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






2. Specific - Measurable - Attainable - Realistic - Timely






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






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






5. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






6. 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






7. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






8. 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.






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






10. 1. multinational 2. global 3. transnational






11. Cut costs - add value - or increase prices






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






13. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






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






15. 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)






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






17. 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






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






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






20. 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.






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






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






23. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






24. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






25. 1 Cost Leadership 2 Differentiation 3 Focus






26. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






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






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






29. 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.






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






31. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






32. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






34. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






35. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






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






37. Identifies stakeholder expectations and power and helps in understanding political priorities.






38. 1 Planning 2 Organizing 3 Directing 4 Controlling






39. 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






40. 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






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






42. 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.






43. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






44. 1 Population 2 Sample 3 Normal Distribution






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






46. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






48. 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






49. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






50. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law