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. Cost savings accomplished by operating combined companies more efficiently.






2. 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.






3. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






6. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






7. 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






8. 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.






9. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






10. 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






11. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






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






13. They are often based on industry best practice.






14. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






16. 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






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






18. 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






19. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






20. 1 Introduction 2 Growth 3 Maturity 4 Decline






21. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






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






23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






24. 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.






25. Quality of information and interpretation of it






26. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






29. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






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






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






32. Specific - Measurable - Attainable - Realistic - Timely






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






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






35. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






37. 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.






38. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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






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






41. 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






42. Cut costs - add value - or increase prices






43. 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)






44. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






45. 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.






46. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






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






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






49. 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"






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