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 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.






2. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






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






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






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






6. 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.






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






8. 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






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






10. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






11. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






12. 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






13. Acquisition of a company that operates in the same industry using the same value chain.






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






15. 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






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






17. 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






18. 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






19. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






20. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






23. They are often based on industry best practice.






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






25. A strategy by which an organization takes increased share of its existing markets with its existing product range.






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






27. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






30. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






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






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






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






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






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






36. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






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






38. 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.






39. Comparing 1 operation in the firm with another






40. Comparing similar functional firms in your industry






41. The decisions made and the direction provided for managing multiple business units under a single corporate umbrella.






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






43. 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






44. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






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






46. 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.






47. 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.






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






49. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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