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. The underlying principles that guide an organization's strategy






2. 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.






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






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






5. 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






6. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






8. It can be defined as principles of conduct within an organization that guide decision making and behavior.






9. 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






10. 1 Balance Scorecard






11. 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.






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






13. primary activities and support activities






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






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






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






17. 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






18. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






19. 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.






20. 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






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






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






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






24. 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.






25. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






27. 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.






28. Comparing operations in totally unrelated industries






29. Quality of information and interpretation of it






30. 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.






31. 1. multinational 2. global 3. transnational






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






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






34. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






36. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






40. 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






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






42. 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






43. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






44. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






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






47. 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)






48. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






49. 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






50. Comparing similar functional firms in your industry