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. Comparing operations in totally unrelated industries






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






3. 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






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






5. 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.






6. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






7. 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?






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






9. 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)






10. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






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






13. Quality of information and interpretation of it






14. 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






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






16. 1 Financial 2 Human 3 Physical 4 Technological






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






18. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






19. Value - Exploit - Rare - Imitate - Substitute






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






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






22. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






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






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






25. Shows the behavioral - physical and symbolic manifestations of a culture that inform and are informed by the taken-for-granted assumptions - or paradigm - of an organisation






26. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






27. Comparing similar functional firms in your industry






28. 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






29. 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






30. A strategy by which an organization peruses new product offerings and new markets.






31. 1 Balance Scorecard






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






33. 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






34. 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






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






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






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






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






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






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






41. 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






42. 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.






43. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






44. Describes the structure of product - service - and information flows and the role of participating parties.






45. 1 Vision and mission 2 Value Statement






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






47. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






48. 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)






49. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






50. Special Purpose Acquisition Company. Empty-shell firms that promise to buy businesses with the proceeds of their initial public stock offerings.