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. multinational 2. global 3. transnational






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






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






4. 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.






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






6. Quality of information and interpretation of it






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






8. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






9. 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.






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






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






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






13. 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






14. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






15. 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






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






17. 1 Strategies are reviewed 2 Performance towards objective is measured 3 Corrective action is taken






18. Cut costs - add value - or increase prices






19. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






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






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






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






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






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






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






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






27. A merger or acquisition where there is some similarity of industry and/or value chain between the corporation and the company it seeks to acquire.






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






29. It describes a project in detail and shows how it will contribute value to the organization and provides sufficient information about how the project will be designed - implemented - and measured to enable the organization's leaders to make informe






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






31. primary activities and support activities






32. 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






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






34. 1 Cost Leadership 2 Differentiation 3 Focus






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






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






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






38. 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?






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






40. Comparing 1 operation in the firm with another






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






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






43. 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.






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






45. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






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






47. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






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






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