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






2. When a corporation is able to combine similar primary value chain activities.






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






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






5. 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






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






7. The types of decisions made and direction created for a single business






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






9. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






10. Ensure that organization's strategy and operations are consistent with each other






11. 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






12. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






14. 1. R&D 2. production 3. marketing and sales 4. customer service






15. 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)






16. Risk associated with macro-economic forces.






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






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






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






20. 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.






21. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






23. Risk associated with a particular business.






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






25. 1. improve bidding success 2. identify competitors key customers 3. identify expansion plans 4. improve understanding of competitors






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






27. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






28. 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?






29. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






30. Collateralized Loan Obligation. Large pool of bank loans bundled together by financial services firms and sold off to investors in slices - with the goal to spread default risk "an inch deep and a mile wide"






31. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






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






33. Value - Exploit - Rare - Imitate - Substitute






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






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






36. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






38. They are often based on industry best practice.






39. The organization of a set of businesses that share identical or very similar strategies or strategic challenges.






40. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






41. 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.






42. 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.






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






44. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






46. 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






47. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






48. 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)






49. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






50. 1. multinational 2. global 3. transnational