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






2. 1 Planning 2 Organizing 3 Directing 4 Controlling






3. 1 Financial 2 Human 3 Physical 4 Technological






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






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






6. 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.






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






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






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






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






11. 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.






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






13. 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.






14. 1. multinational 2. global 3. transnational






15. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






17. Cut costs - add value - or increase prices






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






19. Comparing similar functional firms in your industry






20. Individuals or groups who depend on an organization to fulfill their own goals and on whom - in turn the organization depends.






21. 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.






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






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






24. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






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






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






29. 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.






30. 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)






31. A process where a large group of shareholders vote in new members to the board of directors - with the result that the new board can make changes in the company's management.






32. 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.






33. 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.






34. 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






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






36. 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.






37. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






40. 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.






41. 1 Population 2 Sample 3 Normal Distribution






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






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






44. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






46. 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






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






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






49. Is concerned with the structures and systems of control by which managers are held accountable to those who have a legitimate stake an organization.






50. Risk associated with macro-economic forces.