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






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






3. 1 Population 2 Sample 3 Normal Distribution






4. 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?






5. Adhering to set of governing principles whether the philosophy is one of fairness - individual rights - avoiding conflicts of interest or another philosophical grounding.






6. Comparing similar functional firms in your industry






7. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






8. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






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






11. 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






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






13. 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)






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






15. 1. multinational 2. global 3. transnational






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






17. 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.






18. 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






19. 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






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






21. 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






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






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






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






25. 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






26. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






27. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






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






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






31. 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)






32. 1 Balance Scorecard






33. primary activities and support activities






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






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






36. 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.






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






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






39. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






40. Acquisition of a company in a different industry - but which employs a similar value chain.






41. Specific - Measurable - Attainable - Realistic - Timely






42. 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.






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






44. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






45. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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. 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






48. Value - Exploit - Rare - Imitate - Substitute






49. 1 Vision and mission 2 Value Statement






50. 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.