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. Quality of information and interpretation of it






2. 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.






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






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






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






6. A value creating strategy that creates more perceived value by primarily reducing costs






7. 1 Balance Scorecard






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






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






10. 1 Financial 2 Human 3 Physical 4 Technological






11. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






12. 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.






13. Risk associated with a particular business.






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






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






16. 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.






17. It is simple and effective process for collecting information on the organization's current state. It answers four basic question.






18. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






19. 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.






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






21. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






22. Those product features with which a organization must outperform the competition because they are particularly valued by a group of customers.






23. 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






24. 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






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






26. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






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






28. 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






29. 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






30. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






31. 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






32. The choices made through the 4 Ps : Product - Price - Place and Promotion are what makes a product or service unique. This is distinctive blend of marketing decision.






33. 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






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






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






36. A company in which 70-95% of revenue comes from a single business






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






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






39. 1 Introduction 2 Growth 3 Maturity 4 Decline






40. Is concerned with the ways in which an organization exeeds its minimum obligations to stakeholders specified through regulation.






41. 1 Historical Data (HR records - census records) 2 Benchmarking and best practices reports 3 Purchased Data ( Gallup or Roper data) 4 Professional Journals - Books - and other media 5 Secondhand reports (grapevine reports)






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






43. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






45. Comparing similar functional firms in your industry






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






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






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






49. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






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