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






2. 1 Financial 2 Human 3 Physical 4 Technological






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






4. 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.






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






6. 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






7. Value - Exploit - Rare - Imitate - Substitute






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






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






10. 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






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






12. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






13. 1 Cost Leadership 2 Differentiation 3 Focus






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






15. 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






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






17. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






18. It involves data that is gathered firsthand for the specific evaluation being conduced.






19. Comparing a the firms operations with a direct competitor






20. 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.






21. Quality of information and interpretation of it






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






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






24. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






26. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






27. Cut costs - add value - or increase prices






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






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






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. 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.






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






33. 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






34. 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.






35. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






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






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






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






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. 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"






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






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






45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






48. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






49. 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






50. 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?