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 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






2. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






3. 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)






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






5. 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?






6. 1 Financial 2 Human 3 Physical 4 Technological






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






8. 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






9. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






11. 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.






12. 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






13. 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






14. It can be defined as principles of conduct within an organization that guide decision making and behavior.






15. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






17. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






18. Specific - Measurable - Attainable - Realistic - Timely






19. 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"






20. 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






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. 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






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






24. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






26. 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.






27. 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.






28. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






31. 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






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






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






34. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






35. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






38. 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






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






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






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






42. 1. multinational 2. global 3. transnational






43. 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






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






45. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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






49. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






50. 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.