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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. 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






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






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






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






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






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






7. They are often based on industry best practice.






8. 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






9. 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






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






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






12. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






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






15. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






16. Risk associated with a particular business.






17. Describes the structure of product - service - and information flows and the role of participating parties.






18. 1 Planning 2 Organizing 3 Directing 4 Controlling






19. Risk associated with macro-economic forces.






20. 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






21. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






23. 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. )






24. 1 Cost Leadership 2 Differentiation 3 Focus






25. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






26. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






27. Specific - Measurable - Attainable - Realistic - Timely






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






29. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






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






31. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






32. 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






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






34. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






35. It is a system of moral principles and values that establish appropriate conduct.






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






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






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






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






40. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






41. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






42. A strategy by which an organization takes increased share of its existing markets with its existing product range.






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






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






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






46. 1 Vision and mission 2 Value Statement






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






48. Comparing a the firms operations with a direct competitor






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






50. 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.







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