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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. 1 Balance Scorecard






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






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






4. The categories of activities within and around an organization which together create a product or service.






5. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






6. 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.






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






8. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






9. 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






10. 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






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






12. 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






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






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






15. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






16. 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.






17. Comparing a the firms operations with a direct competitor






18. 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






19. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






22. Risk associated with macro-economic forces.






23. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






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






27. Comparing operations in totally unrelated industries






28. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






29. Comparing 1 operation in the firm with another






30. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






31. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






32. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






33. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






34. 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






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






36. 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.






37. 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






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






39. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






40. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






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






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






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






44. 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.






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






46. 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.






47. 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






48. 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






49. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






50. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization







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