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 to obvious but it re-enforces your understanding as you take the test each time.
1. Cut costs - add value - or increase prices






2. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






5. 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






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






7. They are often based on industry best practice.






8. Value - Exploit - Rare - Imitate - Substitute






9. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






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






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






14. Comparing 1 operation in the firm with another






15. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






16. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






19. 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.






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






21. 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. )






22. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






23. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






24. 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"






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






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






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






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






29. Comparing operations in totally unrelated industries






30. 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.






31. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






32. 1 Financial 2 Human 3 Physical 4 Technological






33. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






34. 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






35. 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.






36. Processes and activities used to formulate HR objectives - practices - and policies.






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






38. 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






39. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






40. 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.






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






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






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






44. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






45. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






47. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






48. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






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






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