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






2. Processes and activities used to formulate HR objectives - practices - and policies.






3. 1 Vision and mission 2 Value Statement






4. It uses data already gathered by others and reported in various sources.






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






6. 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






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






8. Quality of information and interpretation of it






9. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






10. 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






11. 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






12. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment






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






14. The central focus of the department is the provision of goods and services to the customer. Basically this department must ensure that the product/service is produced and delivered to the customer.






15. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






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






18. 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






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






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






21. Specific - Measurable - Attainable - Realistic - Timely






22. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






23. Comparing similar functional firms in your industry






24. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






27. 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






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






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






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






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






32. They are often based on industry best practice.






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






34. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






35. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






36. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






37. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






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






41. 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






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






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






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






45. 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. )






46. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






47. 1 Planning 2 Organizing 3 Directing 4 Controlling






48. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






49. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






50. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued