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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. 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






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






3. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






6. 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.






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






8. Cut costs - add value - or increase prices






9. 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






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






11. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






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






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






16. 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.






17. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






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






19. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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. 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






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






23. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






24. 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






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






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






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






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






29. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






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






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






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






35. Comparing similar functional firms in your industry






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






37. New ideas should not be dismissed simply because they originated at a grassroots level. Business innovations developed under these circumstances will create new objectives or modify existing ones and create an overlay of new direction compared to wha






38. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






39. 1 Cost Leadership 2 Differentiation 3 Focus






40. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






41. When a corporation is able to combine similar primary value chain activities.






42. 1 Vision and mission 2 Value Statement






43. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






44. 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. )






45. 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)






46. 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.






47. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






48. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






49. 1 Planning 2 Organizing 3 Directing 4 Controlling






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