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. information systems 2. logistics 3. HR






2. 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.






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






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






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






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






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






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






10. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






11. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






13. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






14. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






15. Risk associated with macro-economic forces.






16. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






17. 1 Financial 2 Human 3 Physical 4 Technological






18. 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)






19. 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.






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






21. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






22. 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.






23. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






25. 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. )






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






27. 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






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






29. 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.






30. A value creating strategy that primary increases perceived value by increasing attractiveness of product






31. Comparing similar functional firms in your industry






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






33. 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






34. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






35. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






36. 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






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






38. primary activities and support activities






39. 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






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






41. 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






42. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






43. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






44. 1. a graph demonstrating the different positions a firm can adopt in creating value 2. compares value and differentiation (Y) versus high cost to low cost (x)






45. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






48. 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






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






50. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes