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 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






2. Quality of information and interpretation of it






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






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






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






6. Comparing a the firms operations with a direct competitor






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






8. 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.






9. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






10. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






11. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






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






13. 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)






14. Risk associated with a particular business.






15. 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






16. A strategy by which an organization peruses new product offerings and new markets.






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. Cost savings accomplished by operating combined companies more efficiently.






19. 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






20. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






22. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






24. 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.






25. 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.






26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






28. 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.






29. 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.






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






31. It is a system of moral principles and values that establish appropriate conduct.






32. A value creating strategy that primary increases perceived value by increasing attractiveness of product






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






34. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






35. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






36. Comparing 1 operation in the firm with another






37. 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






38. 1 Cost Leadership 2 Differentiation 3 Focus






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






40. Comparing operations in totally unrelated industries






41. 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.






42. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






43. 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.






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






45. Ability to broaden a product line or a customer base achieved through an acquisition.






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






47. Specific - Measurable - Attainable - Realistic - Timely






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






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






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