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






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






3. 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






4. Comparing 1 operation in the firm with another






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






6. They are used to condense and summarize large quantities of data for quick understanding.






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






8. They are often based on industry best practice.






9. 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.






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






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






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






13. 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






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






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






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






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






18. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






19. 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.






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






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






22. Risk associated with macro-economic forces.






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






24. 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.






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. 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






27. Risk associated with a particular business.






28. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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






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






31. 1 Cost Leadership 2 Differentiation 3 Focus






32. 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






33. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






34. 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






35. 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






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






37. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






39. 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






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






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






42. Value - Exploit - Rare - Imitate - Substitute






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






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. Organization that follow this approach are not competing in an established market. They see themselves as a creating entirely new value. This strategy values innovation - creativity and rule breaking.






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






47. 1 Population 2 Sample 3 Normal Distribution






48. 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






49. 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.






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







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