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. Is the means by which a strategy can be pursued.






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






3. 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






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






5. 1 Preparation 2 Due Diligence 3 Planning integration of the business entities 4 Implementation - monitoring and measurement






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






7. Specific - Measurable - Attainable - Realistic - Timely






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






9. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force






10. 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






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






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






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






14. Quality of information and interpretation of it






15. It is a systematic process of gathering and analyzing all relevant data about external opportunities (emerging marketplace - additional capabilities provided through new technology.) and threats (emerging competition - shifts in marketplaces. )






16. 1 Statement of the problem 2 Objectives 3 Description of potential solution 4 Project Time line 5 Project Metrics.






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






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






19. 1 Financial 2 Human 3 Physical 4 Technological






20. 1 Advances in technology 2 Technological skills 3 The digital divide 4 Process changes






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






22. 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






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






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






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






26. 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)






27. Risk associated with a particular business.






28. 1 Interest Rates 2 Gross Domestic Product (GDP) 3 Consumer Price Index (CPI) 4 Disposable Income 5 Inflation






29. 1 Attitudes towards career 2 Immigration 3 Occupational and industry skills 4 Recruitment 5 Unions 6 Unemployment 7 Turnover 8 Relocation






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






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






32. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






33. Value - Exploit - Rare - Imitate - Substitute






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






35. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






36. A value creating strategy that creates more perceived value by primarily reducing costs






37. 1 Planning 2 Organizing 3 Directing 4 Controlling






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






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






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






41. 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.






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






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






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






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






46. 1 Introduction 2 Growth 3 Maturity 4 Decline






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






48. 1 Cost Leadership 2 Differentiation 3 Focus






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






50. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined