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. Economic - legal resp. - ethical - and discretionary






2. Cut costs - add value - or increase prices






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






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






5. 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.






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






7. They represent milestones that must be achieved in order to reach the long term objectives. They are usually within 6 months to a year.






8. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






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






13. 1 Introduction 2 Growth 3 Maturity 4 Decline






14. 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.






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






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






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






18. 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.






19. 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






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






21. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






22. 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






23. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






25. 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






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






27. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






28. 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






29. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






31. 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.






32. Specific - Measurable - Attainable - Realistic - Timely






33. 1 Cost Leadership 2 Differentiation 3 Focus






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






35. 1 Balance Scorecard






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






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






38. Comparing a the firms operations with a direct competitor






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






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






41. 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






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






43. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






44. 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






45. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






46. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






49. 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.






50. 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