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






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






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






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






5. Risk associated with macro-economic forces.






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






7. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






9. Value - Exploit - Rare - Imitate - Substitute






10. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






12. 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






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






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






15. 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






16. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






17. Often accompanied by backlogs and scheduling problems while the organization adjusts to increase demands. Policies - procedures and rules should begin to be formalized as organization needs increased structure during this phase to operate effectively






18. 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.






19. 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






20. 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






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






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






23. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






24. 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)






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






26. 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






27. 1. multinational 2. global 3. transnational






28. 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






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






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






31. 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






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






33. Scheduling problems are largely resolved - and staffing and organizational culture begin to stabilize. Policies - procedures and rules are formalized and communicated to all employees. Training gains added emphasis in this phase to maintain flexibi






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






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






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






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






38. Comparing 1 operation in the firm with another






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






40. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






42. 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.






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






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






45. Risk associated with a particular business.






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






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






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






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






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