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 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.






2. 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






3. primary activities and support activities






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






5. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






6. Acquisition of a company that operates in the same industry using the same value chain.






7. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






9. 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






10. 1 Financial 2 Human 3 Physical 4 Technological






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






12. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






13. Specific - Measurable - Attainable - Realistic - Timely






14. 1. multinational 2. global 3. transnational






15. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






16. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






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






18. 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






19. 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






20. 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






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






22. 1. R&D 2. production 3. marketing and sales 4. customer service






23. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






25. They are often based on industry best practice.






26. 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.






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






28. 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.






29. Value - Exploit - Rare - Imitate - Substitute






30. Comparing a the firms operations with a direct competitor






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






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






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






34. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






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






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






40. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






41. 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






42. 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.






43. 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






44. Cut costs - add value - or increase prices






45. 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.






46. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






47. Cost savings accomplished by operating combined companies more efficiently.






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






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






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