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 merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






2. 1. multinational 2. global 3. transnational






3. 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.






4. 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.






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






6. Risk associated with a particular business.






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






8. 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






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






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






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






12. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






14. 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.






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






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






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






18. 1 Population 2 Sample 3 Normal Distribution






19. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






21. 1 Vision and mission 2 Value Statement






22. 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.






23. 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.






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






25. 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






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






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






28. Quality of information and interpretation of it






29. 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






30. Comparing operations in totally unrelated industries






31. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






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






33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






34. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






35. Value - Exploit - Rare - Imitate - Substitute






36. They are often based on industry best practice.






37. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






39. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






40. 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






41. 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






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






43. 1 Balance Scorecard






44. 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?






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






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






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






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






49. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






50. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement