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






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






3. 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






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






5. 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.






6. 1 Introduction 2 Growth 3 Maturity 4 Decline






7. Value - Exploit - Rare - Imitate - Substitute






8. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






9. Studying the future and arranging the means for dealing with it - which encompass forecasting - selling goals - and determining actions. eg: Forecasting future staffing needs.






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






11. 1 Financial 2 Human 3 Physical 4 Technological






12. 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






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






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






15. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






16. 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






17. 1 Balance Scorecard






18. Comparing similar functional firms in your industry






19. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






20. 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.






21. 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)






22. Cut costs - add value - or increase prices






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






24. Quality of information and interpretation of it






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






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






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






28. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






29. 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)






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






31. 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






32. 1. multinational 2. global 3. transnational






33. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






34. 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






35. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






36. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






37. 1 Population 2 Sample 3 Normal Distribution






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






39. 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






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






41. 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.






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






43. 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.






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






45. 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.






46. Specific - Measurable - Attainable - Realistic - Timely






47. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






48. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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