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. 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.






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






4. Risk associated with a particular business.






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






6. 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






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






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






9. 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.






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






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






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






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






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






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






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






17. When a corporation can take synergistic advantage of administrative and support activities of the value chain in making an acquisition.






18. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






19. They are often based on industry best practice.






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






21. These strategies attempt to set the product or service apart form its competition by giving it unique characteristic that customers value and for which they will be willing to pay a premium price.






22. 1 Cost Benefit Analysis 2 Return On Investment 3 Breakeven Analysis 4 Financial Statement Analysis






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






24. 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.






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






26. Risk associated with macro-economic forces.






27. Comparing 1 operation in the firm with another






28. It specifies what activities the organization intends to pursue and what course of management has charted for the future. It provides general outline of how the organization will achieve the vision. It includes who the company is - what the company






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






30. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






31. Describes the structure of product - service - and information flows and the role of participating parties.






32. Comparing a the firms operations with a direct competitor






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






34. 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






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






36. 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






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






38. Comparing operations in totally unrelated industries






39. A corporation that owns a large number of businesses that are different sizes and operate in different industry sectors.






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






41. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






42. 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






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






44. 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






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






46. Engaging in those activities that ensure effective operation - including leadership and motivation pf employee action towards goals. eg : Scheduling and conducting interview.






47. 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?






48. 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






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






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