product or service.






10. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






11. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






12. 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.






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






14. 1 Cost Leadership 2 Differentiation 3 Focus






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. Quality of information and interpretation of it






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






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






19. 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. )






20. Risk associated with a particular business.






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






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






23. 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






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






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






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






28. 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






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






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






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






32. 1 Introduction 2 Growth 3 Maturity 4 Decline






33. 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?






34. 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






35. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






38. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






39. 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.






40. 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.






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






42. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






45. Comparing a the firms operations with a direct competitor






46. Value - Exploit - Rare - Imitate - Substitute






47. 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






48. primary activities and support activities






49. 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.






50. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"