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






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






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






4. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






5. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






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






7. 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






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






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






10. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






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






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






15. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






16. 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






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






18. 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.






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






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






21. 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.






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






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






24. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






25. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






26. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






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. They are used to condense and summarize large quantities of data for quick understanding.






29. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






31. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






32. 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.






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






34. Comparing similar functional firms in your industry






35. 1 Balance Scorecard






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






37. 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






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






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






40. 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






41. Risk associated with macro-economic forces.






42. The categories of activities within and around an organization which together create a product or service.






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






45. 1 Vision and mission 2 Value Statement






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






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






48. primary activities and support activities






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






50. 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