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 Vision and mission 2 Value Statement






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






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






4. 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.






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






6. 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.






7. 1. multinational 2. global 3. transnational






8. 1 Population 2 Sample 3 Normal Distribution






9. 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






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






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






12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






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






16. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






17. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






20. 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.






21. Quality of information and interpretation of it






22. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






23. primary activities and support activities






24. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






25. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






27. 1 Financial 2 Human 3 Physical 4 Technological






28. 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






29. Comparing a the firms operations with a direct competitor






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






31. 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.






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






33. 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.






34. 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






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






36. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






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






38. Value - Exploit - Rare - Imitate - Substitute






39. 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.






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






41. 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.






42. The types of decisions made and direction created for a single business






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






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






45. 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?






46. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






47. Comparing 1 operation in the firm with another






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






49. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






50. 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