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






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






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






4. 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.






5. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






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






7. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






8. 1 Vision and mission 2 Value Statement






9. 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






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






11. Comparing a the firms operations with a direct competitor






12. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






13. Quality of information and interpretation of it






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






15. Comparing similar functional firms in your industry






16. 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






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






18. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






19. 1. talking to competitors - customers - and distributors 2. testing competitors products 3. view competitors exhibits at trade shows






20. A method of planning in which corporate hq develops and provides guidelines - disadvantages: the method of planning restricts initiative at lower level - shows insensitivity to local conditions - advantages: headquarters formulates a plan; this ensur






21. 1 Financial 2 Human 3 Physical 4 Technological






22. 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






23. 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






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






25. 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






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






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






28. 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.






29. Comparing operations in totally unrelated industries






30. 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.






31. 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.






32. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






33. Information systems with a charter to achieve competitive superiority.






34. 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






35. 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.






36. 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






37. They are used to condense and summarize large quantities of data for quick understanding.






38. 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






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






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






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






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






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






44. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






45. Cut costs - add value - or increase prices






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






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






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






49. Value - Exploit - Rare - Imitate - Substitute






50. 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"