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. 1. information systems 2. logistics 3. HR






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






3. Quality of information and interpretation of it






4. 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.






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






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






7. 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






8. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






10. 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






11. 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






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






13. 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.






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






15. Comparing 1 operation in the firm with another






16. 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






17. Ability to broaden a product line or a customer base achieved through an acquisition.






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






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






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






21. 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






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






23. 1 Introduction 2 Growth 3 Maturity 4 Decline






24. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






25. 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






26. 1 Financial 2 Human 3 Physical 4 Technological






27. 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)






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






29. 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






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






31. Comparing operations in totally unrelated industries






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






33. 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






34. 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.






35. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






38. 1 Cost Leadership 2 Differentiation 3 Focus






39. The resources and competences of an organization needed for it to survive and prosper.






40. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






42. Corporation that owns the majority of voting shares of other companies - but that allows the other companies to operate as independent entities.






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






44. The skills and abilities by which resources are deployed through an organization's activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain.






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






46. 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






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






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






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






50. 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.