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. 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






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






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






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






5. 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






6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






7. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






9. 1 Financial 2 Human 3 Physical 4 Technological






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






11. Detailed and plausible views of how the business environment of an organization might develop in the future based on key drivers for change about which there is a high level of uncertainty






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






13. 1 Introduction 2 Growth 3 Maturity 4 Decline






14. 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?






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






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






17. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






18. 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.






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






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






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






22. Value - Exploit - Rare - Imitate - Substitute






23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






24. Quality of information and interpretation of it






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






26. 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.






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






28. 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.






29. The categories of activities within and around an organization which together create a product or service.






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






31. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






34. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






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






36. 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)






37. They are used to condense and summarize large quantities of data for quick understanding.






38. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






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






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






41. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






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






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






44. 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.






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






46. Comparing operations in totally unrelated industries






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






48. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






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






50. 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