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






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






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






4. 1. R&D 2. production 3. marketing and sales 4. customer service






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






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






7. 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.






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






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






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






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






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






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






14. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






15. 1 Balance Scorecard






16. Sell more in existing markets - or enter new markets






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






18. 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






19. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






21. 1 Cost Leadership 2 Differentiation 3 Focus






22. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






23. 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






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






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






26. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






27. 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.






28. 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






29. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






30. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






31. 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.






32. A value creating strategy that creates more perceived value by primarily reducing costs






33. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






35. 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.






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






37. 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)






38. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






39. 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.






40. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






41. 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






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






43. When a corporation enters a new business in a different industry from that in which it currently operates and does not expect to achieve any value chain synergies through the combination.






44. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






46. Acquisition of a company in a different industry - but which employs a similar value chain.






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






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






49. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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