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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. 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.






2. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






3. 1 Population 2 Sample 3 Normal Distribution






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






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






6. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






7. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






8. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






9. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






10. 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






11. 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






12. 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. )






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






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






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






16. 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






17. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






18. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






21. 1. multinational 2. global 3. transnational






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






23. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






25. 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






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






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






28. 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






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






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






31. 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.






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






33. It uses data already gathered by others and reported in various sources.






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






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






36. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






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






41. A strategy by which an organization peruses new product offerings and new markets.






42. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






43. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






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






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






46. They are often based on industry best practice.






47. Comparing similar functional firms in your industry






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






49. 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)






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







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