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. Comparing similar functional firms in your industry






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






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






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






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






6. 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






7. 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.






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






9. Risk associated with macro-economic forces.






10. 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. )






11. Not necessarily considered HR core function like benefits plan administration - payroll administration - and background checks - etc.






12. Specific - Measurable - Attainable - Realistic - Timely






13. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






15. 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.






16. 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






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






18. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






19. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






20. 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)






21. 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






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






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






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






25. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






26. 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






27. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






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






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






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






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






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






33. 1 Introduction 2 Growth 3 Maturity 4 Decline






34. 1 Planning 2 Organizing 3 Directing 4 Controlling






35. Cut costs - add value - or increase prices






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






37. A value creating strategy that primary increases perceived value by increasing attractiveness of product






38. 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






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






40. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






41. 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.






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






43. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






45. 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.






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






47. Comparing 1 operation in the firm with another






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






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






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