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






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






3. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






6. Comparing operations in totally unrelated industries






7. 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






8. 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






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






10. 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






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






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






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






14. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






15. 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






16. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






17. They are often based on industry best practice.






18. 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.






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






20. Comparing similar functional firms in your industry






21. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






22. A strategy by which an organisation offers existing products to new markets.






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






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






25. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






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






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






28. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






30. 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.






31. 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?






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






33. Cut costs - add value - or increase prices






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






35. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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






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






38. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






39. 1 Population 2 Sample 3 Normal Distribution






40. 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.






41. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






42. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






44. 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.






45. 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.






46. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






47. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






48. 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.






49. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






50. 1 Planning 2 Organizing 3 Directing 4 Controlling







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