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. 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






2. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






5. 1 Introduction 2 Growth 3 Maturity 4 Decline






6. 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)






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






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






9. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






10. primary activities and support activities






11. 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






12. Specific - Measurable - Attainable - Realistic - Timely






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






14. 1 Capacity 2 Standards 3 Scheduling 4 Inventory 5 Control






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






16. 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.






17. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






19. 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.






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






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. Economic - legal resp. - ethical - and discretionary






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






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






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






26. Designing a structure to assist in goal accomplishment that effectively relates human and nonhuman resources to the tasks of enterprise.Eg : Designing an interview process.






27. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






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






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






32. 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






33. 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.






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






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






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






37. To achieve cost advantage - an organization has to be the low cost producer in its industry.The finished products of low cost producers are sold at prices that beat the competition. These industries depend on volume to provide profit and is less bra






38. It involves data that is gathered firsthand for the specific evaluation being conduced.






39. 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






40. 1 Vision and mission 2 Value Statement






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






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






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






44. It is the process that involves a systematic survey and interruption of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization






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






46. Comparing 1 operation in the firm with another






47. Is the set of internationalization links and relationships that are necessary to create a product or service.






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






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






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