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






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






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






4. 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






5. Comparing 1 operation in the firm with another






6. 1. multinational 2. global 3. transnational






7. 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.






8. 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






9. 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






10. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






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






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






13. 1 Cost Leadership 2 Differentiation 3 Focus






14. The underlying principles that guide an organization's strategy






15. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






16. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






17. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






19. 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.






20. 1 Vision and mission 2 Value Statement






21. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






22. 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






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






24. Cut costs - add value - or increase prices






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






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






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






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






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






30. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






32. 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






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






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






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






36. 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






37. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






39. 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?






40. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






41. 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






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






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






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






45. Risk associated with a particular business.






46. They are often based on industry best practice.






47. 1 Financial 2 Human 3 Physical 4 Technological






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






49. Value - Exploit - Rare - Imitate - Substitute






50. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.