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. Risk associated with macro-economic forces.






2. 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?






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






4. 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.






5. 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)






6. 1 Work Specialization 2 Departmentalization 3 Chain of Command 4 Centralization and Decentralization 5 Formalization






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






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






9. 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






10. A participative approach to planning in which there is involvement at all levels; plans are developed at the lower levels of an organisation and funnelled up through consecutive levels until they reach top management - advantage:People are responsibl






11. 1. multinational 2. global 3. transnational






12. 1 SWOT analysis and environmental scanning 2 Long term objectives 3 Strategies to achieve these objectives are defined






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






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






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






16. Sell more in existing markets - or enter new markets






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






18. 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






19. 1 Population 2 Sample 3 Normal Distribution






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






21. 1 Financial 2 Human 3 Physical 4 Technological






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






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






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






25. When a corporation can take synergistic advantage of relationships with suppliers and/or customers in making an acquisition.






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






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






28. 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






29. 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. )






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






31. Risk associated with a particular business.






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






33. 1 Short term objective 2 Action plan to achieve these objective 3 Allocating resources 4 Motivating employees to manage the plan.






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






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






36. They are often based on industry best practice.






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. The underlying principles that guide an organization's strategy






39. 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






40. 1 Strategy Formulation 2 Strategy Development 3 Strategy Implementation 4 Strategy Evaluation






41. Divestiture in which a corporation creates a new company out of one of its businesses. The new company has its own shares of stock and shareholders - and its own board of directors. Typically - shareholders of the corporation will receive newly iss






42. 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






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






44. 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.






45. 1 Charts and graphs 2 Measures of central tendency 3 Measures of variation 4 Measures of association






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






47. These are the detailed steps a unit - department - or team will take in order to achieve the short term objectives.






48. 1 Vision and mission 2 Value Statement






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






50. 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