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






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






4. 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






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






6. A value creating strategy that primary increases perceived value by increasing attractiveness of product






7. 1 Vision and mission 2 Value Statement






8. 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






9. Comparing a the firms operations with a direct competitor






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






11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






12. They are often based on industry best practice.






13. 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






14. 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.






15. 1 Cost Leadership 2 Differentiation 3 Focus






16. 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.






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






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






19. 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.






20. 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






21. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






22. 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. )






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






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






25. 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






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






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






28. 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






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






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






31. 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






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






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






34. 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






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. Information systems with a charter to achieve competitive superiority.






37. 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






38. 1 Financial 2 Human 3 Physical 4 Technological






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






40. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






41. 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






42. 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






43. 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.






44. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






45. 1 Population 2 Sample 3 Normal Distribution






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






47. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






49. Cut costs - add value - or increase prices






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