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. They are often based on industry best practice.






2. Describes the structure of product - service - and information flows and the role of participating parties.






3. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






6. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






7. Comparing 1 operation in the firm with another






8. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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






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






13. primary activities and support activities






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






15. Comparing similar functional firms in your industry






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






17. 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.






18. 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






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






20. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






22. 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






23. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






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






25. Cut costs - add value - or increase prices






26. Refers to an intensive investigation of all factors surrounding a business decision to ensure that all risks are understood.






27. 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.






28. 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






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






30. 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






31. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






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






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






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






35. Serve the purpose similar to short term objectives but are completed in 1 to 3 years.






36. Ensuring that everything is carried out according to the plan. Eg: Measuring recruiting efforts and effectiveness.






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






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






39. Risk associated with macro-economic forces.






40. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






41. 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.






42. These strategy requires that organizations focus on a particular buyer group - segment of the product line or geographical market within an industry. It is build around serving particular target to the exclusion of others.






43. It is a process not just written project plan that helps an organization focus on how to succeed in the future - where the company is now? - where does the company want to go? - How will the company get there?






44. A strategy by which an organization peruses new product offerings and new markets.






45. 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.






46. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






47. Economic - legal resp. - ethical - and discretionary






48. 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.






49. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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