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 Cost Leadership 2 Differentiation 3 Focus






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






3. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






4. Acquisition of a company in a different industry - but which employs a similar value chain.






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






6. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






7. 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.






8. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






9. 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.






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






11. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






12. 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.






13. 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






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






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






16. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






19. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






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






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






23. 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






24. 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






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






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






27. 1 Balance Scorecard






28. Comparing similar functional firms in your industry






29. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






30. It refers to relocation of processes or functions from a home country to another country and it appeals to organization for cost saving.






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






32. Quality of information and interpretation of it






33. Comparing 1 operation in the firm with another






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






35. Risk associated with macro-economic forces.






36. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






37. 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






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






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






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






41. 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.






42. 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"






43. 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.






44. 1 Vision and mission 2 Value Statement






45. Cut costs - add value - or increase prices






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






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






48. 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.






49. 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.






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