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. It uses data already gathered by others and reported in various sources.






2. 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.






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






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






5. Comparing operations in totally unrelated industries






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






7. 1 Population 2 Sample 3 Normal Distribution






8. Comparing similar functional firms in your industry






9. 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






10. 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)






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






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






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






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






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






16. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






18. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






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






23. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






24. Risk associated with a particular business.






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






26. 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.






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






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






29. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






30. 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.






31. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






32. 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






33. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






34. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






36. 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.






37. 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"






38. 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






39. It describes an organizational challenge and possible alternative solutions - presenting evidence in support of a proposed solution. They are effective way to compete for limited resources.






40. 1 Financial 2 Human 3 Physical 4 Technological






41. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






43. 1 Vision and mission 2 Value Statement






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






45. They are often based on industry best practice.






46. 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.






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






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






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






50. 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