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 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)






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






3. Comparing similar functional firms in your industry






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






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






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






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






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






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






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






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






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






13. Comparing a the firms operations with a direct competitor






14. 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. )






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






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






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






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






19. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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






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






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






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






27. 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.






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






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






30. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






31. 1 They can help to identify improvements in an organization's performance that can be attributed to the projects 2 They can suggest appropriate targets for improvement to be included in project objectives.






32. 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






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






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






35. 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"






36. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






38. 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






39. A process and goal: the process: choices regarding acquiring and using scared resources: the goal: maintain and achieving a unique and valuable position in the international market






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






41. 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.






42. 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






43. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






44. These objectives are generally achieved within 3 to 5 years. Establishing these objectives provides direction - synergy and aids in establishing guidelines for evaluation.






45. Private (nonpublic) corporations or partnerships that use their financial resources to engineer buyouts and acquisitions of other companies.






46. Combine both qualitative and quantitative measures - acknowledge the expectations of different stakeholders and relate an assessment of performance to choice of strategy.






47. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






50. Is part of an organization for which there is a distinct external market for goods or services that is different from another SBU