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. Specific - Measurable - Attainable - Realistic - Timely






2. 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.






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






4. 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.






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






6. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






7. Comparing 1 operation in the firm with another






8. 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






9. 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






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. Suppliers - buyers - competitive rivalry - product substitutes and potential entrants; reinforces the importance of economic theory; analytical tool of previously lacking the field of strategy; determines the nature/level of competition and profit






12. 1 Cost Leadership 2 Differentiation 3 Focus






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






14. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






15. 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.






16. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






17. Value - Exploit - Rare - Imitate - Substitute






18. 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.






19. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






22. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






23. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






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






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






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






28. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






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






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






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






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






33. primary activities and support activities






34. Cut costs - add value - or increase prices






35. 1. choose a viable position on efficiency frontier 2. configure its internal ops to support the chosen position 3.ensure firm has the right orginizational structure in place to execute its strategy






36. 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






37. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






38. Organizations within an industry with similar strategic characteristics - following similar strategies or competing on similar bases






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






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






41. 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






42. 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






43. 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






44. 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






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






46. 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.






47. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






50. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy