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 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.






2. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






4. 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.






5. Cut costs - add value - or increase prices






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






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






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






10. 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.






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






12. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






13. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






14. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






15. Comparing operations in totally unrelated industries






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






17. A company in which 70-95% of revenue comes from a single business






18. 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.






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






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






21. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






23. Specific - Measurable - Attainable - Realistic - Timely






24. Quality of information and interpretation of it






25. 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.






26. 1 Planning 2 Organizing 3 Directing 4 Controlling






27. 1. multinational 2. global 3. transnational






28. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






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






30. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






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






33. A strategy by which an organization peruses new product offerings and new markets.






34. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






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






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






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






39. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






40. 1 Cost Leadership 2 Differentiation 3 Focus






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






42. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






43. Risk associated with macro-economic forces.






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






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






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






47. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






48. Acquisition of a company that operates in the same industry using the same value chain.






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






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