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. 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.






2. primary activities and support activities






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






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






5. A value creating strategy that creates more perceived value by primarily reducing costs






6. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






7. 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)






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






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






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






11. 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






12. 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.






13. 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.






14. 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






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






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






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






18. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






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






20. They are often based on industry best practice.






21. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






23. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






24. 1 Financial 2 Human 3 Physical 4 Technological






25. 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.






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






27. 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






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






29. 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






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






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






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






33. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






34. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






35. 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.






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






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






38. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






42. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






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






44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






47. 1 Introduction 2 Growth 3 Maturity 4 Decline






48. 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"






49. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






50. 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.