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






2. 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






3. Risk associated with macro-economic forces.






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






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






6. 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






7. 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






8. Value - Exploit - Rare - Imitate - Substitute






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






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






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






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






13. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






14. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






15. Comparing operations in totally unrelated industries






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






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






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






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






20. 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.






21. Specific - Measurable - Attainable - Realistic - Timely






22. Comparing a the firms operations with a direct competitor






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






24. 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






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






26. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






27. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






28. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






31. 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






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






33. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






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






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






36. 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






37. 1 Financial 2 Human 3 Physical 4 Technological






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






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






40. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






41. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






42. 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.






43. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






44. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






45. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






47. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






48. 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.






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






50. 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