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






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






3. 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






4. Specific - Measurable - Attainable - Realistic - Timely






5. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






10. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






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






12. 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.






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






14. 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)






15. 1. multinational 2. global 3. transnational






16. The benefits that develop through the extension and application of corporate resources to a newly acquired company.






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






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






19. 1 Vision and mission 2 Value Statement






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






21. 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






22. 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.






23. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






24. 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. )






25. 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






26. 1 Introduction 2 Growth 3 Maturity 4 Decline






27. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






31. Comparing 1 operation in the firm with another






32. 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






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






34. 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.






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






36. 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






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






38. Value - Exploit - Rare - Imitate - Substitute






39. 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.






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






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






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






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






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






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






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






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






48. 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






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






50. Risk associated with a particular business.