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Business Strategy

Subject : business-skills
  • 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 Vision and mission 2 Value Statement

2. 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

3. Value - Exploit - Rare - Imitate - Substitute

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

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

6. Risk associated with a particular business.

7. 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.

8. primary activities and support activities

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

10. 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.

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

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

13. 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

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

15. 1 Planning 2 Organizing 3 Directing 4 Controlling

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

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

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

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

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

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

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

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

25. Cut costs - add value - or increase prices

26. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors

27. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment

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

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

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

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

32. 1. multinational 2. global 3. transnational

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

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

35. Comparing operations in totally unrelated industries

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

37. 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

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

39. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force

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

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

42. 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.

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

44. It uses data already gathered by others and reported in various sources.

45. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken

46. 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.

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

48. 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"

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

50. 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