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. 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






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






3. 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.






4. 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)






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






6. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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






8. 1 Cost Leadership 2 Differentiation 3 Focus






9. Comparing 1 operation in the firm with another






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






11. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






15. primary activities and support activities






16. 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






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






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






19. 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






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. 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)






22. 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






23. Risk associated with macro-economic forces.






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






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






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






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






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






29. 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






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






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






32. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






33. Cut costs - add value - or increase prices






34. It is a system of moral principles and values that establish appropriate conduct.






35. 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






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






37. 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.






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






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






40. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






41. 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.






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






43. 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






44. Comparing a the firms operations with a direct competitor






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






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






47. 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.






48. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






49. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






50. Acquisition of a company in a different industry - but which employs a similar value chain.