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






2. 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






3. 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






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






5. 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.






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






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






8. 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.






9. 1. information systems 2. logistics 3. HR






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






11. 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.






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






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






14. Economic - legal resp. - ethical - and discretionary






15. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






16. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






17. 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






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






19. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






21. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






24. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






25. They are often based on industry best practice.






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






27. Comparing operations in totally unrelated industries






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






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






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






31. Cut costs - add value - or increase prices






32. Value - Exploit - Rare - Imitate - Substitute






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






34. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






35. 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. )






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






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






38. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






39. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






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






44. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






45. 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






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






47. 1 Vision and mission 2 Value Statement






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






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