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






2. Comparing similar functional firms in your industry






3. 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.






4. 1 The rule is proposed 2 Public comment is invited 3 The final rule is issued






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






6. They are often based on industry best practice.






7. High-yield debt that is rated below investment grade at the time of purchase. These bonds have a higher risk of default - but typically pay higher yields than better quality bonds in order to make them attractive to investors. Typically issued by bu






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






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






10. 1 Global Economy 2 Wage comparison 3 Trade Agreement 4 International Labor Law






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






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






13. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






15. The political - economic - social - technological - environmental - and legal dimensions of an organization's external environment.






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






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






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






19. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






20. Acquisition of another company upstream (supplier) or downstream (buyer) in the value chain of the same industry in which the corporation operates.






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






22. 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.






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






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






25. It is based on numeric data that is analyzed with statistic method. 1 Descriptive Statistic 2 Inferential Statistic






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






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






28. 1 Financial 2 Human 3 Physical 4 Technological






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






30. 1 Population 2 Sample 3 Normal Distribution






31. 1 Balance Scorecard






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






33. 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






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






35. 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






36. Internal Benchmarks establish levels of current performance of a particular tasks - such as cost per hire.






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






38. 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.






39. 1. multinational 2. global 3. transnational






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






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






42. 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






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






44. Cut costs - add value - or increase prices






45. 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.






46. 1 Demographic Factors 2 Economic Factors 3 Employment Factors 4 International Factors 5 Political Factors 6 Social Factors 7 Technological Factors






47. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






48. 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.






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






50. 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