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. 1. information systems 2. logistics 3. HR






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






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






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






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






7. Quality of information and interpretation of it






8. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






10. 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.






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






12. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






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






15. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






17. 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?






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






19. 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






20. 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






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






22. 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)






23. 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






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






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






26. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






27. A company in which 70-95% of revenue comes from a single business






28. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






31. 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.






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






33. 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.






34. Comparing operations in totally unrelated industries






35. 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.






36. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






38. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






39. 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






40. 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.






41. 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






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






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






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






45. 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.






46. 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.






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






48. 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






49. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






50. 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