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 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






2. Specific - Measurable - Attainable - Realistic - Timely






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






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






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






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






7. 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.






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






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






10. 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?






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






12. 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






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






14. 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






15. Comparing operations in totally unrelated industries






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






18. 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.






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






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






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






22. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






24. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






26. 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.






27. Comparing similar functional firms in your industry






28. Risk associated with a particular business.






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






30. 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






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






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






33. Comparing a the firms operations with a direct competitor






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






35. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






37. Value - Exploit - Rare - Imitate - Substitute






38. They are often based on industry best practice.






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






40. Cut costs - add value - or increase prices






41. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






42. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






43. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






45. 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






46. 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.






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






48. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






49. Comparing 1 operation in the firm with another






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