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. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






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






5. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






6. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






8. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






10. 1 Vision and mission 2 Value Statement






11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






12. primary activities and support activities






13. Business remain separate entities but may appear to outsiders as one entity. Commonly formed through the use of outsourcing.






14. Comparing 1 operation in the firm with another






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. 1. information systems 2. logistics 3. HR






17. 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.






18. 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.






19. 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






20. 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.






21. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






23. 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






24. 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.






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






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






27. Is the means by which a strategy can be pursued.






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






29. 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.






30. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






31. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






32. Value - Exploit - Rare - Imitate - Substitute






33. Comparing similar functional firms in your industry






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






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






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






37. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






38. 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.






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






40. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






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






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






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






45. 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.






46. 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






47. 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






48. Risk associated with macro-economic forces.






49. 1 Cost Leadership 2 Differentiation 3 Focus






50. They are often based on industry best practice.