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 Cost Leadership 2 Differentiation 3 Focus






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






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






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






5. 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.






6. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






7. Comparing a the firms operations with a direct competitor






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






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






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






11. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






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






14. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






15. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






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






17. Comparing 1 operation in the firm with another






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






19. They are often based on industry best practice.






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






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






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






23. 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.






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






25. 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.






26. 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






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






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






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






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






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






32. 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.






33. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






34. 1 Population 2 Sample 3 Normal Distribution






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






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






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






38. A tool to help you think about the wider issues that have an impact on the industry or service area as a whole - taking five main categories into account: Socio-cultural - Technological - Economic - Environmental - Political






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






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






41. A process or function previously performed by an organization is transferred to a separate entity. The workers now performing this function are not employees of the organization but they are employees of entity to whom the work is given.






42. 1 Vision and mission 2 Value Statement






43. 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






44. Value - Exploit - Rare - Imitate - Substitute






45. 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.






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






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






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






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






50. primary activities and support activities