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. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






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






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






4. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






5. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






7. 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.






8. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






10. 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?






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






12. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






13. 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






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






15. Value - Exploit - Rare - Imitate - Substitute






16. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






17. Risk associated with a particular business.






18. 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






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. Comparing a the firms operations with a direct competitor






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






22. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






24. 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.






25. Describes the structure of product - service - and information flows and the role of participating parties.






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






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






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






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






30. 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.






31. Acquisition of a company in a different industry - but which employs a similar value chain.






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






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






34. 1 Vision and mission 2 Value Statement






35. 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.






36. 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.






37. 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






38. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






40. Comparing similar functional firms in your industry






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






42. Cost savings accomplished by operating combined companies more efficiently.






43. 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






44. Information systems with a charter to achieve competitive superiority.






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






46. 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.






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






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






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






50. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law