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. 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.






2. 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.






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






4. A process where a company is bought primarily using debt. Typically engineered by management of the company - or by private equity firms.






5. 1 Financial 2 Human 3 Physical 4 Technological






6. Is the means by which a strategy can be pursued.






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






8. Views the world as its unit of analysis - Plants are built to provide local marketing advantages - recognizes the importance of being flexible at the country-level operations - more responsive to local needs






9. 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.






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






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






12. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






13. 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






14. 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






15. Comparing a the firms operations with a direct competitor






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






17. 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.






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






19. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






20. 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






21. Risk associated with macro-economic forces.






22. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






24. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






25. 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






26. It involves data that is gathered firsthand for the specific evaluation being conduced.






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






28. 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






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






30. 1 Cost Leadership 2 Differentiation 3 Focus






31. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






33. Cut costs - add value - or increase prices






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






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






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






37. 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






38. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






39. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






42. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






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






46. 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.






47. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






50. 1 Vision and mission 2 Value Statement