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






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






3. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






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






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






6. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






7. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






8. 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






9. 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)






10. When a corporation reduces its level of diversification and strategically refocuses on core businesses where the synergies of scope - economizing - and leverage are more evident and more easily realized.






11. 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






12. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






13. 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






14. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






15. 1 Introduction 2 Growth 3 Maturity 4 Decline






16. Comparing 1 operation in the firm with another






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






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






19. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.






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






21. 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






22. 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.






23. 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.






24. Is the means by which a strategy can be pursued.






25. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






26. 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.






27. 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






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






29. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






30. 1 Vision and mission 2 Value Statement






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






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






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






34. Specific - Measurable - Attainable - Realistic - Timely






35. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






36. 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






37. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






39. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






40. Cut costs - add value - or increase prices






41. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






43. Sell more in existing markets - or enter new markets






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






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






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






47. 1 Cost Leadership 2 Differentiation 3 Focus






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






49. 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.






50. 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.