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Business Strategy

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. They are used to condense and summarize large quantities of data for quick understanding.

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

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

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

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

6. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.

7. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.

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

9. 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

10. primary activities and support activities

11. 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

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

13. 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

14. Risk associated with macro-economic forces.

15. 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.

16. Specific - Measurable - Attainable - Realistic - Timely

17. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively

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

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

20. 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

21. They are often based on industry best practice.

22. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes

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

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

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

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

27. Independent & entrepreneurial - adopts a more flexible approach to their international operations - More sensitive & responsive to local environment

28. Comparing operations in totally unrelated industries

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

30. Value - Exploit - Rare - Imitate - Substitute

31. 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

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

33. Information systems with a charter to achieve competitive superiority.

34. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation

35. 1 Financial 2 Human 3 Physical 4 Technological

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

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

38. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation

39. Comparing similar functional firms in your industry

40. 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

41. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association

42. 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

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. 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

45. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing

46. 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

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

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

49. 1. multinational 2. global 3. transnational

50. 1 Planning 2 Organizing 3 Directing 4 Controlling