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






2. 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






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






4. 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)






5. The organization relies on high energy and creativity. Attempts to develop products and services - decision may be made to use experiences staff so training is not an integral part of this phase. may meet or exceed the standard pay range to recruit






6. 1 Experiments 2 Pilot Projects 3 Surveys/questionnaires 4 Interviews (exit - panel - individual) 5 Focus group 6 Direct observation 7 Testing






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






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






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






10. Organization become entrenched in rules and policies and leadership become resistant to change. series of efforts to turn the tide such as product enhancement or cost reduction programs. If unsuccessful in these then will focus on reducing workforce






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






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






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






14. Quality of information and interpretation of it






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






16. A plant or service department is moved to another country. Although separated geographically - the off shored entity remains part of the organization - and workers are still employees of the organization.






17. 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.






18. It describes what is important to an organization and often dictate employee behavior. They are the heart of the culture of an organization.






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






20. They are often based on industry best practice.






21. Value - Exploit - Rare - Imitate - Substitute






22. 1 Organizational Strategy 2 Business unit strategy 3 Functional Strategy






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






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






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






26. 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






27. 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)






28. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






29. 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.






30. 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.






31. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






33. 1 Population 2 Sample 3 Normal Distribution






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






35. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






38. Risk associated with a particular business.






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






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






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






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






43. 1 Cost Leadership 2 Differentiation 3 Focus






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






45. 1 Traditional Generation 2 Baby Boom Generation 3 Generation X 4 Generation Y






46. It is a vivid - guiding image of the organization's desired future. It is the ultimate picture of what leadership envisions for the organization.






47. 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






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






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






50. 1 Age 2 Gender 3 Generational Difference 4 Geographic shifts in population 5 Ethnicity 6 Unskilled Labor 7 Non traditional labor force