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. 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)






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






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






4. Where an individual (such as a corporate officer) acts on behalf of someone else (such as a shareholder)






5. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






6. It is a system of moral principles and values that establish appropriate conduct.






7. 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.






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






9. 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.






10. 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






11. 1 Introduction 2 Growth 3 Maturity 4 Decline






12. 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






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






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






15. Comparing a the firms operations with a direct competitor






16. 1. multinational 2. global 3. transnational






17. 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.






18. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






19. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






20. 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






21. Value - Exploit - Rare - Imitate - Substitute






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






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






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






25. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






27. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






28. Quality of information and interpretation of it






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






30. 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






31. 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.






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






33. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






34. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU






35. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






36. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






37. 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






38. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






39. 1 Cost Leadership 2 Differentiation 3 Focus






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






41. 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.






42. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






43. 1 Planning 2 Organizing 3 Directing 4 Controlling






44. The underlying principles that guide an organization's strategy






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






46. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






47. Comparing 1 operation in the firm with another






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






49. 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






50. 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.